By 2025, decentralized derivatives had become a major segment of DeFi, with dYdX positioned among its most influential platforms. With over $1.5 trillion in cumulative trading volume and a revamped tokenomics model that aligns protocol success with token holders, the protocol is no longer just a DEX, it’s evolving into a complete market infrastructure layer.
The year 2025 will be remembered as the moment decentralized finance (DeFi) transitioned from its experimental phase into a realm of durable, institutional participation. According to the newly released dYdX 2025 Annual Ecosystem Report, the protocol has successfully navigated the shift from chasing episodic volatility to building programmatic, sustainable liquidity.
As on-chain perpetual volumes approach the $10 trillion mark…
By 2025, decentralized derivatives had become a major segment of DeFi, with dYdX positioned among its most influential platforms. With over $1.5 trillion in cumulative trading volume and a revamped tokenomics model that aligns protocol success with token holders, the protocol is no longer just a DEX, it’s evolving into a complete market infrastructure layer.
The year 2025 will be remembered as the moment decentralized finance (DeFi) transitioned from its experimental phase into a realm of durable, institutional participation. According to the newly released dYdX 2025 Annual Ecosystem Report, the protocol has successfully navigated the shift from chasing episodic volatility to building programmatic, sustainable liquidity.
As on-chain perpetual volumes approach the $10 trillion mark globally, dYdX’s strategic pivot toward deep integrations, professional-grade execution, and a robust buyback model suggests that the vision of a "decentralized Wall Street" is finally coming of age.
The protocol recorded $1.55 trillion in total trading volume across all versions of the protocol. The report also shows a U-shaped recovery over the course of the year.
After a relatively quiet Q2, where volume dipped to $16 billion amidst broader market consolidation, the protocol came roaring back in the final quarter. Q4 2025 saw a surge to $34.3 billion in trading volume, marking the strongest quarter of the year.
This rebound wasn’t just a byproduct of market beta, it was driven by the launch of the community-led Market Mapper and a series of Fee Holidays that saw liquidity in flagship pairs like BTC-USD and SOL-USD reach parity with top-tier centralized exchanges (CEXs).
Key protocol metrics for 2025 include:
Protocol Revenue: $64.7 million in fees generated since the launch of dYdX v4.
Staking Security: $48 million in rewards distributed to users securing the dYdX Chain.
Market Expansion: A jump to 386 total markets, representing a 200% increase in asset availability.
User Adoption: A near 85% year-over-year increase in DYDX holders, now totaling over 98,100 unique addresses.
For years, the utility of DeFi governance tokens has been heavily debated. In 2025, dYdX delivered a concrete answer by scaling its DYDX Buyback Program. What started as a pilot evolved into a protocol level buybuck mechanism, systematically executed and managed by the Treasury SubDAO.
Through a series of governance-led upgrades, most notably Proposal #313, the community voted to redirect 75% of net protocol revenue toward the systematic repurchase of DYDX from the open market. These tokens aren’t just burned, they are staked to further decentralize and secure the network, creating a flywheel effect: