dYdX
ETHDYDX
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
ETHDYDX is the legacy ERC-20 governance token for the dYdX protocol on Ethereum. The dYdX ecosystem has migrated to the standalone Cosmos-based dYdX Chain (v4), with the one-way migration bridge having permanently closed on June 9, 2025. Consequently, the Active Development section scored -1.0 due to insufficient data on active technical updates for this legacy asset, and its 20% weight was proportionally redistributed across the remaining categories. The tokenomics score is severely impacted (2/10) because unbridged ETHDYDX tokens no longer have active protocol utility, yet token unlocks continue through 2027. Community Support (5/10) and Team/Governance (7/10) reflect the broader dYdX DAO and Foundation operations, though governance support for the legacy Ethereum bridge has ceased. Security (3.5/10) notes historical incidents including a July 2024 DNS front-end hijack and February 2026 supply-chain package attacks, alongside a persistent >99% drawdown. Because the token is officially deprecated and migrated, investment in the legacy ERC-20 contract is not viable.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About dYdX (ETHDYDX)
dYdX (ETHDYDX) is a deprecated Ethereum-based ERC-20 governance token that migrated to the standalone Cosmos-based dYdX Chain (v4). Originally launched to govern version 3 of the dYdX decentralized derivatives exchange—founded in 2017 by Antonio Juliano, Brendan Chou, and Zhuoxun Yin—the token operated on an order-book model for perpetuals trading. Following the transition to the independent Cosmos SDK network, core staking and governance capabilities shifted to the native chain token, and the protocol's one-way migration bridge permanently closed on June 9, 2025.
Unbridged ETHDYDX tokens no longer possess active utility or protocol integration within the active dYdX ecosystem. While the token maintains a capped total supply of 1.00 billion tokens—with historical allocations including 22.5% to the team and shareholders and 18% to the treasury—scheduled token unlocks continue into 2027 despite its deprecated status. Protocol governance remains organized under the dYdX DAO and the Swiss-based dYdX Foundation, which oversaw operational changes including a 35% reduction in core team staffing in October 2024.
ETHDYDX has experienced multiple security incidents and severe market depreciation. On July 23, 2024, the dydx.exchange domain suffered a DNS hijack where attackers deployed a copycat site utilizing PERMIT2 approval requests to steal user assets, resulting in a single-day token price drop of approximately 10%. In February 2026, the ecosystem was subjected to a supply-chain attack involving malicious npm and PyPI packages that compromised credentials and backdoored devices. The legacy token has undergone an unrecovered drawdown of 99.58% from its all-time high, recorded an all-time low in March 2026, and ceased receiving technical updates or active development.