A simple valuation of $DYDX token


According to the comparison between dYdX and Perpetual Protocol with the trading volume on 3rd, Aug and TVL, the data gives a valuation of $DYDX's price: $6.22-$12.08.

The specific calculation process is basically in the figure, and the calculation assumptions include:

  1. The transaction volume of the two agreements is consistent with the proportion of the total undiluted market value;
  2. The ratio of the total value locked and the FDV of the two protocols is the same;

According to the calculated ratio of Perpetual Protocol's transaction volume to the FDV, the dYdX transaction volume is used to calculate the dYdX FDV, and then the price is calculated as $6.22 based on the total supply of $DYDX.

According to the calculated ratio of Perpetual Protocol's total value locked to the FDV, the TVL of dYdX is used to calculate the FDV of dYdX, and its price is calculated as $12.08 based on the total supply of $DYDX.


  1. Readers need to note that, first of all, this calculation cannot be used as any investment advice, and it is for research purposes only;
  2. Secondly, there are too many assumptions in the calculation process;
  3. Third, the data selection time is short, the amount of information is very limited, and the results calculated at different times are also different;
  4. Fourth, the trading fee structures of different protocols are different, so the transaction volume cannot completely represent the income of the agreement;
  5. Fifth, a more reasonable way is to estimate through the revenue (income) generated by two protocols in a stable period of time;
  6. Sixth, dYdX is undergoing five-year transaction mining activities, and the 3rd Aug. is the first day, so the transaction volume is extremely large.




I write about crypto and Web3, while trying to catch the wave of it shaping the future.

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