dYdX Foundation Publishes 2025 Ecosystem Annual Report
The dYdX Foundation has published its 2025 Ecosystem Annual Report, offering a detailed overview of protocol activity and ecosystem growth throughout the year. Released on January 16, 2026, this report highlights significant achievements in trading, governance, and product development, marking a pivotal year for the dYdX ecosystem.
In 2025, dYdX experienced a notable recovery in trading activity, particularly during the second half of the year. After a slow start, the fourth quarter emerged as the strongest, with quarterly trading volumes escalating from approximately $16 billion in the second quarter to $34.3 billion in the fourth. The report indicates that the total cumulative trading volume exceeded $1.55 trillion, reflecting a growing acceptance of on-chain derivatives.
Key Developments in dYdX’s Ecosystem
The report outlines several critical developments that contributed to the ecosystem’s progress. One major highlight was the expansion of distribution and execution access. The platform integrated with institutional and programmatic routing systems, including CoinRoutes, CCXT, Foxify, and Crypto.com, enhancing the trading experience for users.
Additionally, dYdX broadened its product offerings beyond perpetual contracts, launching native Solana spot trading. This innovation allows users to manage both spot and derivatives workflows within a unified on-chain environment, further solidifying the platform’s competitive edge.
The governance structure also underwent significant enhancements. Notably, the DYDX Buyback Program was initiated, receiving governance approval to scale buybacks to 75% of net protocol revenue. By the end of the year, participation among DYDX token holders increased, reaching nearly 98,000.
Commitment to Sustainable Growth
Charles d’Haussy, CEO of the dYdX Foundation, remarked, “The 2025 Annual Report reflects a year of structural progress for the dYdX ecosystem. Across execution, distribution, and governance, the focus remained on building durable foundations that support sustained participation and long-term alignment as on-chain derivatives continue to grow and mature.”
The report also highlights advancements in governance and operational efficiency, including a restructuring of the grants program aimed at enhancing capital efficiency and accountability. Infrastructure upgrades were implemented to improve execution consistency and fairness, ensuring that the platform meets the evolving needs of its users.
The 2025 dYdX Ecosystem Annual Report is publicly accessible and serves as a resource for traders, developers, analysts, and participants in the ecosystem, providing transparency into the protocol’s evolution throughout the year.
The dYdX Foundation is an independent non-profit organization located in Zug, Switzerland. Its mission is to support current and future implementations of the dYdX protocol while promoting community-driven governance and ecosystem growth.
For further details and insights, visit the dYdX Foundation’s official website.
