The dYdX Foundation, a Switzerland-based non-profit organization dedicated to supporting the dYdX protocol, has unveiled its comprehensive 2025 Ecosystem Annual Report. This document provides an in-depth review of the past year’s protocol activity, technological advancements, governance actions, and the overall expansion of the dYdX ecosystem.
Throughout 2025, dYdX underwent a period marked by a transitional phase in the first half of the year, followed by a resurgence in trading engagement during the latter half, culminating in Q4 as the most active quarter. This progression underscored the maturation of on-chain derivatives markets with an elevated focus on institutional-grade robustness.
Among notable accomplishments, the report highlights cumulative all-time trading volumes exceeding $1.55 trillion, underlining ongoing adoption momentum for decentralized derivatives trading platforms. Quarterly volumes reflected significant growth, increasing from approximately $16.0 billion in Q2 to reach $34.3 billion in Q4, which represented the peak quarterly activity in 2025.
On the distribution and technology front, the dYdX ecosystem broadened access through integrations with numerous institutional and programmatic routing services, including CoinRoutes, CCXT, Foxify, and Crypto.com. This expansion has facilitated enhanced execution pathways and improved liquidity access.
The product suite saw diversification beyond perpetual contracts with the introduction of native spot trading on the Solana blockchain. This addition allows for streamlined spot and derivatives trading in a unified on-chain environment, addressing demands for integrated workflows within decentralized finance.
Governance and tokenomics initiatives have also seen advancement. The Foundation implemented the DYDX Buyback Program and secured governance consent to increase buybacks to 75% of net protocol revenue. Participation within the governance framework grew, as reflected by the rise in DYDX token holders to an estimated 98,000 by year-end.
Further operational progress was noted in treasury management, restructuring of grants toward greater capital efficiency and accountability, and technical upgrades designed to enhance trade execution consistency and equitable access.
Charles d’Haussy, CEO of the dYdX Foundation, remarked that the annual report depicts a year of foundational strides across critical areas such as execution, distribution, and governance. These efforts are positioned to reinforce durable ecosystem engagement and promote long-lasting alignment amid the ongoing evolution of on-chain derivatives markets.
The 2025 dYdX Ecosystem Annual Report is publicly accessible and serves as a transparency tool offering traders, builders, analysts, and wider community members insight into the protocol’s developments and ecosystem dynamics over the entire year.
The dYdX Foundation operates from Zug, Switzerland as an independent entity committed to supporting both present and future iterations of the dYdX protocol while fostering community-led governance and sustainable ecosystem growth.
Disclaimer: All information is provided for educational purposes and is not to be interpreted as legal, tax, business, or investment advice. Figures and charts are based on the most current data and may be updated. Refer to the dYdX Foundation’s terms of use for further information.