DYDX Unlock
The DYdX decentralized exchange (DEX) is an Ethereum-based platform that allows trading at least 36 cryptocurrencies without know-your-customer (KYC) identification checks. Also, the exchange offers perpetual margin trading, which allows traders to fund only a portion of a trade rather than the entire value.
In mid-2017, Antonio Juliano, a former software engineer for Coinbase and Uber, started DYDX. In order to achieve this goal, he set out to create an open-source, community-governed derivatives exchange. Despite the ICO bubble raging then, Juliano decided to raise funds by selling tokens.
Ethereum hosted DYDX until August 2020. The problem was compounded by Ethereum's volatile gas fees, which increase as traffic increases. As a result of this scalability problem, DYDX moved to the StarkWare Layer 2 network, which provided a transaction boost and low transfer fees for transactions.
DYDX, the exchange's native governance token, was launched in August 2021 and airdropped to loyal users. In addition, the team established the DYDX Foundation to connect users with developers.
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DYDX Token Contract: 0x92D6C1e31e14520e676a687F0a93788B716BEff5
I extracted holders from ethereum.core.ez_balance_deltas table.
For swaps, I used Fact swap and put the DYDX symbol in and out.
Users balance:
case when dydx <= 1 then 'b. Below 1 DYDX' when dydx <= 10 then 'c. 2-10 DYDX' when dydx <= 50 then 'd. 11-50 DYDX' when dydx <= 100 then 'e. 51-100 DYDX' when dydx <= 500 then 'f. 101-500 DYDX' when dydx <= 1000 then 'g. 501-1K DYDX' when dydx <= 10000 then 'h. 1K-10K DYDX' when dydx <= 100000 then 'i. 10K-100K DYDX' when dydx <= 1000000 then 'j. 100K-1M DYDX' when dydx > 1000000 then 'k. +1M DYDX' end as balance_type
DYDX Overview
Holders changes
:key: Key Finding: :key: The most changes since July 29th belong to the 11-50 DYDX category, which on September 30th grew to almost 80%. This number compares to the previous day increased by almost 71%. However, These changes were temporary, and after one day back to normal days.
When News about DYDX unlock spread and became a trend on Twitter, It seemed normal users with below 1000 DYDX shares decreased, and the large number of users with more than 10K DYDX increased. However, Overall, There were so many ups and downs and changes in the number of users per each category of DYDX balance.
Top 50 holders
Movement
Top 50 DYDX Holders
Top 100 holders
Transfer transactions
๐ Key Finding: :key: When DYDX unlcok News became trend on Twitter and between Crypto news, The total daily number of transfers from and to CEXs increased compared to the last month. However, This growth was lower than the growth in November 2022 when FTX exchange crashed.
:key: Key Finding: :key: DYDX holders moved out 284M DYDX and Moved in 403M Since August 2022. Like the Number of transactions, The total DYDX amount increased after the New year, When some Crypto news warned people about DYDX unlock program that distributes in February. Again, The growth wasnโt like the FTX crash.
๐ Key Finding: :key: In the previous section, We have seen the DYDX amount. Due the price changes, I drew some chart About DYDX Movements in US dollars.
After The New Year, The Daily volume in USD to CEXs increased compared to transfers from CEXs. However, There were some ups and downs.
Top 100 usersโ activity
๐ Key Finding: :key: Normal usersโ activity is not important compared to top walletsโ movement. So, In this section, I tracked the top 100 wallet activities in the six months based on recorded events.
These 100 unique wallets made more than 9K transfer transactions. Transfers can be in into another wallet on Ethereum or can be the movement to CEXs. We all know that Movement to CEXs mean they want to sell their tokens.
All users
๐ Key Finding: :key: The previous part was about top 100 wallets but now letโs see normal users activities since July 2022. Based on Transactions, This news is not too big. Because users afraid FTX crash more than this news. It seems they prefer to hold their DYDX tokens.
๐ Key Finding: :key: Like the number of transactions, The transferred volume didnโt change too much. On both side, Transfer IN and OUT was similar. We can not say there was unusual activity. However, The volume was higher than on normal days.
๐ Key Finding: :key: All these charts and numbers show DYDX Unlcok event didnโt impact on Users Behavior. Because some metrics remained normal and it hadnโt any unusual activities and some metrics increased but it wasnโt too much. You can see how FTX crash impacted on DYDX holders and compare it with recently news about Unlocking 150M DYDX tokens in Febuary.
Top Destinations based transactions
:1st_place_medal: Binance with 12K transactions
:2nd_place_medal: Coinbase with 5.1k transactions
:3rd_place_medal: Okex with 4K transactions
Top Destinations based on volume
:1st_place_medal: Binance with 613M US Dollars
:2nd_place_medal: OKEX with 89M US Dollars
:3rd_place_medal: FTX with 57M US Dollars
Top 3 weekly destination based on DYDX amount
Stake and Unstake
Holders breakdown
๐ Key Finding: :key: During the FTX crash, The total number of stakers, Stake transactions, and Volume increased but unlike that time, when users understand about the next DYDX event, The total weekly number of unstake increased after the New Year.
On December 19, users unstaked more than 20M DYDX tokens. This metric shows an unusual activity when DYDX unlock program spread.
Based on these charts, I can conclude DYDX unlock news impacted stakers and the Luna experience helped to donโt get risk and removed their stakes.
Swaps from and to DYDX token
๐ Key Finding: :key: The total number of users and swap transactions was lower than the FTX crash time. But what is increased was the swap volume from and to DYDX token after the New year.
The total daily swap volume increased and passed 1M US dollars.
However, users swap from and to DYDX, not only swap from DYDX. It means users bought tokens from those who sold.
Top Tokens ( To DYDX )
Top Tokens ( From DYDX )
๐ Key Finding: :key: WETH is the users' most popular token to swap to a DYDX token. About 97% of swaps were from WETH. Other tokens had a lower share compared to WETH.
The second top token was DAI. Although All the next top tokens were stablecoins.
DYDX platforms
๐ Key Finding: :key: DYDX is the native token of the DYDX platform. It is normal for a huge number of transactions to go through this platform. About 89K of DYDX transactions was on the DYDX platform. The second top platform was Uniswap with 9.5K transactions. DYDX transactions is 10x higher than Uniswap.
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๐ Key Finding: :key: Binance always is in the top CEX. Since July 2022, Binance was in the top 3 weekly CEX based on the DYDX amount. Recently, When some users warned about DYDX unlock Event, The top three platforms didnโt change and remained like last weeks or months.
๐ Key Finding: :key:
More than 9K holders hold below 1 DYDX in their wallets.
About 6.5K hold 11-50 DYDX tokens.
6.7K hold 101-500 DYDX. These are three top holders category.
Only 86 Wallets hold more than 1M DYDX and 132 unique wallets hold 100K-1M DYDX token.
๐ Key Finding: :key: The other side of swaps ( From DYDX ) is totally like the swaps to DYDX. WETH and DAI Still are the top tokens that users swapped from DYDX.
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From This Analysis, I can conclude this Unlock Event didnโt impact on DYDX behavior. Because there werenโt any unusual activities. The only activity that wasnโt usual was unstaking. Users unstaked 15M DYDX during December. The current market cap is 260M US dollars. IF DYDX unlocks 150M tokens, The market cap will increase to 550M US dollars. The amount is a little unusual compared to other top tokens. So if BTC moves like normal ( Not Pump and Not Dump) days, DYDX will drop.
New Update
Decentralized derivatives exchange dYdX has delayed unlocking its native DYDX token for investors until the fourth quarter, the exchange announced in a blog post-Wednesday.
The Block first reported on the news, and the DYDX token surged as much as 21% following the publication of its report. The token was lately trading up 15% to $1.95.
More than 150 million tokens had been planned to be released to early investors and dYdX founding team members on Feb. 3, but those plans have now been shelved until December.
Now, 83 million of those tokens allocated to investors will be unlocked on Dec. 1, reducing the scheduled increase in supply next month.
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:key: Key Finding: :key: As I said in the previous part, Some DYDX whales sold a huge amount of DYDX, and some other whales bought more DYDX. For example, A wallet that added 36M DYDX in 2022, Added 10M DYDX in 2023 too. The other wallet moved 43M DYDX in 2023 and 4M in 2023 too. 22 whales were not moving anything and just hold, and 28 whales added or removed DYDX.
๐ Key Finding: :key: Two wallets hold more than 100M DYDX in their wallets. Four other wallets hold more than 30M DYDX. Other top holders have a considerable difference from the top 6 holders.
Transfer amount
USD volume
Transfer transactions
Transfer amount
USD volume
Average USD volume
Number of user
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