dYdX (DYDX)

dYdX is quietly proving that on-chain derivatives can scale In 2025, the protocol pushed cumulative trading volume past $1.5T Over 150+ markets were live, liquidity deepened via MegaVault (> $79M deposits), and the community earned $60M+ in rewards dYdX continues executing its Trade Anything vision through permissionless market listings, improved execution, and infrastructure that feels CEX‑grade while remaining fully decentralized Tens of thousands of DYDX holders actively shape fees, incentives, treasury grants, and long-term strategy through on‑chain proposals In 2025, the DAO even approved a DYDX Buyback Program, aligning protocol revenue directly with token holders dYdX is truly showing what happens when volume, liquidity, tokenomics, and governance all reinforce each other

According to Wu, the dYdX Foundation released the "2025 Ecosystem Annual Report", disclosing that the protocol's cumulative historical trading volume has surpassed $1.55 trillion. Quarterly trading volume rebounded from about $16 billion in Q2 to $34.3 billion in Q4, reaching a new yearly high. On the ecosystem side, dYdX continues to advance institutional-level integration, having integrated execution and routing platforms such as CoinRoutes, CCXT, and Cryptocom, and expanded products to include native Solana spot trading, delivering a unified on‑chain trading experience for spot and derivatives. Regarding the token mechanism, the foundation launched a DYDX buyback program and, after governance approval, raised the buyback proportion to 75% of net protocol revenue. The number of DYDX token‑holding addresses was about 98 k at year‑end. https://t.co/r0qhbEzOjv

dYdX just published its annual report: They processed $1.55T in trading volume, generated $64.7M in protocol fees, and distributed $48M in staking rewards. That’s quite impressive for an OG Perp DEX without an active points-farming campaign. Even more notable is the product–token alignment, highlighted by the buyback of 8.46M DYDX tokens. this is clear and readable enough when you have a utility and a product that delievers, then dYdX growth is purely organic. thanks for this HB!

dYdX just published its annual report: They processed $1.55T in trading volume, generated $64.7M in protocol fees, and distributed $48M in staking rewards. That’s quite impressive for an OG Perp DEX without an active points-farming campaign. Even more notable is the product–token alignment, highlighted by the buyback of 8.46M DYDX tokens. this is clear and readable enough when you have a utility and a product that deleivers then dYdX growth is purely organic. thanks for this HB!

🌊 Weekly Stablecoin Flows within Cosmos 🌌 Where are stables issued on Noble flowing? 1️⃣ 42.3% went to dYdX. $dYdX 2️⃣ 40.8% flowed to Osmosis. $OSMO 3️⃣ 6.2% ended up on Neutron. $NTRN https://t.co/7VM1ZNIatF

Perps volumes on $dYdX are accelerating 📶 ▶️ Weekly Trading Volume: $2.05B 🔸 Up 23% WoW 🔸 Protocol Revenue: $75.4K 🔸 Most traded coin: $BTC ($1.29B) https://t.co/VsHTtCzGxr

16th in trading volume with only 2 pairs. The @StandX_Official effect. https://t.co/JPZx6njYmi

The site is live ✅ 🎯 Objective: Estimate the point value and exit FDV of tokenless perpetual contracts using the FDV/fees ratio of tokenized perpetual contracts 🧪 Hypothesis: The valuation of perpetual contracts depends on the fees they generate. –> I therefore took the fees and FDV of perpetual contracts that already have a token, and concluded that there is a 20–30 ratio on FDV/Fees that applies to most –> The chart applies the same ratio to tokenless perpetual contracts to find the estimated FDV based on the fees they generate at time T –> I then apply a -66% discount on the generated fees to simulate what happens post-launch (these are the launch metrics of Lighter) Site link: https://t.co/lXg9sa7tqS 🚨 This is my first little site of this kind, I welcome feedback! Known bugs / recent changes 👇 🥖 The baguette / burger button does not translate everything ❌ Variational has been disabled, the fee calculation method was unreliable ✅ Buttons have been renamed, notably “bearish” which has become “realistic”