ZUG, Switzerland, Jan. 16, 2026 — The dYdX Foundation has issued the , offering an all-encompassing annual review of protocol operations, development advancements, governance implementation, and ecosystem expansion throughout the dYdX network.
The report chronicles a year of structural transformation in on-chain derivatives markets, as dYdX kept advancing toward more resilient, institutional-level engagement. Following a phase of adjustment in the first half of the year, trading activity bounced back in the second half, with Q4 standing out as the best quarter of 2025.
Key findings from the report include:
- Lifetime total trading volume exceeding $1.55 trillion, underscoring ongoing uptake of on-chain derivatives infrastructure.
- Quarterly trading volumes rebounded from roughly $16.0 billion in Q2 to $34.3 billion in Q4, making it the year’s most robust quarter.
- Wider distribution and execution reach, featuring integrations with institutional and automated routing platforms such as CoinRoutes, CCXT, Foxify, and Crypto.com.
- Product diversification beyond perpetual contracts, highlighted by the rollout of native Solana spot trading, which allows for integrated spot and derivatives workflows in one on-chain setting.
- Enhanced token alignment, including the introduction of the DYDX Buyback Program and governance approval to increase buybacks to 75% of net protocol revenue.
- Rise in token holder engagement, with the number of DYDX holders hitting around 98,000 by the end of the year.
The report also outlines advancements in governance and ecosystem operations, such as treasury management, restructuring of the grants program to prioritize capital efficiency and accountability, and infrastructure improvements aimed at boosting execution consistency and fairness.
“The 2025 Annual Report mirrors a year of structural progress for the dYdX ecosystem,” stated Charles d’Haussy, CEO of the dYdX Foundation. “Across execution, distribution, and governance, our focus stayed on establishing resilient foundations that enable ongoing participation and long-term alignment as on-chain derivatives keep evolving and maturing.”
The 2025 dYdX Ecosystem Annual Report is and aims to give traders, developers, analysts, and ecosystem members clear visibility into the evolution of the protocol and its supporting infrastructure throughout the year.
About the dYdX Foundation
The dYdX Foundation is an independent non-profit entity located in Zug, Switzerland. Its mission is to support existing and future versions of the dYdX protocol and promote community-led governance and growth across the ecosystem.
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Winfred K. Mandela
dYdX Foundation
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