The dYdX Foundation recently hosted the November 2025 Analyst Call, outlining key developments across market structure, protocol performance, and ecosystem strategy. The session also featured Nethermind as a special guest, providing insights into ongoing infrastructure contributions. Here’s an overview of the core insights and strategic developments highlighted during the session:

Expanding Demand for On-Chain Execution

On-chain derivatives activity reached $1.3T in October, setting a new industry benchmark. This acceleration points to a structural shift toward decentralised venues as traders seek transparent settlement and reduced counterparty exposure. Traditional markets are responding in parallel; CBOE’s plans to introduce perpetual-style BTC and ETH futures highlight the broader adoption of DeFi-native product design.

Protocol Performance

Against this expanding market environment, dYdX maintained steady engagement. Lifetime volume now exceeds $1.528T, supported by 240 listed markets and a growing token participant base of 96,200 holders and 33,800 stakers. Monthly volume reached $9.32B, reflecting consistent activity despite external volatility.

Strengthening Value Alignment Through Buybacks

To enhance long-term value capture, governance approved an increase in the allocation of protocol fees directed to DYDX buybacks—from 25% to 75%. This shift represents a substantive recalibration of the token’s economic model, aligning dYdX more closely with mature, revenue-generating networks where fee strength directly reinforces token value. At current market conditions, the higher allocation materially increases the rate at which circulating supply can be retired, strengthening the token’s deflationary pressure and improving the relationship between protocol usage and value accrual.

Enhancing Institutional Readiness

Nethermind provided updates on infrastructure improvements, including trading clients, TradingView integration, and enhanced documentation. These initiatives strengthen access pathways for advanced and institutional traders and support the scalability of recent economic changes.

Trading Incentives

November featured several incentive programs designed to drive consistent activity:

• Trading Leagues with performance-based weekly rewards of up to $250K
• Surge Season 8 offering 50% fee rebates and a $1M DYDX prize pool
• BTC and SOL fee holidays, which produced notable increases in trading volume

MoonPay Integration

MoonPay’s integration introduces seamless fiat on-ramps via Apple Pay, Google Pay, and major payment methods. This reduces initial friction for new users and strengthens the entry point for both retail and institutional participants. With improved access, expanded distribution becomes an important multiplier.

CCXT Integration

The integration with CCXT broadens dYdX’s connectivity to algorithmic and institutional users by making the protocol accessible through one of the most widely used unified trading APIs in the market. CCXT serves thousands of developers, trading firms, and quantitative desks that rely on standardised API endpoints to connect to exchanges without custom engineering overhead.

By becoming a supported venue within CCXT, dYdX is now directly available to this global user base, significantly lowering integration costs for professional traders and enabling faster deployment of automated strategies. Under the recently approved governance proposal, CCXT will receive a 50% revenue share on routed volume, aligning incentives around long-term distribution and liquidity growth.

This integration builds on prior routing and aggregation partnerships and further embeds dYdX within the broader trading infrastructure that institutional participants already depend on.

Prediction Markets Pilot

A new prediction markets pilot introduced leveraged trading on a real-world baseball matchup between the Toronto Blue Jays and the Los Angeles Dodgers. The pilot sought to evaluate how perpetuals infrastructure could support markets driven by real-world outcomes rather than traditional crypto fundamentals.

While exploratory, the pilot highlights the adaptability of the dYdX platform and informs future opportunities to expand into broader event-driven markets—an emerging category within the on-chain derivatives landscape.

Grants Program Update

The Grants Program delivered $2M in annualised efficiencies and funded initiatives such as the Order Entry Gateway Service, fee-free bridging incentives, and research supporting November’s fee holidays. The program continues to prioritise infrastructure reliability, user acquisition, and ecosystem experimentation.

The November 2025 Analyst Call highlighted coordinated progress across market adoption, protocol economics, infrastructure, incentives, and distribution. Together, these developments position dYdX to serve as a leading venue for transparent and institutionally aligned on-chain derivatives trading.

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