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Review of Epoch 18

Foundation
Foundation
Epoch 18 Banner
Foundation
Foundation

This is the 19th edition of dYdX Epoch Review, presenting updates from the dYdX community and ecosystem. To learn more, join us onDiscord,Twitter, and theCommunity Forums

Epoch 18 Highlights

  • For Epoch 18 (December 20, 2022 15:00 UTC - January 17, 2022 15:00 UTC). No addresses were identified as wash trading during Epoch 18.

Key Metrics

Performance Indicators

For Epoch 17 (November 22, 2022 15:00 UTC - December 20, 2022 15:00 UTC). No addresses were identified as wash trading during Epoch 17.

Metric

Epoch 17 (Net)

Epoch 18 (Net)

Delta

Trading Volume

$15.2B

$26.2B

+$11.0B (72.4%)

Average Daily Volume

$607M

$1.4B

+$793.0M (130.6%)

Ending Open Interest

$7.8B

$8.3B

+$0.5B (6.4%)

Fees Paid

$4.2M

$6.2M

+$2.0M (47.6%)

Deposits

$127.7M

$118.9M

-$8.8M (6.9%)

Withdrawals

$139.0M

$159.7M

+$20.7M (14.9%)

Ending TVL

$180.7M

$161.0M

-$19.7M (10.9%)

Unique Depositors

3,769

3,835

+66 (1.8%)

Active Traders

13,691

13,795

+104 (0.8%)

DYDX Circulating

15.1%

15.6%

(with Treasury)

19.4%

20.1%

Unique Wallets Earning DYDX

3.2K

2.9K

-0.3K (9.4%)

Addresses holding DYDX

32.5K

34.4K

+1.9K (5.8%)

Addresses holding stkDYDX

4.0K

3.7K

-0.3K (7.5%)

Addresses that previously earned DYDX rewards from retroactive, trading, and liquidity mining rewards

61.5K

62.3K

+0.8K (13.0%)


Trading Rewards

2,876,712 DYDX were earned over the course of Epoch 18 and will be distributed to 2,931 traders. This is a slight decrease from Epoch 17 where 3,264 traders were eligible for trading rewards.  Learn more about the trading rewards program in our documentation, or our blog posts.


Liquidity Provider Rewards

1,150,685 DYDX were earned over the course of Epoch 18 and will be distributed to 57 addresses who were eligible for LP rewards in Epoch 17.

67 market (18 new, 49 existing) makers meeting the 0.25% threshold in Epoch 18 are now eligible to earn rewards in Epoch 19. Learn more about the LP Rewards in our documentation, or our blog posts.


Community Treasury

Approximately 766,703 DYDX vested in the Community Treasury and1,726,028 DYDX accrued in the Rewards Treasury over the course of Epoch 18. The dYdX community now has access to 42M DYDX that has accrued in the Community Treasury and Rewards Treasury to use for DAO and community initiatives, contributor grants, liquidity mining, and much more. Learn more about the Community Treasury in our documentation.

Circulating Supply at end of Epoch 18

Cumulative

Epoch 18

Unearned Retroactive Rewards transfered to Treasury

24,690,803

0

DYDX Vested to Community Treasury

14,567,357

766,703

Total Vested DYDX in Community Treasury

39,258,160

766,703

DYDX Vested to Rewards Treasury from Trading Rewards

3,835,616

958,904

DYDX Vested to Rewards Treasury from Liquidity Staking Pool

1,534,248

383,562

DYDX Vested to Rewards Treasury from Safety Staking Pool

767,124

383,562

Total Vested DYDX in Rewards Treasury

6,136,988

1,726,028

DYDX Funding transferred to the dYdX Grants Multisig

-3,334,000

0

DYDX Funding transferred to the dYdX Operations subDAO

-225,000

0

Community Treasury Accrued Balance

41,836,148

2,492,731

Total Circulating DYDX (including Community Treasury)

200,969,957

6,520,128

Total Circulating Supply (including Community Treasury)

20.10%

0.65%


Circulating Supply

15.56% of the total DYDX supply (excluding unearned Retroactive Rewards transferred to the Treasury and the DYDX vested in the Community Treasury) is considered liquid at the end of Epoch 18. Learn more about the DYDX allocation in our documentation.

Circulating Supply at end of Epoch 18

Cumulative

Epoch 18

Total DYDX Issuance

1,000,000,000

0

Earned DYDX from Retroactive Rewards

50,309,197

0

Earned DYDX from Trading Rewards

69,041,088

2,876,712

Earned DYDX from Liquidity Provider Rewards

21,863,015

1,150,685

Earned DYDX from Liquidity Staking Pool

5,753,430

0

Earned DYDX from Safety Staking Pool

5,049,079

0

DYDX Funding transferred to the dYdX Grants Multisig

3,334,000

0

DYDX Funding transferred to the dYdX Operations subDAO

225,000

0

Total Circulating Supply

155,574,809

4,027,397

Total Circulating Supply as % of Total Issuance

15.56%

0.40%


What's next?

  • The Merkle tree data, which is a list of (address, reward) pairs, is available here. Under the hood, the Merkle Distributor smart contract (0x01d3348601968aB85b4bb028979006eac235a588) will distribute DYDX token rewards according to a Merkle tree of balances.

  • Epoch 18 has ended. Welcome to Epoch 19! Epoch 19 started automatically on January 17 at 15:00 UTC and will end on February 14 at 15:00 UTC.

  • The Merkle root was proposed on-chain on January 17 at 22:05 UTC and the 7-day waiting period has begun. Epoch 18 rewards will be claimable here on January 24, at 22:05 UTC (7 days after the end of the epoch plus a 7 hour delay). Once tokens have been claimed, they can be transferred or delegated to dYdX governance.


dYdX Governance

  • Coming off the successful on-chain vote to launch an operations subDAO by establishing a Guernsey Purpose Trust entity, the dYdX operations subDAO has created a website for the community to provide updates and track progress.


dYdX Ecosystem

  • Delegation: If you hold DYDX but have no time to review proposals, consider delegating the proposing power and/or voting power of your DYDX and/or stkDYDX to one of our 24Endorsed Delegates.

  • dYdX Grants Program (“DGP”) Updates: The dYdX Grants Trust completed Round 18 of funding, which had 2 grants approved for a total funding amount of $50,000. Read more in their blog post.


General Updates

  • On January 12, Charles, CEO of the dYdX Foundation co-hosted a DeFi bootcamp with Jeff from Sei Labs at Cryptobase Shibuya.

  • On January 10, the dYdX Foundation announced that they are hiring a Developer Relations Lead. Also, dYdX Foundation is still looking to hire an Operations Associate. If you are interested or have someone great to refer for the role, please do reach out, or apply through this link!

  • On January 9, dYdX Quests launched. dYdX Quests is a rewards program that recognizes and rewards community members for their involvement in dYdX events, AMAs, social media, and governance participation. The dYdX Quests is held on the CREW3 platform and its dashboard has several sections: Quests, Leaderboards, Reviews, and Members. It also works with Discord, Twitter, and Telegram to help verify and automate tasks.

  • On January 3, the dYdX Merch store officially launched!