The dYdX Foundation has unveiled its 2025 Ecosystem Annual Report, offering a detailed analysis of the protocol’s performance, governance, and growth throughout the year. Released on January 16, 2026, the report highlights significant developments in on-chain derivatives markets, marking a transition towards more sustainable and institutional-grade trading practices.
The report reveals a notable recovery in trading activity during the second half of the year. After facing challenges in the first half, the ecosystem saw trading volume soar, culminating in a record fourth quarter. The cumulative trading volume exceeded $1.55 trillion, showcasing the increasing adoption of on-chain derivatives infrastructure.
Key Findings from the Annual Report
Among the report’s significant findings, quarterly trading volumes rebounded impressively. They rose from approximately $16 billion in the second quarter to $34.3 billion in the fourth quarter, establishing it as the strongest quarter of 2025. The foundation also expanded its distribution and execution capabilities, integrating with institutional and programmatic routing platforms such as CoinRoutes, CCXT, Foxify, and Crypto.com.
In addition to trading enhancements, the dYdX Foundation launched new products beyond perpetuals, notably introducing native Solana spot trading. This innovation allows users to manage both spot and derivatives in a unified on-chain environment.
The report also emphasizes strengthened token alignment. The foundation initiated the DYDX Buyback Program and received governance approval to scale buybacks to 75% of net protocol revenue, reflecting its commitment to enhancing token value. By year-end, the number of DYDX holders had grown to approximately 98,000, indicating a robust community presence.
Governance and Operational Enhancements
The annual report details advancements in governance and ecosystem operations. The foundation has prioritized treasury management and restructured its grants program to enhance capital efficiency and accountability. Additionally, infrastructure upgrades have been implemented to ensure improved execution consistency and fairness for users.
Charles d’Haussy, CEO of the dYdX Foundation, commented on the report’s findings, 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 accessible, aimed at providing traders, developers, analysts, and ecosystem participants with transparent insights into the protocol’s evolution over the year.
The dYdX Foundation operates as an independent, not-for-profit entity based in Zug, Switzerland. Its mission centers on supporting the current and future implementations of the dYdX protocol while fostering community-driven governance and growth across its ecosystem.
For further details, the foundation encourages interested parties to consult the annual report and its accompanying terms of use.
