dYdX Foundation recently published its Epoch 0 retrospective report, analyzing trading activity from August 1-31. Key metrics reveal:
Trading Performance Highlights
- $13.8B nominal trading volume
- $11.9M nominal fee revenue
- $9.8B validated volume after removing wash trades
- 3.16M average daily volume (surpassing competitors like Perpetual Protocol)
- 25,588 active traders
- $8.6M actual fee revenue
- $241M TVL as of August 31
Wash Trading Identification
The foundation detected ~80 Ethereum addresses conducting wash trades to inflate volumes. These addresses were:
- Excluded from rewards
- Responsible for $4B of disqualified volume
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DYDX Token Distribution
Historical User Airdrop (75M DYDX):
| Metric | Value |
|---|---|
| Eligible Users | 64,306 |
| Claims Processed | 50.3M DYDX (30,290 users) |
| Unclaimed Due to Requirements | 24.69M DYDX (34,016 users) |
| Treasury Allocation | 760K DYDX |
Other Rewards:
- Trading Rewards: 3.83M DYDX to 20,460 users
- Market Maker Rewards: 1.15M DYDX to 5 entities
- Staking Rewards: 380K DYDX to 607 addresses ($141M total staked)
Token Unlock Schedule
- Initial transfer restrictions lift September 8, 23:00 UTC
- Circulating supply becomes 5.57% (55.7M DYDX)
- Current OTC indications: >$5/DYDX
FAQ: dYdX August Trading Analysis
Q1: What constitutes valid trading volume?
A: Volume from organic market activity after removing identified wash trades.
Q2: How many users were disqualified from the airdrop?
A: 34,016 (52.9% of eligible users) didn't meet claim requirements.
Q3: What's the significance of September 8?
A: This marks when DYDX becomes transferable and tradable on exchanges.
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Q4: How does dYdX volume compare to competitors?
A: Its daily average ($316M) significantly outperforms other on-chain derivatives platforms.
Q5: What percentage of DYDX supply enters circulation?
A: 5.57% initially, with gradual unlocks per emission schedule.
Note: All data reflects dYdX Foundation's published August 2023 metrics. Trading involves risk—conduct independent research before participating.
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