The dYdX Foundation recently hosted its final Analyst Call of 2025, featuring Eddie Zhang (President, dYdX Labs) alongside Charles d’Haussy (CEO, dYdX Foundation). The session delivered a structured year-end review - covering the macro backdrop, protocol performance, token economics (including buybacks), and key ecosystem initiatives - before closing with a forward look at what the team is most focused on heading into 2026.

A Risk-Off Close to 2025

The call opened with a candid read on market conditions. November and December were framed as a risk-off phase, with muted trader sentiment impacting liquidity and trading activity across the industry. Bitcoin and Ethereum were noted as trading below recent highs, with optimism centered on improved conditions into Q1 - while acknowledging the continued influence of geopolitical headlines and evolving regulation.

Protocol Performance

Despite broader market softness, dYdX reported a clear step-up in volume performance as of the date of the Analyst Call:

• 30D trading volume: >$16B, with frequent daily bars in the $600M–$800M range
• Lifetime trading volume: ~$1.52T+
• Protocol fees generated since Nov 2024: ~$63M
• Listed markets: ~240
• DYDX holders: 90K+ (with an expectation of crossing 100K in early 2026)
• Staking rewards distributed: ~$50M
• Stakers: 34K+

Together, these metrics were positioned as evidence of sustained engagement and growing community participation - even in a tougher tape to close the year.

Staking Participation, Supply, and Fee Discounts for Stakers

Staking participation remained elevated through 2025:

• ~230M DYDX staked, representing roughly ~30% of circulating supply (as of Dec 2025)
• Unstaking activity was described as modest relative to overall staking participation

A key product-related note for tokenholders: a new feature is now live enabling users to reduce trading fees by staking DYDX, accessible through the Portfolio page in the trading UI.

Strengthening Value Alignment Through Buybacks

A core focus of the December update was the continued evolution of the DYDX Buyback Program:

• 75% of protocol fees are now directed to buybacks
• Since launch, ~7.5M DYDX has been bought back

dYdX Labs Perspective

Eddie outlined three themes shaping the on-chain derivatives space and dYdX positioning:

1) On-chain derivatives are now “core” venues

On-chain derivatives were described as clearing nearly $1T/month, with a continued migration from centralised exchanges to decentralised venues driven by self-custody and transparency, and increasingly by liquidity, pricing, and speed.

2) Fee holidays as a volume catalyst

The BTC and SOL fee holidays were credited with driving a 2–3x increase in volumes since launch in early November. Importantly, fees were described as stable post-launch, and incentive reductions over the same period were positioned as improving protocol profitability - which also supports the buyback flywheel.

3) Competitive advantages heading into 2026

dYdX’s next-year positioning was framed around: distribution + liquidity partnerships (including new market makers), interoperability across interfaces (mobile/web/Telegram/partner venues), and continued optimisation of order book speed/throughput - to support liquidity through volatile conditions.

December Strategic Initiatives

The call also highlighted several December initiatives designed to support trading activity and expand distribution:

Surge Season 9 (December)

Surge Season 9 includes:

• 50% fee rebates for UI and API traders
• A $1M liquidation rebate intended to soften liquidation impacts during volatile periods

In addition, the BTC and SOL fee holiday program was extended through December, with discussion of governance activity exploring extension into January.

BONK Integration

dYdX Governance formally approved BONK as an integration partner. The integration offers a community-aligned derivatives deployment powered by dYdX, with 50% fee share flowing to the BONK DAO from trading activity routed through BONK’s interface.

Solana Spot Trading Launch

Native Solana spot trading was announced as now live, a step toward enabling more integrated strategies - managing Solana spot and perps in one place.

Ongoing Distribution: Foxify + Crypto.com

Distribution was emphasised as a multi-channel strategy, with mentions of:

• An integration effort with Foxify
• Continued momentum with Crypto.com onchain campaigns as an ongoing distribution and user activation channel

In-Person Events in December

Alongside the product and incentives updates, the Foundation recapped December’s real-world ecosystem presence, including events around Abu Dhabi - highlighting continued engagement with institutional participants, market makers, and ecosystem partners.

2025 Milestones - What dYdX Delivered This Year

To close the year-end segment, the call recapped a set of 2025 milestones, including:

• Launch of the first dYdX ETP in collaboration with 21Shares
• Growth in institutional-facing integrations and routing/partner pathways
• New distribution partners (including Crypto.com, Thor Wallet, BONK, and others)
• Launch of spot trading as a new vertical
• Iteration on protocol buybacks, progressing over the year to the current 75% fee allocation

Looking Ahead

In the closing Q&A, Eddie shared excitement around having a more integrated spot + perps experience and the accelerating adoption of decentralised exchanges. Charles reinforced that 2025’s distribution and integration cadence is expected to continue, with growing interest from new partners and institutional participants looking to build in on-chain derivatives.

Legitimacy and Disclaimer

This recap is for informational and educational purposes only and should not be treated as legal, tax, financial, or investment advice. Crypto-assets are volatile, and trading (especially with leverage) involves risk of loss. The dYdX Foundation does not operate the chain’s infrastructure, and users interact with open-source software and third-party implementations at their own risk.

‍