ZUG, Switzerland, Jan. 16, 2026 /PRNewswire/ -- The dYdX Foundation has released the 2025 dYdX Ecosystem Annual Report, providing a comprehensive full-year overview of protocol activity, development, governance execution, and ecosystem growth across the dYdX ecosystem.
The report documents a year of structural evolution for on-chain derivatives markets, as dYdX continued progressing toward more durable, institutional-grade participation. After a period of adjustment in the first half of the year, trading activity recovered into H2, with Q4 emerging as the strongest quarter of 2025.
Key findings from the report include:
- All-time cumulative trading volume surpassing $1.55 trillion, reflecting continued adoption of on-chain derivatives infrastructure.
- Quarterly trading volumes rebuilt from approximately $16.0 billion in Q2 to $34.3 billion in Q4, marking the strongest quarter of the year.
- Expanded distribution and execution access, with integrations across institutional and programmatic routing platforms including CoinRoutes, CCXT, Foxify, and Crypto.com.
- Product expansion beyond perpetuals, highlighted by the launch of native Solana spot trading, enabling unified spot and derivatives workflows within a single on-chain environment.
- Strengthened token alignment, including the launch of the DYDX Buyback Program and governance approval to scale buybacks to 75% of net protocol revenue.
- Growth in token holder participation, with DYDX holders reaching approximately 98,000 by year-end.
The report also details progress across governance and ecosystem operations, including treasury stewardship, grants program restructuring focused on capital efficiency and accountability, and infrastructure upgrades designed to improve execution consistency and fairness.
"The 2025 Annual Report reflects a year of structural progress for the dYdX ecosystem," said Charles d'Haussy - CEO of the dYdX Foundation. "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 2025 dYdX Ecosystem Annual Report is available publicly and is intended to provide traders, builders, analysts, and ecosystem participants with transparent insight into how the protocol and its surrounding infrastructure evolved over the full year.
About the dYdX Foundation
The dYdX Foundation is an independent not-for-profit organization based in Zug, Switzerland. Its mission is to support the current and future implementations of the dYdX protocol and foster community-driven governance and growth across the ecosystem.
Disclaimer
The content here is for informational and educational purposes only; it should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security. All figures and charts are based on the most accurate data available and may be subject to updates. For more details, please see https://www.dydx.foundation/terms-of-use
Contact
Winfred K. Mandela
dYdX Foundation
[email protected]
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