2024 dYdX Ecosystem Report: A Path to ‘Trade Anything'

dYdX Foundation
Jan 28, 2025

We’re thrilled to announce the release of the 2024 dYdX Ecosystem Report, a comprehensive 26-slide deep dive into the metrics, insights, and commentary that defined a transformative year for the dYdX protocol and ecosystem. From explosive growth in new market listings to groundbreaking community-driven initiatives, this report highlights the milestones that have solidified dYdX as a leader in decentralized trading.

Key Highlights:

  • DYDX Holders increased by 290% to 53,000 in 2024, reflecting a rapidly growing and engaged community.
  • Trading volume grew by $270B, pushing dYdX close to an impressive $1.5T in cumulative trading volume since 2021.
  • The community permissionlessly launched over 150 new markets, showcasing the power of decentralized innovation.

Whether you’re a trader, developer, or simply a fan of decentralized finance, this report offers valuable insights into the dYdX ecosystem’s progress and future direction.

👉 Read the full report here: https://www.dydx.xyz/annual-report/2024

Now, let’s dive into the highlights and what’s next for dYdX in 2025!

A Year of Growth & Innovation

2024 was a year of milestones for dYdX. The protocol saw over $270 billion in trading volume, pushing cumulative trading volume since 2021 to an impressive $1.46 trillion. This growth was fuelled by the launch of dYdX Unlimited in November 2024, which introduced two game-changing features: Instant Market Listings and MegaVault.

  • Instant Market Listings enabled the permissionless creation of new markets, allowing the community to launch over 50 new markets since November.
  • MegaVault, a next-generation liquidity tool, quickly gained traction, surpassing $79 million in USDC total value locked within just six weeks. With an APR exceeding 40% by the end of December, MegaVault demonstrated strong product-market fit and laid the foundation for deeper liquidity across all markets.

These advancements not only expanded the range of tradable assets but also reinforced dYdX’s position as a leader in decentralized perpetuals trading.

A Thriving Community and Governance Ecosystem

The dYdX community has been at the heart of the protocol’s success. In 2024, the revamped Trading Rewards Program distributed over $63 million in rewards and incentives to traders, including instant rewards and monthly incentives through the Chaos Labs program. This initiative will continue in 2025, with an additional $1.5 million allocated for monthly incentives until March 19th.

Governance also saw significant growth, with the number of DYDX holders—powering the Trade Anything vision—increasing by 292% year-over-year to 53,000. The DAO’s focus for 2025 will include infrastructure optimization, comprehensive documentation, and quality assurance, ensuring that the protocol remains robust and scalable as it continues to grow.

The Trade Anything Vision for 2025

Looking ahead, dYdX is doubling down on the “Trade Anything” vision, enabling the community to trade any asset with instant liquidity. The evolution of MegaVault will play a central role in achieving this goal, ensuring that traders can access deep liquidity across a wide range of markets.

In addition to liquidity enhancements, dYdX Trading’s 2025 software roadmap includes several key upgrades designed to improve the dYdX user experience:

  • Instant Deposits: Providing a best-in-class onboarding experience for new users.
  • Enhanced Mobile UX: Making dYdX more accessible and user-friendly for mobile users.
  • Permissioned Keys and Optimized Execution Speeds: Enhancing security and performance for professional traders.

These improvements are designed to cater to both retail and institutional traders, ensuring that dYdX remains DeFi’s pro trading platform.

Decentralized Trading on the Rise

The momentum behind decentralized trading, particularly in perpetual markets, continues to grow. In 2024, total perp DEX volumes surged by 132% to $1.5 trillion, with dYdX accounting for a significant portion of this activity. In fact, dYdX’s 2024 trading volume alone would have represented over one-third of the entire industry’s volume in 2023.

This growth was mirrored in the dYdX community, with the number of DYDX holders increasing by 290% to 53,000 in 2024. The community’s active participation in governance, software upgrades, and ecosystem initiatives has been instrumental in driving the protocol’s success.

A Message from the dYdX Foundation

Charles d’Haussy, CEO of the dYdX Foundation, shared his optimism for the future:

“dYdX is breaking barriers to enable a permissionless future where any asset can be traded instantly with immediate liquidity. In 2024, we saw transformative growth driven by our community, through software upgrades, DAO proposals, grants, and the Affiliate Program. We're carrying this momentum into 2025.”

Join Us on the Journey

As we embark on this exciting new chapter, we invite traders, developers, and enthusiasts to join us in shaping the future of decentralized trading. With the “Trade Anything” vision guiding the community’s efforts, dYdX is committed to empowering users to trade anything, anytime, anywhere.

To learn more about dYdX’s 2024 achievements and the dYdX Trading 2025 software roadmap, check out the full 2024 dYdX Ecosystem Report here.

Here’s to a year of infinite possibilities in 2025!

‍

About the dYdX Foundation

Legitimacy and Disclaimer

Crypto-assets can be highly volatile and trading crypto-assets involves risk of loss, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be adequate for retail investors. Do your own research and due diligence before engaging in any activity involving crypto-assets.

dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as in other restricted jurisdictions. The dYdX Foundation does not operate or participate in the operation of any component of the dYdX Chain's infrastructure.

The dYdX Foundation’s purpose is to support the current implementation and any future implementations of the dYdX protocol and to foster community-driven growth in the dYdX ecosystem.

The dYdX Chain software (including dYdX Unlimited) is open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain and/or its software or related components (including dYdX Unlimited) be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software (including dYdX Unlimited) or any implementation thereof are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software, i ncluding dYdX Unlimited (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever. The dYdX Foundation does not make any representations, warranties or covenants in connection with the dYdX Chain software (or any implementations and/or components thereof, including dYdX Unlimited), including (without limitation) with regard to their technical properties or performance, as well as their actual or potential usefulness or suitability for any particular purpose, and users agree to rely on the dYdX Chain software (or any implementations and/or components thereof, including dYdX Unlimited) “AS IS, WHERE IS”.

Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone.  Users should conduct their own research and due diligence before making any decisions.  The dYdX Foundation may alter or update any information in this post in the future at its sole discretion and assumes no obligation to publicly disclose any such change. This post is solely based on the information available to the dYdX Foundation at the time it was published and should only be read and taken into consideration at the time it was published and on the basis of the circumstances that surrounded it. The dYdX Foundation makes no guarantees of future performance and is under no obligation to undertake any of the activities contemplated herein.

Depositing into the MegaVault carries risks. Do your own research and make sure to understand the risks before depositing funds. MegaVault returns are not guaranteed and may fluctuate over time depending on multiple factors. MegaVault returns may be negative and you may lose your entire investment.The dYdX Foundation does not operate or has control over the MegaVault and has not been involved in the development, deployment and operation of  any component of the dYdX Unlimited software (including the MegaVault).

Get Involved with the Community

Become a part of our journey to reshape the financial landscape

Leaving site

Leaving site. By clicking ‘Continue’, you will be leaving the dYdX Foundation (“dYdX Foundation”) website and accessing a website made available by a third party using dYdX v4 open-source software that is independent from and unaffiliated with the dYdX Foundation. The dYdX Foundation does not deploy or run dYdX v4 software for public use, nor does it operate or control any such infrastructure. The dYdX Foundation is not responsible for any action taken by independent third parties or for content on any third-party websites, including the one you would access by clicking ‘Continue’.

‍

The dYdX Foundation services and products are not available to persons who are residents of, are located or incorporated in, or have a registered office in the U.S., Canada or a Restricted Territory.  More details can be found in our Terms of Use. Learn more about dYdX v4 third-party front end options here.

Continue