The dYdX Foundation hosted its March Analyst Call on March 24, 2026, featuring a guest discussion with Rauan Khassan, Chief Growth Officer at TradingView, alongside updates on protocol metrics, macro conditions, and regulatory developments. The session brought together analysts, token holders, and ecosystem participants for a data-driven review of activity across the dYdX ecosystem through February and into March 2026.

Market Backdrop and Macro Drivers

The call opened with a review of a market under sustained pressure. Bitcoin traded in a $67,000–$73,000 range through March, having recovered from the early February capitulation near $60,000 but still approximately 45% below the October 2025 all-time high of $126,000. The crypto fear and greed index recorded 46+ consecutive days of fear or extreme fear - the longest sustained period since the FTX collapse in 2022.

On the macro side, the Fed held rates steady at 3.5–3.75% on March 18 - a second consecutive hold - with market projections shifting from two expected rate cuts in 2026 to potentially one cut in 2026 and one in 2027. The Iran conflict continued to weigh on risk sentiment, with oil prices spiking and complicating the inflation outlook. The S&P 500 and NASDAQ remained broadly under pressure, keeping risk assets in a defensive posture.

Despite this, crypto ETF and ETP inflows continued to accelerate. The Foundation noted the upcoming launch of BlackRock's staked Ethereum ETF (ETHB), adding to the expanding institutional product range alongside the existing Ethereum physical ETF (ETA).

Regulatory Developments

The call highlighted two landmark regulatory developments that occurred in the days leading up to the session.

On March 17, the SEC - with endorsement from the CFTC - issued a 68-page joint interpretation establishing a five-category token taxonomy: Digital Commodities, Digital Collectibles, Digital Tools, Stablecoins, and Digital Securities. Notably, only Digital Securities remain subject to securities law, and 18 major cryptocurrencies including Bitcoin, Ethereum, and Solana were expressly classified as non-securities. The interpretation also clarified that proof-of-stake staking and airdrops are classified as non-security transactions - removing a significant source of regulatory ambiguity around the staking model under which dYdX Chain operates.

Separately, CFTC Chairman Selig confirmed that a US perpetual futures framework is coming within weeks, targeting a rollout within 30 days. This directly validates the perpetual contract model that decentralized venues like dYdX have operated since inception. The CFTC also announced a safe harbor for DeFi software developers and issued non-action relief to Phantom wallet for operating as a non-custodial interface - providing additional clarity for wallet providers that serve as key distribution channels for DeFi protocols.

March Protocol Metrics

The Foundation provided its monthly update on dYdX protocol performance:

• $1.57 trillion in cumulative lifetime trading volume across all protocol versions
• $65 million in protocol fees distributed to stakers since inception
• 194 active markets listed, covering crypto, RWA, commodities, and FX
• 98,000 DYDX token holders, approaching the 100K milestone
• $49 million in cumulative USDC staking rewards distributed
• 33,000+ active stakers participating in network security

February 30-day trading volume averaged approximately $5 billion, reflecting further compression from January and December. This contraction is consistent with market-wide deleveraging and muted sentiment across both centralized and decentralized venues.

One notable trend highlighted during the call was an early signal of BTC dominance rotation: Bitcoin's share of dYdX trading volume declined from approximately 73% to 65% over the month, with Ethereum and Solana gaining share - a development the Foundation flagged as worth monitoring closely.

Guest Segment: TradingView

The guest segment featured Rauan Khassan, who leads growth at TradingView - a platform that records over 100 million views per month and connects more than 70 exchanges across crypto and traditional markets.

On product demand and new asset classes: Rauan noted that while traditional stocks and futures still drive the majority of TradingView's platform activity, crypto consistently accounts for 35–40% of user engagement. The fastest-growing segment over the past 12 months has been commodities, with Tether-backed gold (XAUT) symbols crossing 1 million users - though this remains below 20% of the capacity seen with equivalent CFD instruments. Rauan observed that the crypto industry still has "homework to do" when it comes to keeping pace with demand, noting that most top-10 crypto exchanges still lack oil perpetuals despite the recent spike in oil prices.

On 24/7 trading: TradingView has supported 24/7 trading since its first crypto data feed in 2013. Rauan confirmed that TradingView's infrastructure is ready to support CME's move to continuous futures trading and any future 24/7 crypto derivative offerings — describing the technical capacity as "on standby."

On the DEX adoption gap: Rauan offered a candid assessment of why decentralized venues did not see the retail adoption surge many expected following the Luna crash and FTX collapse in 2022. His conclusion: it comes down to onboarding simplicity. "We are always overlooking this simple guy who would always be going to the simplest onboarding, simplest solution possible," he said, identifying wallet setup as the key friction point for average retail traders.

On the dYdX x TradingView integration: Rauan walked through the current state of the partnership, which includes TradingView charting technology embedded within the dYdX platform and dYdX market data integrated into TradingView's feeds. The next step in the integration is wallet connection and direct execution from the TradingView platform — described as the natural evolution of the partnership.

On TradingView's 2026 roadmap: The team is building out complex options strategy tooling, with crypto options expected to see meaningful adoption within 18–36 months as prediction markets and CME-style derivatives mature. Rauan closed with a direct appeal to the community: TradingView's product priorities are heavily influenced by user feedback, and more input from DEX traders would accelerate integration timelines.

Strategic Initiatives

The call concluded with an update on ongoing ecosystem programs:

• Surge Season 12 continues through March, featuring zero maker and taker fees on BTC and BONK markets
• March Bonkness Trading League: up to $50,000 in DYDX prizes for the top 20 non-API traders by P&L
• $1 million liquidation rebate program continues for non-BTC markets
• $200K affiliate booster program (February 18 – March 18): milestone-based payouts from $250 to $12,000 for affiliates driving referred volume

The full March 2026 Analyst Call recording is available on the dYdX Foundation YouTube channel.

About the dYdX Foundation

The dYdX Foundation is an independent not-for-profit organization based in Zug, Switzerland. Its mission is to support the current and future implementations of the dYdX protocol and foster community-driven governance and growth across the ecosystem.

Disclaimer

This content is provided for informational and educational purposes only and does not constitute legal, business, tax, or investment advice, nor should it be used to evaluate any investment or security. All figures and charts are based on the most accurate data available at the time of publication and may be subject to updates. For more information, please refer to https://www.dydx.foundation/terms-of-use.

Press Contact: media@dydx.foundation

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