dYdX Report: Trading Volume Hits $1.55T in 2025

Key 2025 Highlights

The dYdX Foundation has released its 2025 Ecosystem Annual Report, showcasing significant growth and structural progress. The report highlights that the protocol's all-time cumulative trading volume has surpassed $1.55 trillion, signaling sustained adoption of its on-chain derivatives infrastructure.

Ecosystem Performance and Growth

Trading activity demonstrated a strong recovery in the second half of the year. Quarterly trading volumes rebounded from $16.0 billion in Q2 to a yearly high of $34.3 billion in Q4 2025. The ecosystem also expanded its user base, with the number of DYDX token holders reaching approximately 98,000 by year-end. Product innovation was a key theme, marked by the launch of native Solana spot trading.

Strategic Developments and Alignment

To enhance token alignment and value, the foundation introduced the DYDX Buyback Program. Governance later approved scaling these buybacks to 75 percent of net protocol revenue. Furthermore, new integrations with institutional platforms like CoinRoutes and Crypto.com expanded execution access, reinforcing the platform's move toward institutional-grade participation.

Future Outlook

Charles d’Haussy, CEO of the dYdX Foundation, stated that 2025 was a year focused on building durable foundations. The progress in execution, distribution, and governance aims to support sustained long-term growth as the on-chain derivatives market matures.

FAQ

Q: What was the total cumulative trading volume for dYdX by the end of 2025?
A: The all-time cumulative trading volume surpassed $1.55 trillion.

Q: What was a major product expansion for dYdX in 2025?
A: The launch of native Solana spot trading, unifying spot and derivatives workflows within a single on-chain environment.

Source: Investing.com