The dYdX ecosystem staged a dramatic second-half comeback in 2025, with trading volumes hitting a yearly high of $34.3 billion in the fourth quarter after a sluggish midyear stretch. According to the dYdX Annual Ecosystem Report 2025, the protocol reversed a Q2 downturn where volumes had slumped to $16 billion from Q1's $26.1 billion, thanks to a series of targeted initiatives. These included governance-approved "fee holidays" for flagship markets like BTC-USD and SOL-USD, which sparked a two- to threefold surge in trading compared to mid-year levels. Think of it as giving the market a caffeine shot after it spent Q2 napping on the couch. To further reignite activity, dYdX launched a multi-season trading competition and an incentive program called "trading leagues" to reward consistent participation and deepen liquidity. A new Telegram-native perpetual trading feature via the "Pocket Pro" bot also lowered the barrier for new users, because nothing says "on-chain derivatives" like trading from the same app you use to send memes. dYdX Foundation CEO Charles d'Haussy noted that 2025 was a year of "structural progress," with a focus on building durable foundations for on-chain derivatives. As trading rebounded, protocol fees stabilized at around $16.9 million for the year. A major tokenomics shift under Proposal 313 redirected 75% of net protocol revenue to the DYDX Buyback Program, which had staked 8.46 million DYDX tokens by January 1, 2026, to bolster network security. By year-end, dYdX offered 386 markets and grew its token holder base to 98,200, an 85% year-over-year increase. Other 2025 milestones included launching native Solana spot trading and a partnership with BONK to tap into a vibrant on-chain community.
