On January 20, 2026, the dYdX Foundation convened its January Analyst Call in Zug, Switzerland, bringing together analysts, token holders, and members of the ecosystem to examine the protocol's recent performance and outlook. The event included a significant guest segment featuring Wintermute, a prominent global liquidity provider, which offered expert commentary on the dynamic crypto derivatives space and its convergence with traditional financial markets.
The Foundation revisited key insights from the 2025 dYdX Annual Ecosystem Report, released recently, which detailed comprehensive activity through the end of 2025. The dYdX protocol managed an estimated cumulative trading volume nearing $1.6 trillion across all its platform versions to date. Since the rollout of dYdX v4, protocol fee revenues summed to approximately $64.7 million, underscoring sustained platform adoption.
Analyzing quarterly trading trends over 2025, the Foundation noted a decline in volumes from roughly $26.1 billion in the first quarter to $16.0 billion during the second quarter. However, volumes recovered in the latter half of the year, culminating in the strongest quarterly performance of $34.3 billion in Q4. December alone delivered a volume near $11.5 billion, marking the second-largest month in the final quarter despite a generally softer market environment toward year-end.
Fee revenues mirrored trading momentum, closing 2025 at an estimated $16.86 million. This figure reflects a shift towards steadier, execution-oriented derivatives trading activity instead of volatility-driven spikes, indicating a maturing market landscape.
User engagement aligned with these trends. Weekly active traders dipped during early 2025 before rising to approximately 12,700 in the fourth quarter — the highest quarterly level recorded throughout the year.
The Foundation also provided updates on DYDX token dynamics. By year-end, around 83% of the token supply had been unlocked, with the bulk of emissions concluded. The community of DYDX token holders expanded substantially, increasing by nearly 85% year-over-year to 98,000 holders. Moreover, staking participation remains robust, with more than 34,000 addresses engaged and approximately 237 million DYDX tokens staked to validators, instrumental for maintaining network security.
Charles d’Haussy, CEO of the dYdX Foundation, remarked, "The year 2025 represented a key transition period for our ecosystem. We observed meaningful recovery in market participation during the year's second half, accompanied by disciplined leverage usage. This indicates a maturing market structure with a move towards more sustainable, execution-driven trading activities."
During the guest segment, Wintermute experts discussed recent developments in the crypto derivatives market, emphasizing the dominant role of perpetual futures products. The conversation highlighted the emergence of equity perpetuals and the impact of continuous, around-the-clock market access on execution quality and risk management strategies. Wintermute also addressed the growing intersection between on-chain assets and traditional financial instruments, reflecting evolving market integration.
Additional information was shared regarding governance-approved projects and integrations designed to enhance liquidity depth, improve execution quality, and increase accessibility to the dYdX market. Attendees had the opportunity to engage directly during a live question-and-answer session concluding the call.
All presentation materials from the January Analyst Call along with the full 2025 Annual Ecosystem Report can be accessed through the dYdX Foundation’s official public channels for further review.
About the dYdX Foundation
The dYdX Foundation operates as an independent, not-for-profit organization based in Zug, Switzerland. It is dedicated to supporting present and future iterations of the dYdX protocol and fostering community-led governance and ecosystem growth.
Disclaimer: The content provided is intended solely for informational and educational purposes. It should not be relied upon as legal, business, tax, or investment advice nor as an evaluation tool for any investment or security. All data and materials are based on the most accurate sources available and may be subject to change. Further details appear on the official dYdX Foundation website under terms of use.