Friday, January 16 – The dYdX foundation published its 2025 annual ecosystem report, closing out its strongest year yet. The report revealed that the decentralized derivatives exchange has surpassed a total trading volume of $1.55 trillion across 12,700+ active traders. This makes dYdX the 2nd biggest player in this space, right behind Hyperliquid.
Q4 of 2025 was the strongest one in company history, accounting for $34.3 billion in trading volume alone.
With the launch of Solana spot trading, the dYdX community experienced a surge of rapid growth, with the company’s social media channels growing 13-30.4%.
The company highlights that this sets a foundation for expansion across additional spot assets and on-chain integrations.
Accelerating Buybacks Set dYdX’s Trajectory
The protocol’s native token (DYDX) continues this growth trend, recording a ~85% increase in token holders up to 98,000+ holders. Furthermore, more than a third of these holders, at around 34,095, are staking the token, accounting for 237 million DYDX.
In light of this, the dYdX buyback program has already purchased and staked $1.72 million in DYDX.
Currently, the company is committed to allocate 75% of net protocol revenue toward systematic DYDX repurchases. This is up from 12.5% earlier in the year, and serves to reinforce the connection between holders and protocol growth.
Closing out the year with approximately $16.86 million in fees, if the 75% buyback percentage persists, it would result in an additional $12.6 million bought and staked.
Partnerships & Growing Community Participation
Further bolstering community participation and on-chain activity, dYdX has expanded its distribution channels and partnerships. The company has partnered with BONK, providing community-anchored access and fee share alignment.
Distribution channels, however, were expanded by adding Crypto.com, CoinRoutes, CCXT, and Foxify.trade to its array of integrations.
The purpose of these integrations is to reduce friction between discovery and execution. Embedding dYdX perpetuals into these interfaces provides deeper institutional and aggregator routing, which the report credits for a significant part of the Q4 rebound.
Alongside this, dYdX has also seen success with targeted, time-bound incentives like its Fee Holidays on BTC-USD and SOL-USD markets. The Fee Holiday program resulted in a 2-3x trading volume increase during the days it was active in late 2025.
dYdX Team Sets 2026 Goals, Long-Term Focus & Foundation-Building
Julian La Picque, one of dYdX’s directors, highlighted the foundation’s long-term commitments, stating: “The year reflected a deliberate shift toward reinforcing the structural elements required for long-term participation, resilience, and institutional engagement across on-chain derivatives markets.”
Meanwhile, CEO of dYdX, Charles d’Haussy, sees 2025 as a year of marked growth, highlighting that dYdX’s focus remains on “building durable foundations that support sustained participation and long-term alignment as on-chain derivatives continue to grow and mature.”
Looking ahead, the report positions decentralized derivatives at a clear inflection point. As execution quality improves and distribution compounds, dYdX enters 2026 with deeper institutional relevance, a growing community, and a more durable foundation for growth.
Official Channels:
dYdX Website: https://www.dydx.xyz/
dYdX X (formerly Twitter): https://x.com/dYdX
dYdX LinkedIn: https://www.linkedin.com/company/dydx/
dYdX Telegram: https://t.me/dydxofficial
dYdX Discord: https://discord.com/invite/dydx
With over half a decade of experience commentating on the cryptocurrency market and even more as a trader and investor, Jay has developed a robust knowledge base that enables him to dive deep into the inner workings of crypto platforms and the broader market to deliver unique, user-focused insight.
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