According to the official dYdX governance documentation, there are two powers associated with each DYDX token:

• The proposing power gives access to creating and sustaining a proposal.
• The voting power is used to vote for or against existing proposals.

DYDX holders receive governance powers proportionally to their sum of owned and delegated tokens at a given block.

Proposing Power

Proposing Power =
Proposing Power from DYDX token +
Proposing Power from staked-DYDX token +
Proposing Power from DYDX token received as delegatee +
Proposing Power from staked-DYDX token received as delegatee -
Proposing Power from DYDX delegated -
Proposing Power from staked-DYDX delegated

Voting Power

Voting Power =
Voting Power from DYDX token +
Voting Power from staked-DYDX token +
Voting Power from DYDX token received as delegatee +
Voting Power from stkDYDX token received as delegatee -
Voting Power from DYDX delegated -
Voting Power from staked-DYDX delegated

According to the "Introducing DYDX" official blog post, the DYDX token was transferable since September 8th, 2021. Hence, the changes in the daily proposing and voting power were measured from that day.

It is worth mentioning that the following charts demonstrate the changes in the power based on the token transfers and the DelegatedPowerChanged event mentioned above. Since this event contains the data for both sides of the transfer, their summation would be 0 on a transaction basis. As a result, only those with a positive amount were taken into account to measure the changes in the proposing and voting power.

Every DYDX or stkDYDX transfer transaction, whether it is a normal transfer, a swap, a staking transaction, or a delegation one, registers a DelegatedPowerChanged event for both sides of the transaction (the address sending the tokens and the address receiving them). Within these events, there is an amount input that registers the latest and updated proposing/voting power of the corresponding address.

There are two different governance power for the DYDX token which is differentiated using the delegation type input. The value of 0 is for the proposing power and the value of 1 is for the voting power of the corresponding address.

By filtering the most recent transaction for each address, its proposing and voting powers could be measured. The following table shows the list of the top 100 addresses with the highest voting powers.

Since every DYDX/stkDYDX transfer registers a DelegatedPowerChanged event, another event called DelegateChanged should be used to determine the delegation. This event contains the data for the delegator, delegatee, and the delegation type.

To filter the delegation transactions, those DelegatedPowerChanged events that their user were among the delegatee/delegator addresses of the DelegateChanged events were selected.

The positive values represent the delegation power gained by the delegatees and the negative values represent the delegation power lost by the delegatees.