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

The dYdX 2025 Annual Ecosystem Report highlights the protocol's successful transition from relying on episodic volatility to establishing durable, institutional-grade liquidity, culminating in $1.55 trillion in cumulative trading volume.

Key achievements in 2025 included a U-shaped recovery, with Q4 volume reaching $34.3 billion, driven by community initiatives like the Market Mapper and Fee Holidays that brought liquidity parity with top CEXs. Protocol metrics showed $64.7 million in revenue, a 200% increase in market availability to 386 markets, and an 85% rise in DYDX holders.

The report emphasizes the maturation of Tokenomics 2.0, where 75% of net protocol revenue is systematically used to buy back and stake DYDX, creating a flywheel effect that enhances security and reduces liquid supply. Furthermore, dYdX expanded its infrastructure by launching native Solana Spot trading, integrating professional tools like CoinRoutes, and improving execution fairness via Order Entry Gateway Services (OEGS), positioning itself as a true decentralized market infrastructure layer ready for sustainable dominance in 2026.

(Source：BeInCrypto)