Market makers offer trades through order book & make money on bid-ask spreads (supply-side fees).

dYdX is a non-custodial trading and derivatives protocol initially built on Ethereum and later expanded to their own blcokchain built on top of the Cosmos SDK. dYdX was founded by Antonio Juliano and launched in 2017.

DYDX tokenholders own and govern the protocol. dYdX Trading Inc. currently takes all of the total trading fees paid by traders (revenue). dYdX’s investors include a16z, Polychain, The Spartan Group, etc.

governance

github

twitter

discord

etherscan

website

Derivative exchanges

dYdX

# dYdX Active users (daily) Methodology

## 1. Overview

Daily Active Users (DAU) measures the number of unique user addresses that interact with the dYdX protocol on any given day. This metric captures both general blockchain activity (transaction senders) and trading-specific activity (makers and takers in trading matches). The calculation combines multiple user interaction types to provide a comprehensive view of daily protocol engagement across the dYdX ecosystem.

## 2. Data sources

The methodology relies on the following raw blockchain data sources:

- **dYdX message events**: Blockchain event logs from the dYdX protocol containing general transaction and message data with sender information
- **dYdX match events**: Trading-specific event logs capturing maker-taker interactions during order matching on dYdX dYdX V4
- **Event attributes**: JSON-formatted event metadata containing user addresses, subaccount identifiers, and transaction details

## 3. Step-by-step calculation

### Component A: General transaction users
- **Purpose**: Identifies users who send transactions or messages on the dYdX protocol
- **Logic**: Processes dYdX message events where the event type equals 'message'. Extracts the sender address from the JSON-formatted `event_attributes` field using the `sender` key. Each sender is classified as a 'Transaction sender' user type and assigned to the 'dYdX Chain' product. Timestamps are truncated to daily boundaries for aggregation
- **Key fields**: `block_timestamp` for timing, `sender` address for user identification, `event_type` for filtering to message events

### Component B: Trading users - makers
- **Purpose**: Identifies users who act as makers (liquidity providers) in trading matches
- **Logic**: Processes dYdX match events where the event type equals 'match'. Extracts the maker subaccount identifier from the JSON-formatted `event_attributes` field using the `maker_subaccount` key. Each maker is classified as a 'maker' user type and assigned to the 'dYdX V4' product. Timestamps are truncated to daily boundaries for aggregation
- **Key fields**: `block_timestamp` for timing, `maker_subaccount` for user identification, `event_type` for filtering to match events

### Component C: Trading users - takers  
- **Purpose**: Identifies users who act as takers (liquidity consumers) in trading matches
- **Logic**: Processes the same dYdX match events as makers but extracts the taker subaccount identifier from the JSON-formatted `event_attributes` field using the `taker_subaccount` key. Each taker is classified as a 'taker' user type and assigned to the 'dYdX V4' product. Timestamps are truncated to daily boundaries for aggregation
- **Key fields**: `block_timestamp` for timing, `taker_subaccount` for user identification, `event_type` for filtering to match events

### Final aggregation
- **Combining components**: All three user types (transaction senders, makers, and takers) are combined using UNION DISTINCT operations to eliminate duplicate user addresses within the same day. This ensures that a user who performs multiple actions on the same day is counted only once
- **Time aggregation**: Timestamps are truncated to day-level granularity using `timestamp_trunc` function, creating daily boundaries for user counting
- **Deduplication**: The DISTINCT operation within each UNION ensures that users performing the same type of action multiple times per day are counted only once per user type
- **Final calculation**: The result is a daily count of unique user addresses across all interaction types, providing the total Daily Active Users metric for the dYdX protocol

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique revenue-generating users over a fixed 24-hour window.

dYdXDYDX

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown