The Dydx ecosystem rebounded strongly within the second half of 2025, with buying and selling volumes peaking at $34.3 billion within the fourth quarter after a midyear stoop.
Rebounding from a Midyear Stoop
The ecosystem of the decentralized finance ( DeFi) protocol, Dydx, noticed a powerful restoration in buying and selling exercise through the second half of 2025, culminating in its greatest quarterly efficiency of the yr. Based on the Dydx Annual Ecosystem Report 2025, buying and selling volumes reached $34.3 billion within the fourth quarter, reversing a midyear downturn.
Within the first quarter, cumulative buying and selling quantity was about $26.1 billion earlier than dropping to $16 billion within the second quarter. To reignite participation, Dydx improved institutional and aggregator routing by way of focused initiatives. These efforts paid off, with buying and selling quantity rising to $23.7 billion within the third quarter earlier than hitting the yearly peak of $34.3 billion within the fourth quarter.
Among the many initiatives have been governance-approved “price holidays” for flagship markets comparable to BTC-USD and SOL-USD, which drove a two- to threefold enhance in general buying and selling quantity in contrast with mid-year ranges. A multi-season buying and selling competitors was launched to deepen liquidity and re-engage merchants throughout various market situations. As well as, an incentive program generally known as “buying and selling leagues” rewarded disciplined participation.
Protocol Income and Tokenomics Shift
The report additionally famous that the introduction of Telegram-native perpetual buying and selling by way of the “Pocket Professional” bot helped scale back friction for brand new customers coming into the market. Commenting on the efficiency, Charles d’Haussy, CEO of the Dydx Basis, mentioned:
“The 2025 Annual Report displays a yr of structural progress for the dYdX ecosystem. Throughout execution, distribution, and governance, the main target remained on constructing sturdy foundations that help sustained participation and long-term alignment as on-chain derivatives proceed to develop and mature.”
As buying and selling exercise recovered, protocol charges stabilized, closing the yr at about $16.9 million. The report additionally highlighted a significant shift in tokenomics, with Proposal 313 redirecting 75% of web protocol income towards the DYDX Buyback Program. As of Jan. 1, 2026, this system had purchased and staked 8.46 million DYDX tokens to help community safety.
By the top of 2025, Dydx provided 386 accessible markets and expanded its token holder base to 98,200, an 85% year-over-year enhance. Basis management mentioned 2025 marked a turning level, with decentralized derivatives shifting from early experimentation towards sustained, institutional-grade participation.
Different milestones in 2025 included the launch of native Solana spot buying and selling, which expanded dYdX’s product choices past perpetuals. A partnership with BONK prolonged dYdX’s distribution into one of the lively on-chain communities, pairing protocol-grade liquidity with community-native entry factors.
FAQ ❓
- How did Dydx carry out in late 2025? This fall buying and selling quantity hit $34.3B, its strongest quarter of the yr.
- What drove the restoration? Charge holidays, buying and selling competitions, and new incentive applications boosted participation.
- Which areas profit most? International customers, with robust traction in flagship markets like BTC‑USD and SOL‑USD.
- What’s subsequent for Dydx? Expanded markets, Solana spot buying and selling, and a buyback program securing 8.46M tokens.
