The dYdX Foundation has published its 2025 dYdX Ecosystem Annual Report, offering a detailed look at the protocol’s activities, governance, and ecosystem growth throughout the year. Released on January 16, 2026, the report highlights significant advancements in the on-chain derivatives markets, as the foundation aims to enhance institutional participation.
Throughout 2025, the dYdX ecosystem experienced a notable recovery in trading activity, particularly in the second half of the year. Following a period of adjustment, quarterly trading volumes surged from approximately $16.0 billion in Q2 to an impressive $34.3 billion in Q4, which became the strongest quarter of the year. Cumulative trading volume exceeded $1.55 trillion, indicating a sustained interest in on-chain derivatives.
Key Developments and Innovations
The report outlines several key developments that contributed to the ecosystem’s growth. One significant milestone was the expansion of distribution and execution access, achieved through integrations with various institutional and programmatic routing platforms, including CoinRoutes, CCXT, Foxify, and Crypto.com.
Additionally, the foundation introduced new products beyond perpetual contracts, including native Solana spot trading. This innovation allows users to manage both spot and derivatives workflows within a single on-chain environment, enhancing user experience and operational efficiency.
The dYdX Foundation also focused on strengthening token alignment. They launched the DYDX Buyback Program, which received governance approval to scale buybacks to 75% of net protocol revenue. This move is expected to foster greater engagement among token holders, whose numbers reached approximately 98,000 by the end of the year.
Governance and Community Engagement
The report emphasizes progress in governance and ecosystem operations. The dYdX Foundation restructured its grants program to focus on capital efficiency and accountability, while also enhancing treasury stewardship. Infrastructure upgrades aimed at improving execution consistency and fairness were also highlighted.
Charles d’Haussy, CEO of the dYdX Foundation, remarked on the significance of the report, 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 now publicly available, providing traders, builders, analysts, and ecosystem participants with transparent insights into the protocol’s evolution over the year.
The dYdX Foundation, based in Zug, Switzerland, is an independent not-for-profit organization dedicated to supporting the ongoing development and community-driven governance of the dYdX protocol.