dYdX released August trading data: Effective trading volume reached $9.8 billion, over 33,000 users did not meet the airdrop eligibility

Author: Gu Yu
With the end of the dYdX Epoch 0 (August 1-31) trading period, the dYdX Foundation recently released the Epoch 0 review report, summarizing data such as trading volume and trading users during this phase. According to the report, the nominal total trading volume of dYdX during this phase was $13.8 billion, with nominal total fee revenue reaching $11.9 million.
However, the dYdX Foundation stated that about 80 Ethereum addresses engaged in wash trading on dYdX to inflate trading volume and earn more rewards, meaning that most of the trading volume controlled by these addresses was generated from direct trades with specific accounts. Therefore, dYdX will exclude these addresses from trading rewards.
The dYdX Foundation also further disclosed the data on the trading volume after excluding these addresses, indicating that the effective trading volume during this phase was $9.8 billion, with an average daily trading volume of $316 million, significantly surpassing other on-chain derivatives projects such as Perpetual Protocol and MCDEX. Meanwhile, the number of active traders during this phase was 25,588 users, with total fee revenue reaching $8.6 million, and as of August 31, the TVL reached $241 million.

According to previous plans, dYdX allocated 75 million DYDX tokens to historical interactive users, with a total of 64,306 users eligible to claim. According to the report, 50.3 million DYDX were claimed by 30,290 users, while 24.69 million DYDX were returned to the community treasury due to users not meeting the claiming requirements, meaning 34,016 users did not meet the claiming criteria, and an additional 760,000 DYDX rewards were directly allocated to the treasury.
In terms of trading rewards, a total of 3.83 million DYDX were distributed to 20,460 users; in terms of liquidity provider rewards, a total of 1.15 million DYDX were distributed to 5 market makers; and in terms of liquidity staker rewards, a total of 380,000 DYDX were distributed to 607 addresses, with a total staking amount of $141 million.
dYdX stated that the aforementioned DYDX rewards will have their initial transfer restrictions lifted at 23:00 Beijing time on September 8, at which point users can claim DYDX token rewards and trade. At that time, the circulating supply of DYDX will account for 5.57% of the total supply, which is 55.7 million DYDX. According to Chain Catcher, the current over-the-counter quotes for DYDX are mostly above $5.