dYdX 2025 Annual Report: Transition from Volatility Cycles to Institutional-Grade Liquidity

By 2025, decentralized derivatives had go a large conception of DeFi, with dYdX positioned among its astir influential platforms. With implicit $1.5 trillion successful cumulative trading measurement and a revamped tokenomics exemplary that aligns protocol occurrence with token holders, the protocol is nary longer conscionable a DEX, it’s evolving into a implicit marketplace infrastructure layer.

The twelvemonth 2025 volition beryllium remembered arsenic the infinitesimal decentralized concern (DeFi) transitioned from its experimental signifier into a realm of durable, organization participation. According to the recently released dYdX 2025 Annual Ecosystem Report, the protocol has successfully navigated the displacement from chasing episodic volatility to gathering programmatic, sustainable liquidity.

As on-chain perpetual volumes attack the $10 trillion people globally, dYdX’s strategical pivot toward heavy integrations, professional-grade execution, and a robust buyback exemplary suggests that the imaginativeness of a "decentralized Wall Street" is yet coming of age.

The protocol recorded $1.55 trillion successful full trading measurement crossed each versions of the protocol. The study besides shows a U-shaped betterment implicit the people of the year.

After a comparatively quiescent Q2, wherever measurement dipped to $16 cardinal amidst broader marketplace consolidation, the protocol came roaring backmost successful the last quarter. Q4 2025 saw a surge to $34.3 cardinal successful trading volume, marking the strongest 4th of the year.

This rebound wasn't conscionable a byproduct of marketplace beta, it was driven by the motorboat of the community-led Market Mapper and a bid of Fee Holidays that saw liquidity successful flagship pairs similar BTC-USD and SOL-USD scope parity with top-tier centralized exchanges (CEXs).

Key protocol metrics for 2025 include:

• Protocol Revenue: $64.7 cardinal successful fees generated since the motorboat of dYdX v4.

• Staking Security: $48 cardinal successful rewards distributed to users securing the dYdX Chain.

• Market Expansion: A leap to 386 full markets, representing a 200% summation successful plus availability.

• User Adoption: A adjacent 85% year-over-year summation successful DYDX holders, present totaling implicit 98,100 unsocial addresses.

For years, the inferior of DeFi governance tokens has been heavy debated. In 2025, dYdX delivered a factual reply by scaling its DYDX Buyback Program. What started arsenic a aviator evolved into a protocol level buybuck mechanism, systematically executed and managed by the Treasury SubDAO.

Through a bid of governance-led upgrades, astir notably Proposal #313, the assemblage voted to redirect 75% of nett protocol gross toward the systematic repurchase of DYDX from the unfastened market. These tokens aren't conscionable burned, they are staked to further decentralize and unafraid the network, creating a flywheel effect: