dYdX is a leading decentralized exchange that currently supports perpetual trading that runs on smart contracts on the Ethereum blockchain, and allows users to trade with no intermediaries [1].

After a year, the exchange launched DYDX, the governance token for the dYdX protocol. Users can earn DYDX tokens on their trading activities on the DEX (with all fees paid and open interest) and they can also stake their existing crypto holdings to earn yield in DYDX [2%20and%20Cardano%20(ADA).)]. 

\n Over the past days/weeks DYDX holders are bracing for a massive event next month, as 105% of the circulating supply will be distributed to investors and team members.

The intention of this dashboard is to explore how DYDX holders are preparing for this massive unlock, investigate about which type of actions are they taking for it and how the market may react in the weeks leading up to and following the unlock.

To do so, the main metrics we are gonna analyze are the following:

• DYDX holding distribution
• DYDX holders movements
• DYDX main transfers done by holders
• DYDX main type of transactions done by holders
• Top 10 holders activity

Overview

Methods

DYDX holding distribution

Looking at the results, we can see how the major of the DYDX holders are sustaining less than 1k, representing almost 80% of the holders. Less than 100 of them are holding mroe than 1M of DYDX,but there is no much difference against who are holding between 100k and a milion of tokens, who are 119.

If we consider the chart on the left about the evolution of this distribution over the past year in a weekly basis, it can be seen how this distribution doesn’t vary so much over time.

DYDX holders activity

Finally, taking a look at how top 10 DYDX holders have been moving over the past weeks and if there is some difference against the rest of the holders, the charts above evaluates similar metrics described before.

On the one hand, we can see how the top 10 DYDX holders have in their balances between 10M and 112M of DYDX, which is a huge difference. However, the major of them have between 10 and 15M.

On the other hand, we have seen previously how during the past weeks, in general, DYDX holders have been accumulating tokens on their balances over the past weeks. But, in this case, top 10 holders have been removing tokens from their balances, which is so significant.

Finally, we can also seen on the final charts how 5 out of 10 top holders transferred a large quantity of tokens over the past weeks. All of these transactions went to dYdX exchange, and the events were splitted between transfers and delegation changes.

Key insights

• The major of the DYDX holders are sustaining less than 1k, representing almost 80% of the holders. This distribution doesn’t vary so much over time.
• During the past weeks, more volume is being holded than on the other weeks of 2022. In fact, we are at the longest period in which several consecutive weeks have positive movements to the holders balances.
• There is a clear uptrend on the number of DYDX transfers. If we consider the previous year, the amount of holders transferring DYDX tokens have been increased week by week, having the highest numbers during the recent weeks.
• While during the major of 2022, the main destinations for the executions were the dYdX platform and Uniswap, it seems that over the past weeks, some other platforms such as Metamask, 1inch or 0x gained protagonism.
• The top 10 DYDX holders have in their balances between 10M and 112M of DYDX. However, the major of them have between 10 and 15M.
• Top 10 holders have been removing tokens from their balances, which is so significant.
• 5 out of 10 top holders transferred a large quantity of tokens over the past weeks. All of these transactions went to dYdX exchange.

Top 10 holders activity

Regarding the DYDX token holder activity, it can be seen how it seems to be changed during the recent weeks, in which more volume is being holded than on the other weeks of 2022. In fact, we are at the longest period in which several consecutive weeks have positive movements to the holders balances.

Looking at the DYDX transfers, it can be seen how there is a clear uptrend based on the holders activity. If we consider the previous year, the amount of holders trasnferring DYDX tokens have been increased week by week, having the highest numbers during the recent weeks.

It seems that users are taking actions after the news for a massive event next month.

In terms of transactions done by DYDX holders with DYDX token, it can be seen how it has also increased over time, increasing not only the number of transfers as seen before but also the amount of events changing delegations.

Regarding the DYDX transactions by destination executed by DYDX holders itself, it can be seen as well some change on the behavior. While during the major of 2022, the main destinations for the executions were the dYdX platform and Uniswap, it seems that over the past weeks, some other platforms such as Metamask, 1inch or 0x gained protagonism.

In fact, if we consider the whole 2022 actions, we can see on the right pie chart how the major destination for DYDX tokens has been dYdX, but Uniswap represented over 10% of the transactions. As said before, Metamask, 1inch and 0x represent beetween 2.8 and 4.3% each of them.