# Formulas

**Circulating Supply**

*Circulating Supply = 1 000 000 000 - Tokens that are not circulating/locked.*

Tokens that are not circulating/locked include:

* balance of the community treasury [dydx15ztc7xy42tn2ukkc0qjthkucw9ac63pgp70urn](https://www.mintscan.io/dydx/address-estimation/dydx15ztc7xy42tn2ukkc0qjthkucw9ac63pgp70urn) (can be transferred to any recipient with a governance proposal, but otherwise locked)
* balance of the community treasury vester [dydx1wxje320an3karyc6mjw4zghs300dmrjkwn7xtk](https://www.mintscan.io/dydx/address-estimation/dydx1wxje320an3karyc6mjw4zghs300dmrjkwn7xtk) (locked and vesting linearly to the community treasury until Aug 3, 2026)
* balance of the rewards treasury vester [dydx1ltyc6y4skclzafvpznpt2qjwmfwgsndp458rmp](https://www.mintscan.io/dydx/address-estimation/dydx1ltyc6y4skclzafvpznpt2qjwmfwgsndp458rmp) (locked and vesting linearly to the rewards treasury until Aug 3, 2026)
* investor/employees tokens that are locked, i.e. percentage of tokens that they are not allowed to move freely. Number of these tokens are determined by the following table:

| Date                | Locked tokens |
| ------------------- | ------------- |
| Before Dec 1st 2023 | 500 000 000   |
| Dec 1st 2023        | 350 000 000   |
| Jan 1st 2024        | 316 666 667   |
| Feb 1st 2024        | 283 333 333   |
| Mar 1st 2024        | 250 000 000   |
| Apr 1st 2024        | 216 666 667   |
| May 1st 2024        | 183 333 333   |
| Jun 1st 2024        | 150 000 000   |
| Jul 1st 2024        | 141 666 667   |
| Aug 1st 2024        | 133 333 333   |
| Sep 1st 2024        | 125 000 000   |
| Oct 1st 2024        | 116 666 667   |
| Nov 1st 2024        | 108 333 333   |
| Dec 1st 2024        | 100 000 000   |
| Jan 1st 2025        | 91 666 667    |
| Feb 1st 2025        | 83 333 333    |
| Mar 1st 2025        | 75 000 000    |
| Apr 1st 2025        | 66 666 667    |
| May 1st 2025        | 58 333 333    |
| Jun 1st 2025        | 50 000 000    |
| Jul 1st 2025        | 45 833 333    |
| Aug 1st 2025        | 41 666 667    |
| Sep 1st 2025        | 37 500 000    |
| Oct 1st 2025        | 33 333 333    |
| Nov 1st 2025        | 29 166 667    |
| Dec 1st 2025        | 25 000 000    |
| Jan 1st 2026        | 20 833 333    |
| Feb 1st 2026        | 16 666 667    |
| Mar 1st 2026        | 12 500 000    |
| Apr 1st 2026        | 8 333 333     |
| May 1st 2026        | 4 166 667     |
| Jun 1st 2026        | 0             |

**Trading Fee collection**

Trading Fees are calculated based on Taker Order Fee Quote Quantums and Maker Order Fee Quote Quantums that can be collected from Match event logs of Proposed Operations messages

*Trading Fees are determined as the sum of all Taker Order Fee Quote Quantums and Maker Order Fee Quote Quantums in a block*

Trading Fees are reported in terms of USDC

**Gas Fee collection**

Gas Fees are determined as the sum of gas fees of all transactions in a block

Gas Fees are reported in terms of dYdX

**Staking APR**

$$
APR = \frac{\frac{\text{Trading Fees + Gas Fees paid in USDC}}{\text{dYdX price}}+\text{Gas Fees paid in dYdX}}{\text{Staking Bonded Pool Balance}}
$$

where Staking Bonded Pool is [dydx1fl48vsnmsdzcv85q5d2q4z5ajdha8yu3uz8teq](https://www.mintscan.io/dydx/address/dydx1fl48vsnmsdzcv85q5d2q4z5ajdha8yu3uz8teq) and\
dYdX price is collected from [OKX](https://www.okx.com/docs-v5/en/) 

The API endpoint returns the average Staking APR of past 1 000 blocks

**Trading Rewards Distribution**

$$
\text{Block's Trading Rewards}= min(C \* S/p,T)
$$

where C is constant ranging from 0 to 1. C is currently 0.5, 

S is sum of trader's scores and determined as *S = total taker fees paid - maximum possible maker rebate \* total volume + total positive maker fees,*

p is price of dYdX and

T is balance of Reward Treasury [dydx16wrau2x4tsg033xfrrdpae6kxfn9kyuerr5jjp](https://www.mintscan.io/dydx/address-estimation/dydx16wrau2x4tsg033xfrrdpae6kxfn9kyuerr5jjp)


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://dydx-transparency-api-endpoints.gitbook.io/dydx-transparency-api-endpoint-docs/formulas.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.