DYDX vs USUAL
dYdX and Usual Protocol scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
DYDX scores 109 of 250 and ranks 97th of 251. USUAL scores 99 and ranks 147th. DYDX leads by 10 points, which is inside the range where the individual variables matter more than the total. DYDX takes 11 of the 25 variables, USUAL takes 1, and 13 are level.
The framework rates DYDX WATCH and USUAL PASS. Two tokens close enough to compare do not have to land in the same band, and where they do not, the divergence table below is where the split comes from.
No single variable separates DYDX and USUAL by as much as 3 points. They are close on the framework's terms, which makes price, liquidity and the supply position below the only grounds for choosing.
Both score 3 or below on Supply Inflation, Vesting Schedule, Insider Selling. A weakness both sides share is not a reason to prefer either. It is a reason to check whether the category itself carries the problem.
USUAL still has 35% of its eventual supply to enter circulation against 15.4% for DYDX. On the same market capitalisation, a buyer of USUAL is taking the 1.54x dilution path and a buyer of DYDX the 1.18x one.
DYDX is valued at $113.2M against $23.6M for USUAL, a 4.8x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 5 | 4 | DYDX +1 | |
| Revenue Trend | 4 | 3 | DYDX +1 | |
| P/S Multiple | 4 | 6 | USUAL +2 | |
| Real Staking Yield | 5 | 5 | level |
Supply
| Supply Inflation | 3 | 2 | DYDX +1 | |
| Vesting Schedule | 3 | 2 | DYDX +1 | |
| Circulating / FDV Ratio | 5 | 4 | DYDX +1 | |
| Buyback and Burn | 4 | 4 | level |
Ownership
| Smart Money Flows | 4 | 4 | level | |
| Insider Selling | 3 | 3 | level | |
| Holder Concentration | 4 | 4 | level |
Traction
| TVL Trend | 5 | 3 | DYDX +2 | |
| Active Users | 5 | 4 | DYDX +1 | |
| Developer Activity | 5 | 5 | level | |
| Network Growth | 4 | 4 | level |
Position
| Market Share | 4 | 3 | DYDX +1 | |
| Competitive Moat | 4 | 4 | level | |
| Institutional Adoption | 5 | 4 | DYDX +1 | |
| Exchange Depth | 6 | 6 | level | |
| Social Mindshare | 4 | 4 | level |
Risk
| Regulatory Safety | 5 | 5 | level | |
| Catalyst Calendar | 4 | 4 | level | |
| BTC Alpha Potential | 4 | 3 | DYDX +1 | |
| Team Execution | 5 | 4 | DYDX +1 | |
| Treasury Runway | 5 | 5 | level |
Bars read outward from the centre: DYDX to the left, USUAL to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| DYDX | USUAL | |
|---|---|---|
| Price | $0.1337 | $0.0121 |
| Market cap | $113.2M | $23.6M |
| Circulating | 84.6% | 65% |
| Dilution to full supply | 1.18x | 1.54x |
| Off all-time high | -97% | -99.25% |
| To recover the high | 33.3x | 133.3x |
| Total value locked | $380.0M | $350.0M |
| Network | Ethereum | Ethereum |
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
DYDX · WATCH
DYdX v4 fee distribution to stakers; multi-asset perp expansion; institutional market maker onboarding
99.5% below ATH; only 52% circulating with multi-year vesting ongoing; Hyperliquid and GMX eating market share; dYdX chain bootstrapping uncertain
USUAL · PASS
USD0++ liquid staking recovery and new RWA yield products bringing TVL back above $500M
USD0++ depeg incident in Jan 2025 destroyed trust; USUAL token hyperinflation via revenue redistribution model; TVL down 80%+ from peak
Common questions
- Is DYDX or USUAL the better investment?
- On this framework DYDX scores higher: 109 against 99 of 250, and it is rated WATCH against PASS. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and DYDX still wins 11 of the 25 individual variables against USUAL.
- What is the biggest difference between DYDX and USUAL?
- Nothing separates them by more than 2 points on any of the 25 variables, which is unusual and means the two are close substitutes on fundamentals.
- Which is bigger, DYDX or USUAL?
- DYDX is valued at $113.2M and USUAL at $23.6M on the latest market snapshot.
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Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.