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Wallet Holder Insights: Anticipating the dYdX v4 Launch
Jake Kennis
Key Takeaways
14 min read
  • The 585 wallets identified as ‘DYDX Bulls’ more than doubled their holdings in the last 3 months, moving from 16.76m DYDX tokens to over 39.4m tokens. The USD inflows of DYDX across these wallets range from $10k to $10m, and include some well-known funds such as Cumberland, CMS, and Sigil Fund.
  • The distribution of the 'DYDX Bulls' has been split between new and old wallets, with over 42% of addresses created in 2023 and the remaining 58% being active for over a year or more.
  • Among the top accumulators, 25 wallets had greater than $1m inflows in the past three months, some of which are linked to well-known names such as Wintermute Trading and Cumberland. Some of the wallets were also funded directly from the dYdX Foundation and investor distribution wallets, which shows potential investor activity.


dYdX is the most popular decentralized perpetual exchange today. We have written about them extensively here and Cumberland has put out a note covering v4 and its first mover advantage. In short, they have their v4 launch coming in the fall of 2023 which is a huge catalyst across many things - such as scalability, decentralization, and MEV. For the scope of this report, we will solely focus on the role of the DYDX token from an on-chain perspective.

Our Approach

V4 is expected to launch at the end of September in 2023, just shy of 2 months at the time of writing. We...