The dYdX Foundation has published its 2025 Ecosystem Annual Report, offering a detailed overview of the protocol’s activities over the past year. Released on January 16, 2026, the report highlights significant developments in governance, trading, and overall ecosystem growth. The findings illustrate a year marked by the evolution of on-chain derivatives markets, with a focus on attracting institutional-grade participation.
In the first half of 2025, trading activity faced challenges but saw a strong recovery in the latter half. Notably, the fourth quarter emerged as the most active period, showcasing robust engagement from the trading community. The report indicates that all-time cumulative trading volume exceeded $1.55 trillion, demonstrating a growing acceptance of on-chain derivatives infrastructure.
Key Highlights of the Report
Among the pivotal findings in the report is the resurgence of quarterly trading volumes, which increased from approximately $16.0 billion in the second quarter to $34.3 billion in the fourth quarter. This revitalization reflects the broader market’s interest and confidence in the dYdX ecosystem.
Additionally, the report outlines improvements in distribution and execution access. Integrations with platforms such as CoinRoutes, CCXT, Foxify, and Crypto.com have expanded the reach of the dYdX protocol. This enhanced connectivity facilitates greater trading opportunities for users.
The foundation also reported significant product expansion beyond perpetual contracts. A notable highlight was the introduction of native Solana spot trading, which enables users to conduct both spot and derivatives transactions within a unified on-chain environment. This advancement is expected to streamline workflows and enhance user experience.
Another important aspect of the report is the strengthened alignment of the DYDX token. The foundation launched the DYDX Buyback Program and received governance approval to increase buybacks to 75% of net protocol revenue. This initiative aims to bolster token value and foster community engagement.
By the end of 2025, the number of DYDX token holders reached approximately 98,000, reflecting a growing interest in the ecosystem. The report also addresses governance and operational improvements, including treasury management and a revamped grants program focused on capital efficiency.
Leadership Insights
Charles d’Haussy, CEO of the dYdX Foundation, emphasized the report’s significance, stating, “The 2025 Annual Report reflects a year of structural progress for the dYdX ecosystem. 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 publicly available, designed to provide traders, developers, analysts, and participants with transparent insights into the protocol and its surrounding infrastructure’s evolution throughout the year.
The dYdX Foundation, based in Zug, Switzerland, operates as an independent non-profit organization. Its mission is to support the ongoing and future implementations of the dYdX protocol while fostering community-driven governance and growth within the ecosystem.
This report serves as a crucial resource for anyone interested in understanding the dynamics of the dYdX ecosystem and the broader trends shaping the future of on-chain derivatives.
