2025
Ecosystem Report

A Path to 'Trade Anything'

2025 in Brief

Onchain markets proved they could deliver scale, performance, and reliability alongside self-custody. dYdX expanded access to liquidity through new routing, aggregation, and incentive programs while continuing to improve execution quality and market depth. Governance initiatives, including the expanded DYDX Buyback Program, further aligned protocol usage with long-term economic sustainability, positioning dYdX for durable growth entering 2026.

About dYdX Foundation

The dYdX Foundation is an independent not-for-profit foundation headquartered in Zug, Switzerland. Our purpose is to support implementation of the dYdX protocol and to foster community-driven growth in the dYdX ecosystem.

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$1.55T+

Trading Volume

Across All Protocol Versions

$64.7M

Protocol Fees

386

Markets Available

See Markets Here

$98.2K

DYDX Token Holders

8.46M

DYDX Buyback

$48M

Rewards 
Distributed

dYdX in H1 2025: Growth & Milestones

  • Executive Summary
  • A message from Foundation leadership
  • Key Milestones Achieved in 2025
  • DYDX token
  • DYDX Buybacks

Community Driven Growth

  • DYdX Surge - $20M Trading Competition
  • Additional Strategic Programs & Initiatives
  • Key Protocol & Growth Metrics

Ecosystem & Governance

  • Product Update: dYdX Labs
  • Ecosystem Coordination: dYdX Foundation
  • Ecosystem Enablement: dYdX Grants Ltd.
  • Infrastructure: Ops SubDAO
  • Asset Mgmt & Buybacks: Treasury SubDAO

Looking Ahead

  • From Volatility Cycles to Durable Flow
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01

2025 Milestones

Solana Spot

Trading

Integrated spot and derivatives workflows within a single on-chain trading environment

New Distribution Surfaces Added

Expanded access beyond the web and mobile stack through Telegram-native perpetuals

dYdX Surge: $20M

Competition

Incentive program combining fee rebates and performance-based rewards

Partner & Routing

Integrations

Expanded distribution through direct integrations with institutional and developer tooling

Order Entry Gateway Services (OEGS)

Implemented a new execution layer through the Order Entry Gateway Services and Designated Proposers

Protocol Buyback

Program

Established a recurring mechanism to convert 75% of net protocol revenue into DYDX buybacks and stake purchased tokens to support network security.

02

DYDX Buyback Program

Date Program Launched

23.04.2025

Total DYDX Bought and Staked as Jan 1, 2026

8.46M

USD Market Value

$1.72M

DYDX: Powering “Trade Anything”

The DYDX Buyback Program was initiated by the Treasury SubDAO on April 23, 2025 to strengthen token holder alignment with protocol growth, by converting a portion of net protocol revenue into systematic DYDX repurchases, with acquired tokens subsequently staked to support network security.

Governance Driven Expansion

The program’s scope expanded through governance over the course of 2025: Proposal #225 introduced the initial allocation (12.5%), with Proposal #231 increasing the allocation to 25%. Most notably, Proposal #313 introduced a new protocol fee distribution, redirecting 75% of net protocol revenue to the Buyback Account - materially increasing the program’s capacity.

03

‍dYdX Incentive Programs

Surge Program

Launched in early 2025, dYdX Surge is a multi-season trading competition designed to reward consistent, high-quality activity and strengthen liquidity. Over the year, it evolved into a more performance-driven framework - refining seasons and rewards to favor durable participation and healthier orderbooks.

Fee Holidays

Introduced late in the year, Fee Holidays were deployed selectively on the most active markets to improve execution quality and re-ignite participation. Applied to BTC-USD and SOL-USD markets, the initiative drove a 2-3× increase in overall trading volume versus mid-year levels, demonstrating the effectiveness of targeted, time-bound fee incentives

Trading Leagues

Launched in Q4 2025, Trading Leagues introduced a P&L-adjusted competition designed to reward disciplined, profitable trading. The program created a leaderboard for non-API traders and distributed up to $1M in rewards, aligning incentives with execution quality rather than raw volume.

04

dYdX Labs Product Update

Telegram Pocket Pro Bot

Launched software to integrate trading of dYdX perpetuals and Solana spot directly through Telegram, enabling social trading and leaderboards.

Partner Revenue Share

Introduced software for partner fee-sharing program to reward ecosystems driving liquidity and volume

Fiat On-Ramp

Seamless fiat via MoonPay on mobile - cards, bank transfers, Apple/Google Pay

Solana Spot Trading

Developed software for global spot markets starting with Solana, available on web and mobile - accessible even in the U.S.

Annual Report

See What Made
2025 Amazing

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