The year 2025 proved to be a turning point for dYdX, one of the leading on-chain derivatives protocols. According to the dYdX Foundation’s Ecosystem Annual Report, the platform achieved unprecedented results, solidifying its position in the industry and demonstrating significant structural growth.
A Trading Volume That Exceeds All Expectations
One of the most impressive figures emerging from the report concerns the trading volume: dYdX has surpassed $1.55 trillion in total volume, positioning itself as the second-largest protocol in the industry after Hyperliquid. This milestone underscores the growing user confidence and the platform’s robustness in the digital asset landscape.
A Strong Rebound in the Second Half of the Year
After a first half of the year marked by some volatility, activity on dYdX experienced a strong rebound in the second half of 2025. In particular, the fourth quarter stood out as the most prolific period, with a trading volume of $34.3 billion. This result represents the highest point of the year and demonstrates the protocol’s ability to attract a growing number of traders and investors.
Enhanced Governance and Alignment of Interests
In addition to record-breaking numbers, 2025 witnessed a strengthening of governance and greater alignment among stakeholder interests. A key element in this process was the enhancement of the DYDX Buyback Program, which now allocates 75% of the protocol’s net revenue to purchasing DYDX tokens. This initiative aims to support the token’s value and encourage active participation in governance.
A Growing Community
The base of DYDX holders has reached approximately 98,000 participants, a figure that highlights the growing appeal of the protocol and the confidence placed in its long-term vision. This expansion of the community helps to strengthen the ecosystem and ensure greater decentralization in key decisions.
The Maturation of On-Chain Derivatives
The annual report highlights how the on-chain derivatives sector is entering a phase of maturation. dYdX positions itself as a key player in this evolution, thanks to a solid structure, participatory governance, and a long-term growth strategy. The adoption of innovative practices and the ability to quickly adapt to market demands have enabled the protocol to consolidate its leadership.
The Role of Buybacks in Strengthening the Ecosystem
The Buyback Program is a fundamental pillar of dYdX’s strategy. By allocating a significant portion of revenues to the purchase of DYDX tokens, the protocol incentivizes user loyalty and promotes an alignment of interests among developers, investors, and governance. This mechanism also helps reduce selling pressure in the market, supporting the stability and growth of the token’s value.
Future Prospects for dYdX
In light of the results achieved in 2025, dYdX is gearing up to tackle new challenges and opportunities. The platform aims to continue investing in technological innovation, strengthen its community, and solidify its leading position in the on-chain derivatives sector.
The goal is to offer users an increasingly secure, transparent, and high-performing experience, contributing to the development of a decentralized financial ecosystem accessible to all.
Conclusions: dYdX as a Key Player in Decentralized Finance
The year 2025 concludes as the strongest in the history of dYdX, marked by record trading volumes, strengthened governance, and a continuously growing community. The protocol reaffirms itself as one of the leading players in the on-chain derivatives landscape, poised to steer the sector towards a new phase of maturity and innovation. With a clear strategy and a long-term vision, dYdX positions itself as one of the key players in the decentralized finance of the future.
Source: https://en.cryptonomist.ch/2026/01/16/dydx-a-record-breaking-2025-for-the-leader-in-on-chain-derivatives/
