The dYdX Foundation has published its 2025 Ecosystem Annual Report, showcasing significant developments in protocol activity, governance, and ecosystem growth. Released on January 16, 2026, the report highlights a year marked by robust trading recovery and structural evolution within on-chain derivatives markets. The foundation aims to facilitate more sustainable and institutional-grade participation.
After a sluggish start in the first half of the year, the trading landscape rebounded dramatically in the latter half. The report indicates that the fourth quarter was particularly notable, emerging as the strongest period of 2025. Key findings include an all-time cumulative trading volume surpassing $1.55 trillion, a clear indication of the increasing adoption of on-chain derivatives infrastructure. Quarterly trading volumes escalated significantly from approximately $16.0 billion in Q2 to $34.3 billion in Q4.
Key Developments in 2025
The report emphasizes several important advancements across the dYdX ecosystem. Notably, the foundation expanded its distribution and execution access by integrating with institutional platforms such as CoinRoutes, CCXT, Foxify, and Crypto.com. This broadening of access is expected to enhance trading efficiencies and attract more users to the platform.
Another significant development is the introduction of native Solana spot trading, which allows for unified workflows involving both spot and derivatives trading within a single on-chain environment. This expansion beyond perpetual contracts signifies the foundation’s commitment to offering diverse trading options to its users.
Additionally, the foundation strengthened token alignment with the launch of the DYDX Buyback Program. This initiative, approved by governance, aims to scale buybacks to 75% of net protocol revenue, reinforcing the foundation’s dedication to enhancing tokenholder value. By the end of the year, the number of DYDX holders had grown to approximately 98,000, reflecting increased community engagement.
Governance and Operational Enhancements
The report also addresses improvements in governance and ecosystem operations. Emphasis was placed on treasury stewardship and a restructuring of the grants program to prioritize capital efficiency and accountability. The foundation has implemented infrastructure upgrades designed to enhance execution consistency and fairness across the platform.
Charles d’Haussy, CEO of the dYdX Foundation, commented on 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 publicly available, serving as a resource for traders, builders, analysts, and participants within the ecosystem. The foundation aims to provide transparent insights into the evolution of the protocol and its supporting infrastructure throughout the year.
About the dYdX Foundation: The dYdX Foundation is an independent not-for-profit organization based in Zug, Switzerland. Its mission is to support ongoing and future implementations of the dYdX protocol while fostering community-driven governance and ecosystem growth.
For more information, visit the dYdX Foundation’s website. The content provided is for informational and educational purposes only and should not be construed as legal, business, tax, or investment advice. Data presented is based on the most accurate information available and may be subject to updates.
