The dYdX Foundation is pleased to release the 2025 dYdX Ecosystem Annual Report, providing a full-year view into trading activity, protocol development, governance progress, and ecosystem growth across the dYdX ecosystem.
Throughout 2025, the dYdX ecosystem continued its transition toward more durable, on-chain market infrastructure, as execution quality improved, distribution broadened across institutional and community channels, and participation shifted toward more sustained trading and governance activity.
Key Highlights from 2025:
- Trading volume: ~$1.55T traded across all protocol versions, with Q4 volume reaching ~$34.3B (+45% QoQ)
- Protocol fees: $64.7M in cumulative protocol fees since v4
- DYDX Buybacks: The launch and scaling of the Buyback Program to 75% of net protocol revenue
- Trader participation: Weekly active traders recovered into Q4 to ~12.7K traders
- Token distribution: DYDX holders grew to ~98.2K (+165% YoY)
- Staking rewards: ~$48M in cummulative staking rewards distributed
- Product expansion: Launch of Native Solana spot trading
- Distribution & routing: Institutional and programmatic access expanded via CoinRoutes, CCXT, Foxify and others
2025 reinforced dYdX’s position as purpose-built on-chain market infrastructure, as the ecosystem progressed from experimentation toward more sustained participation and institutional-grade execution. With broader distribution, refined incentive design, and expanded product surfaces now in place, dYdX enters 2026 positioned to further mature as a scalable, decentralized alternative to centralized trading venues.
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).
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