dYdX ranks #63 of 504 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #295: 232 of the 294 assets ahead of it are not native coins but tokens or claims. A token is issued on a host blockchain rather than running its own; a claim stands for an asset already counted. Of the 303 non-native assets CoinSpectrum lists above it by market cap, about 52% are tokens, 42% are claims on other assets and 6% are memecoins.
| CoinSpectrum Grade | C · 59/100 · provisional |
|---|---|
| Rank among cryptocurrencies | #63 |
| Rank counting claims | #295 |
| Market capitalisation | $93M |
| Price | $0.1100 |
| Circulating supply | 846,094,216 DYDX |
| Maximum supply | 1,000,000,000 DYDX |
| Consensus family | Proof of Stake |
| Consensus mechanism | Tendermint (CometBFT) |
| Network purpose | Exchange chain |
| Ledger type | Single-asset ledger |
| Launch distribution | Presale |
Market figures from the 28 October 2026 build. Open the live view for every exchange's price, and charts.
C — 59 out of 100, provisional (from 19 of 20 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 56 to 61 (C to C).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms (Source) | 9.1 | group average |
| Consensus: leader ladder | 9.1 | Proof of stake: 9.1 of 10 on the ladder of consensus families ranked by their largest chain's market cap |
| Consensus: family ladder | 9.1 | Proof of stake: 9.1 of 10 on the ladder of families ranked by the combined market cap of their chains |
| Cryptocurrency Standards (Source) | 4.9 | group average, 11 of 12 measured |
| Sound Money Properties (6 checks) (Source) | 6.5 | 3.9 of 6 points source |
| Scarcity (Limited supply · 1 Store of value · Whitepaper §6) | 8.9 | fixed maximum supply of 1 billion: supply scale 7.8, cap 10 |
| Durability (Sustainability · 1 Store of value) | ✗ | 5 full years since its first recorded price, 2 halts, freezes or reversals in five years |
| Fungibility (Interchangeability · 3 Unit of account) | ✓ | every unit identical and worth any other |
| Portability (Scalability · 2 Medium of exchange) | ✓ | typical fee $0.00014; about 23,700 transactions a second, 10 on the throughput scale (5 is the busiest networks' median demand) |
| Divisibility (Flexibility · 3 Unit of account) | ✓ | 18 decimal places, the smallest unit worth $1.1e-19 |
| Verifiability (Authenticity check · 1 Store of value · Whitepaper §8) | ✗ | node software not open source; light clients verify from headers or proofs |
| Scalability (fees, throughput, block time, block space, features) | 8 | average of 5 parts source |
| Fees ($0.001 or less 10, $1 or more 0) | 10 | typical fee $0.00014 |
| Throughput (2,478 a second, the busiest network's peak day, 10; 119, the median of the ten busiest, 5) | 10 | about 23,700 simple transactions a second |
| Block time (10 minutes 10, less either side) | 0 | a block every 0.59 seconds |
| Block space per 10 minutes (32 MB or more 10) | 10 | 4.19 MB limit, 4270 MB per 10 minutes |
| Features (3 checks) | 10 | 3 of 3 passed |
| Fast payments (Safe to accept within seconds · Whitepaper §11) | ✓ | CometBFT gives deterministic finality with ~1 s blocks. |
| Pruned nodes (Old history dropped, every rule checked · Whitepaper §7) | ✓ | Cosmos SDK pruning strategies plus min-retain-blocks. |
| Light clients (Payments verified from headers · Whitepaper §8) | ✓ | CometBFT light client verifies headers from validator signatures. |
| Security (miner pay and 7 checks) | 4 | 4 of 9 points source |
| Miner pay (A day, $1,000 0 to $10 million 10; 2 points) | 0 | not mined |
| Own hashrate (Half its algorithm's largest, not merge-mined) | ✗ | not mined |
| Largest pool (Pool or validator under 50%) | ✓ | 13.66% |
| Largest three (Under 75% together) | ✓ | 28.21% |
| Clients (More than one maintained) | ✗ | 1 |
| Open source (Node software) | ✗ | dYdX Trading Inc. maintains dydxprotocol/v4-chain; its licence grants AGPL-3.0 rights only subject to the dYdX v4 Terms of Use, which is not a standard open-source grant. |
| Real use (1,000+ transactions a day) | ✓ | about 49,000 a day |
| No 51% attack (Nor a deep reorganisation, five years) | ✓ | |
| Decentralisation | 4.7 | section average, 7 of 8 measured |
| Censorship resistant (Source) | 10 | No authority can halt the chain or freeze funds: No protocol freeze or clawback power; the 2024 and 2025 halts were a failed upgrade and a tripped failsafe, not an at-will halt. source |
| No central team (Source) | 0 | A central team directs it: dYdX Trading Inc. maintains dydxprotocol/v4-chain; its licence grants AGPL-3.0 rights only subject to the dYdX v4 Terms of Use, which is not a standard open-source grant. source |
| Who can mint (Source) | 8.6 | Proof of stake: 8.6 of 10 on the ladder of who produces blocks |
| Nodes (Source) | 4.4 | 21 active validators or block producers (source: dydx-rest.publicnode.com) |
| Holder concentration (Source) | — | Not yet measured |
| Premine (allocated at launch) | 0 | 100% of today's supply allocated at launch to founders, a company, a foundation or investors. 1B DYDX were minted on Ethereum on 3 Aug 2021 and allocated up front (27.7% past investors, 15.3% founders/employees/advisors, 7% future employees, 50% community programmes and treasury); the dYdX Chain's on-chain supply is exactly 1,000,000,000 DYDX (dYdX REST, 2026-10-23), with no inflation. source |
| Fundraising | 0 | Sold by its issuer or insiders: 100% of supply was theirs to sell, 27.7% sold so far. Investors in dYdX Trading Inc. received 27.73% of the 1B DYDX (277.3M) through token warrants attached to their rounds; no public sale was held. 277.3M / 1,000,000,000 DYDX on-chain supply (dYdX REST, 2026-10-23) = 27.7%. Investors in dYdX Trading Inc. received 27.7% via token warrants; no public token sale. Round sizes not confirmed in this pass. source |
| Developer share (after launch) | 10 | No developer share: every new coin goes to the miners or validators who produce blocks. No cut and no inflation: the dYdX Chain mints no DYDX (supply exactly 1B) and its distribution community_tax is 0; staking rewards are paid from trading fees (USDC) and treasury-funded programmes. source |
| Privacy | 2 | section average |
| Privacy (5 checks) | 2 | 1 of 5 passed source |
| Protocol level privacy (Keys not tied to an identity · Whitepaper §10) | ✓ | Any key can hold and send DYDX; the Cosmos SDK bank and auth modules carry no identity check. |
| UTXO ledger (A new key for each payment · Whitepaper §2, §9) | ✗ | |
| Network privacy (Origin hidden by default) | ✗ | CometBFT gossip relays transactions directly. |
| Hidden amounts (Amounts confidential) | ✗ | No confidential transactions. |
| Hidden parties (Sender and receiver hidden) | ✗ | No sender or receiver hiding. |
| Programmability (tokens, contracts, 5 checks) | 2.2 | 2 of 9 points source |
| Token issuance | 0 | No token issuance on the chain itself |
| Smart contracts | 0 | An app-specific perpetuals chain (v9) with no CosmWasm or EVM; users send fixed order and transfer messages. |
| Multisig and time locks (Without a third party) | ✗ | Cosmos SDK multisig accounts exist, but the app wires no vesting-account module or other user time lock. |
| Atomic swaps (With other chains) | ✗ | No contracts or HTLC module to express a swap. |
| Native exchange (Built into the protocol) | ✓ | In-protocol limit order book: each full node keeps the book and block proposers match by price-time priority. |
| Cross-chain messaging (Verified by the chain itself) | ✓ | IBC (ibc-go v8) light-client channels. |
| NFTs (Carried by the chain's rules) | ✗ | No NFT module or contract platform. |
| Supply & Demand | 7.7 | group average |
| Supply & Demand (Source) | 7.6 | average of 6 measures |
| Exchanges (10 or more: 10) | 10 | 28 exchanges |
| Daily volume ($10K 0, $1B or more 10) | 5.3 | $4,321,098 traded in 24 hours; #268 by volume on the exchanges the site reads (scored on the median day of the last 30, $4,430,517) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 9.3 | 3.7% of its market cap a day, median of the last 30 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 9.7 | $779,561 within 2% of the price on 8 exchanges, 0.84% of its market cap, median of the last 2 days; a lower bound: the books returned by 1 of them stop short of 2% |
| Market cap ($1M 0, $10B or more 10) | 4.9 | $93M, 4.9 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 6.3 | futures, options and margin positions 14% of its market cap |
| Supply (smaller is better) | 7.8 | fixed maximum supply of 1 billion |
| Record | 7.7 | group average |
| Record (origin, claims, halts) | 9 | 2 positive, 2 negative source |
| Positive record | ||
| Launched with a stated purpose, not as a joke | ✓ | |
| No claims by its founders that contradict its own design | ✓ | |
| Negative record | ||
| Halt, freeze or reversal, 2024-04-08 | ✗ | Chain halted ~9.5 h during the v4.0.0 upgrade (state corruption from a wrong IAVL fix); validators coordinated a restart from a new binary and snapshot. |
| Halt, freeze or reversal, 2025-10-10 | ✗ | Chain halted about 8 h during the October market crash after a misordered liquidation code path tripped a failsafe; restart delayed by validators restarting oracle sidecars; up to $462k reimbursement voted. |
| Age (years since genesis) (Source) | 5 | 5 full years since 2021-09-08, the first day with a recorded price (genesis not yet researched, so the age can only be understated). |
| Development (work, improvements, unfixed issues) | 9 | 4 positive, 0 negative source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | 438 commits in 12 of the last 12 months (github.com/dydxprotocol/v4-chain); dydxprotocol/v4-chain releases continuous (latest indexer/v9.5.10, 2026-10-15; 83 stable releases in 24 months). |
| Shipped a security fix in two years, +1 | ✓ | v9.6.3, 14 May 2026: height-poisoning fix; v9.8.0 mainnet upgrade, Oct 2026: ASA-2024-009 fix and other security hardening. |
| Shipped a scaling upgrade in two years, +1 | ✓ | v9.8.1, 14 Oct 2026: mempool CheckTx moved to a worker pool and faster matching path. |
| Shipped a new capability for users in two years, +1 | ✓ | v9 series (2025-2026): TWAP orders on mainnet (TWAP suborder state machine hardened in v9.8.0). |
Twenty criteria, weighted equally. The Cryptocurrency Standards have five sections: sound money (six qualities: scarcity, durability, fungibility, portability, divisibility, verifiability), scalability (four measures and three features), security (miner pay and seven checks), decentralisation (censorship resistance, no central team, who can mint, nodes, holders, premine, fundraising and developer share) and privacy (five checks); programmability (token issuance, smart contracts and five checks) follows them. Provisional: criteria marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
846,094,216 of a maximum 1,000,000,000 DYDX are in circulation — 84.6% of the total that will ever exist.
| Premine (allocated at launch) | 100% of today's supply |
|---|---|
| Sold by the issuer or insiders | 27.7% of today's supply |
| Developer share received since launch | 0% of today's supply |
| Developer share of new coins today | 0% |
| Nodes or validators | 21 |
| Fundraising | Private or venture funding |
1B DYDX were minted on Ethereum on 3 Aug 2021 and allocated up front (27.7% past investors, 15.3% founders/employees/advisors, 7% future employees, 50% community programmes and treasury); the dYdX Chain's on-chain supply is exactly 1,000,000,000 DYDX (dYdX REST, 2026-10-23), with no inflation.
Investors in dYdX Trading Inc. received 27.7% via token warrants; no public token sale. Round sizes not confirmed in this pass.
Investors in dYdX Trading Inc. received 27.73% of the 1B DYDX (277.3M) through token warrants attached to their rounds; no public sale was held. 277.3M / 1,000,000,000 DYDX on-chain supply (dYdX REST, 2026-10-23) = 27.7%.
No cut and no inflation: the dYdX Chain mints no DYDX (supply exactly 1B) and its distribution community_tax is 0; staking rewards are paid from trading fees (USDC) and treasury-funded programmes.
Sources: docs.dydx.community · dydx-rest.publicnode.com · docs.dydx.exchange · dydx.foundation · dydx.foundation · dydx-rest.publicnode.com. Researched 2026-10-24, high confidence.
No SEC/CFTC determination — unclassified.
The regulator's position, reported as stated, not CoinSpectrum's. Assets nobody has ruled on are left unclassified rather than sorted by a guess.
dYdX is #63 among cryptocurrencies and #295 in the market ranking, which lists wrapped coins, staked derivatives, stablecoins and tokens alongside them. CoinSpectrum counts an asset once, and counts only cryptocurrencies: assets with their own blockchain and their own consensus. A wrapped coin, a staked derivative or a stablecoin is a claim on something already counted; a token, memecoin or otherwise, runs on another chain's blocks. All of them are listed, each in its own section, and none is added to the total. The 232 places between dYdX's two ranks are held by claims and tokens, not by other networks. The methodology sets out the rule and the counting rule argues for it.
The price above is the median of the exchanges the site reads live, checked every minute and cross-checked against a market snapshot (how market data is gathered). The grade is scored on published criteria, each with its source (the method). The site is independent, nothing on it is a paid placement, and its statements are signed (about CoinSpectrum, the manifesto).