dYdX (DYDX)
Leading perp DEX migrated to its own Cosmos chain; real $380M TVL and daily volume but token accrual to stakers unclear and releases persist.
Ranked 97th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
DYDX scores 109 of 250 across the 25-variable framework, which places it 97th of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
The score rests on TVL Trend 5/10, 30th of 251, Institutional Adoption 5/10, 36th of 251, Exchange Depth 6/10, 37th of 251 and Protocol Revenue 5/10, 37th of 251.
Against the same universe, DYDX sits in the bottom third on Vesting Schedule 3/10, 204th of 251, Insider Selling 3/10, 201st of 251 and Supply Inflation 3/10, 199th of 251. These are the variables that would have to move for the verdict to change.
Only 84.9% of DYDX's maximum supply is in circulation, so 1.18x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 15.1% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
DYDX trades 97.4% below its all-time high of $4.52. Recovering that level is a 38.5x move, not a 97.4% one, which is the arithmetic most drawdown charts hide.
The framework score gained 17 points against the previous pass (92 to 109). Revisions of this size follow a change in the underlying variables, not a change in price.
$380.0M sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 5 | 37th of 251 | |
| Revenue Trend | 4 | 71st of 251 | |
| P/S Multiple | 4 | 104th of 251 | |
| Real Staking Yield | 5 | 37th of 251 |
Supply
| Supply Inflation | 3 | 199th of 251 | |
| Vesting Schedule | 3 | 204th of 251 | |
| Circulating / FDV Ratio | 5 | 135th of 251 | |
| Buyback and Burn | 4 | 40th of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 5 | 30th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 4 | 100th of 251 |
Position
| Market Share | 4 | 87th of 251 | |
| Competitive Moat | 4 | 114th of 251 | |
| Institutional Adoption | 5 | 36th of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 4 | 45th of 251 | |
| Team Execution | 5 | 74th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
dYdX v4 fee distribution to stakers; multi-asset perp expansion; institutional market maker onboarding
Principal risk
99.5% below ATH; only 52% circulating with multi-year vesting ongoing; Hyperliquid and GMX eating market share; dYdX chain bootstrapping uncertain
Market and supply
| Price | $0.1160 |
| Market cap | $98.5Mrank 259 |
| All-time high | $4.527 Mar 2024 |
| Circulating supply | 848,599,091 |
| Eventual supply (max supply) | 1,000,000,000 |
| Dilution to full supply | 1.18x |
| Total value locked | $380.0M |
| Listed on | Binance, OKX, Coinbase, dYdX DEX |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to DYDX measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [dYdX Blog] dYdX migrated from Ethereum L2 to its own Cosmos-based appchain (dYdX Chain) in late 2023
- [DeFiLlama] dYdX Chain TVL ~$380M with 60+ perpetual markets and institutional-grade order book
- [CoinGecko] DYDX ATH $27.86 reached November 2021; now 99.5% below that level
Common questions
- What is the Early Thunder score for dYdX (DYDX)?
- DYDX scores 109 out of 250 on the 25-variable framework, ranking 97th of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are DYDX's strongest fundamentals?
- DYDX ranks highest on TVL Trend 5/10, 30th of 251, Institutional Adoption 5/10, 36th of 251, Exchange Depth 6/10, 37th of 251 and Protocol Revenue 5/10, 37th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the DYDX thesis?
- DYDX scores in the bottom third of the universe on Vesting Schedule 3/10, 204th of 251, Insider Selling 3/10, 201st of 251 and Supply Inflation 3/10, 199th of 251. The single risk carried on the scorecard is: 99.5% below ATH; only 52% circulating with multi-year vesting ongoing; Hyperliquid and GMX eating market share; dYdX chain bootstrapping uncertain
- How much DYDX supply is still to enter circulation?
- 84.9% of eventual DYDX supply is circulating today, leaving 1.18x the current float still to arrive. At a flat price per token that is 15.1% of fully diluted value ahead of current holders.
- How far is DYDX from its all-time high?
- DYDX trades 97.4% below its all-time high of $4.52. Returning to that high requires a 38.5x move from the level used in this scoring pass.
- Which tokens have a similar profile to DYDX?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to DYDX are POL (123), USUAL (99), ICP (102) and APT (116). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for DYDX?
- dYdX v4 fee distribution to stakers; multi-asset perp expansion; institutional market maker onboarding
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.