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dYdX is a leading decentralized exchange that currently supports perpetual trading. It has been built on top of the Ethereum blockchain allowing users to trade with no intermediaries.
In near future, 105% of the circulating supply of $dYdX will be distributed to investors and team members. This may influence the price of the token.
This dashboard attempts to understand whether this event has already influenced the beahviour of users or not. Also, it examines whether this effect on behaviour of different groups of users based on their average $dYdX balance differs or not.
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Method
In this dashboard, the following activities regarding $dYdX in certain time periods will be examined:
- $dYdx holders
- $dYdX transfers
- $dYdX swaps
To better understand the behavioural change of $dYdX holders as a result of the $dydX unlocks, the above metrics will be compared among different groups categorized based on average $dYdX balance. The activities of top $dydx holders will be compared with 'ordinary' holders in this section.
Parametrizations and definitions
Past (time) period can be selected among three choices available on the parameter selection; past 30 days (month), past 90 days (quarter), and past year.
Interval defines whether data will be presented per 'day', 'week', or 'month'.
Whales can be defined as top $dYdX holders. Top holders are measured by the average balance in the given past time periods. This parameter can be changed using the top_n_ pcnt dropdown. Available percentages are 1%, 5%, and 10%.
Data
For the purpose of this dashboard different tables in the 'Ethereum' schema of Flipside's on-chain data have been used.
$dYdX contract address: 0x92D6C1e31e14520e676a687F0a93788B716BEff5
staked $dYdX contract address: 0x65f7ba4ec257af7c55fd5854e5f6356bbd0fb8ec
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The graph shows how the price of dYdX has changed over time.
We can see that the price experienced an upward trend between December 20th, 2022, and January 16th, 2023.
Then we see an increase in a couple of days and after a skyrocketing to 1.8 USD.
The price is on overall growing.
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The graphs below show the dynamics of dYdX transfers.
In weekly based graph we can see that the volume of $dYdX transfers is growing. Also the daily basis graph shows an increase in the number of transfers and transferrers in the past couple of days.
Further investigation is needed to understand the reason of this increase. The next section we investigate the source and destination of transfers.
The graphs below show how $dYdX transfers from and to CEXes has changed over time.
We see the recent upsurge in transfer between the chain and CEXes as well. The data shows that unlike the recent tendency in transferring $dYdX to CEXes in past week we had a couple of days with a positive net volume of $dYdX transfer from CEXes to the chain.
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This section focuses on staking.
We can see that $dYdX staking has decreased significantly since the end of 2022.
Even in unstaking we can see an increase in the past week.
Graphs below show how the volume of $dYdX swap has changed over time.
We can see that since a month ago the volume of $dYdX swap has increased. Also the graphs show an increase in the recent days.
Focusing on the net volume of swaps, we can see a recent hype in favor of $dYdX. It means that more tokens swapped for $dYdx than the another way around.
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The graph below shows how the number of $dYdX holders has changed over time.
In the daily basis graph, we can see that the number of holders has grown since the beginning of 2022.
The data does not show any disinclination among users in holding $dYdX as a result of the upcoming unlock.
Summary
dYdX is a decentralized exchange built on the Ethereum blockchain. It is going to distribute 105% of its circulating supply to investors and team members in the near future, which may influence the price of the token. This dashboard attempted to understand whether this event has already influenced the behavior of users or not and whether the effect on behavior differs among different groups of users based on their average dYdX balance.
The data shows that the price has experienced an upward trend between December 20th, 2022, and January 16th, 2023. There was an increase in a couple of days and after a skyrocketing to 1.8 USD. The price is overall growing regardless of the upcoming unlock.
The data also shows that the number of holders has grown since the beginning of 2022, and the data does not show any disinclination among users in holding dYdX as a result of the upcoming unlock.
Focusing on the dynamics of dYdX transfers, staking and unstaking, the data shows an increase in the volume of dYdX transfers and transferrers in the past couple of days. The recent upsurge in transfer between the chain and CEXes as well. Unlike the recent tendency in transferring dYdX to CEXes, in past week we had a couple of days with a positive net volume of dYdX transfer from CEXes to the chain. The volume of dYdX swap has increased as well. Focusing on the net volume of swaps, we can see a recent hype in favor of dYdX.
The data shows that $dYdX staking has decreased significantly since the end of 2022, even in unstaking we can see an increase in the past week.
Comparing whales holders and the ordinary holders reveals a difference between their response and the other holders. In general, whales are less optimistic about the short term of $dYdX than ordinary holders.
To better understand who would do what in response to the upcoming unlock, whales $dYdX holders are distinguished from the others.
Graphs below clearly show the significant different between the Whales’ response to the upcoming vent and the other holders.
The data shows that Whales have transferred $dYdX from CEXes to the chain more than the others. Their net $dYdX swap is also high, in comparison with others.