1010210102 Tokens
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DYDX

dYdX · Perp DEX L1

31 /100
T4Speculative · #41 of 77
No engine yetCould move up ↑low likelihoodReviewed Oct 23, 2026
DemandSoundnessDurability
9 of 4517 of 405 of 15

Key facts

SupplyFloat 88% of issued supply
  • Circulating 846.1M, 85%
  • Locked or unvested 112.2M, 11%
  • Not yet issued 41.7M, 4%
  • Max 1.00B
FDV / market cap
1.1x
$107.5M / $94.9M
Market cap
$94.9M
Price $0.112, 7d −8.9%

Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.

Assessment

dYdX routes 100% of net protocol revenue by chain rule since Nov 13, 2025, 75% to open-market buybacks, but bought DYDX is held and staked by the Treasury SubDAO rather than retired, and revenue was only $4.8M over the trailing year. Supply is steady: zero inflation, issuance changeable only by a stake-weighted chain vote, and 88% of supply floats. Investors, founders and employees took exactly 50%, with no public sale. The chain halted ~8 hours on Oct 10, 2025 and then filled liquidations at stale prices. The business is the constraint: the buyback is only as large as a fee base that keeps shrinking.

How value reaches holders

Since Nov 13, 2025 (Prop #313), 100% of net protocol revenue is chain-routed: 75% to automatic open-market DYDX buybacks, 15% to stakers in USDC, 5% MegaVault, 5% Treasury SubDAO. Bought DYDX is held and staked by the Treasury SubDAO via a CEX service provider, so only the 15% USDC leg reaches stakers directly. Revenue $4.8M trailing year (~$3.4M annualized, Oct 19, 2026)

Score anatomy

Demand

9 / 45: the stronger of two routes, plus adoption

Why would anyone hold it: does value reach the token, and is the network or product used today?

Holder routing engine input
2

Bought DYDX is held and staked by the Treasury SubDAO; only the 15% USDC leg reaches stakers directly

Small or discretionary flows, plumbing under 25%, or buy-and-hold into a treasuryHow this is scored

Revenue reality engine input
1

$0.5-5M/yr, or undisclosed

How this is scored

Monetary usage engine input
1

DYDX is an accepted gas denomination on the dYdX Chain alongside USDC; trading fees are in USDC and bought DYDX is staked.

Pays its own network's fees (gas never counts higher, whatever the size of the economy)low confidenceHow this is scored

Adoption ×3
1

dYdX fees $4.7M TTM vs $21.3M the year before (-78%), 30d fees -84% YoY; MegaVault close-only since Apr 2026

Marginal or fading: negligible use for its size, usage down 60%+ year on year, or a lost forkhigh confidenceHow this is scored

Two routes, the stronger counts

01234501cash flowmoney
Revenue 1, minus 2 for routing 2 = cash flow 0. Money use 1. The engine is the stronger route: 1.

Soundness

17 / 40

Can a long-term holder trust the rules: supply, float, distribution and control?

Supply discipline ×3
3

Zero inflation on dYdX Chain (rewards come from fees and the community treasury); issuance can change only by a stake-weighted chain governance vote, which caps this at 3.

1-3%/yr on a published curve, or 3-7%/yr under a hard cap with halvingsmedium confidenceHow this is scored

Float and unlocks ×1
4

Float 88% (846M of 958M); the remaining DYDX is community treasury moved by chain governance.

Small tails only, or 85%+ of supply liquidmedium confidenceHow this is scored

Distribution ×2
1

Investors 27.73%, founders/employees/advisors 15.27%, future employees 7.00%: exactly 50.0%, on the line; the rest went to traders, LPs and an on-chain-governed treasury; no public sale

Insiders received 25-50%, or one organization directs 10-30%medium confidenceHow this is scored

Decentralization and security ×2
1

dYdX Chain halted ~8 hours on Oct 10, 2025 (misordered code made worse by slow oracle restarts) and then filled liquidations at stale prices; a third of bonded stake on a ~$100M token costs little

A halt, rollback or exploited consensus bug in the last 24 months, attack cost under $10M, or a foundation-selected validator set or small multisig can halt or upgrade with no meaningful exit windowhigh confidenceHow this is scored

Durability

5 / 15

Is it big, proven and reachable by institutions?

Scale ×1
2

$97.6M market cap (band 2), $3.7M/day median volume (band 2), no flags.

Small: $50-250M market cap and $1M/day+How this is scored

Track record ×1
2

Token since Sep 2021 (5.1 years) and fell 99%, but the dYdX Chain halted on Oct 10, 2025 (dYdX incident review, Oct 16, 2025).

3-5 years, or a rollback, coordinated chain-wide halt or restart, or a $50M+ exploit in the last 5 yearshigh confidenceHow this is scored

Institutional access ×1
1

Spot on Binance and OKX among top venues; no ETP or US filing found.

Top-tier exchanges only, or delisting pressuremedium confidenceHow this is scored

What would move it up

To reach T3 Mixed, 3 gates are still open:

  • Score 31needs 40(open)
  • Value engine 1needs 2(open)
  • Adoption 1needs 2(open)
  • Supply 3gate 1(met)

Tier outlook

Could move up ↑low likelihood

  • Engine reaches 2 only if bought DYDX is burned by rule and revenue climbs back above $5M/yr ($4.8M trailing)
  • Holder routing rises if governance votes to burn or distribute bought DYDX instead of re-staking it
  • Revenue holds the $0.5-5M band only while trading volume stops declining (~$3.4M annualized in Oct 2026)
  • Scale falls to 1 if market cap drops below $50M ($97.6M on Oct 23, 2026)

Compare with

How the ranking works and how DYDX compares: see the full ranking. This entry as JSON:

GET https://tokens.10102.io/api/v1/tokenomics?symbol=DYDX