dYdX Foundation Publishes 2025 Ecosystem Annual Report

The dYdX Foundation has published its 2025 Ecosystem Annual Report, offering a detailed look at the on-chain derivatives protocol’s activity, governance, and expansion over the past year. The report, released on January 15, 2026, covers metrics from trading volumes to product launches and token holder growth.

According to the report, dYdX’s all-time cumulative trading volume surpassed $1.55 trillion, signaling continued adoption of decentralized derivatives infrastructure. After a softer first half, volumes rebounded in the second half, with Q4 2025 recording $34.3 billion — the strongest quarter of the year. This followed a Q2 low of approximately $16.0 billion.

Key product developments include the launch of native Solana spot trading, allowing users to execute spot and derivatives trades within a single on-chain environment. The report also highlights expanded distribution through integrations with platforms such as CoinRoutes, CCXT, Foxify, and Crypto.com, broadening access for institutional and programmatic traders.

On the tokenomics side, the DYDX Buyback Program was introduced, and governance approved scaling buybacks to 75% of net protocol revenue. DYDX token holder count reached approximately 98,000 by year-end, reflecting growing community participation.

Charles d’Haussy, CEO of the dYdX Foundation, described 2025 as a year of structural progress, with efforts focused on building durable foundations for sustained participation as on-chain derivatives mature. The report also outlines governance improvements, treasury stewardship, a restructured grants program aimed at capital efficiency, and infrastructure upgrades for fairer execution.

The full report is publicly available and intended to provide transparency for traders, builders, analysts, and ecosystem participants.