dYdX 2025 report: $1.55T volume and shift to institutional-grade liquidity

Beincrypto reports the dYdX 2025 Annual Ecosystem Report shows the protocol recorded $1.55 trillion in cumulative trading volume as it positions itself beyond a decentralized exchange toward a market infrastructure layer aimed at institutional participation. The report describes a U-shaped recovery in 2025: volume dipped to $16 billion in Q2 before rising to $34.3 billion in Q4.

Key metrics include $64.7 million in protocol revenue since dYdX v4, $48 million in staking rewards distributed, 386 total markets (a 200% increase), and a near 85% year‑over‑year rise in DYDX holders to over 98,100 unique addresses. It also outlines Tokenomics 2.0 and a scaled buyback program after Proposal #313, which redirected 75% of net protocol revenue to repurchases; as of January 2026 the program had repurchased and staked 8.46 million DYDX (valued at $1.72 million at purchase) and supported a median staking APR of 3.3%.

Technical and product moves in 2025 included native Solana spot trading, the Pocket Pro Bot interface, the Market Mapper listing process, Order Entry Gateway Services and Designated Proposers, integrations with CoinRoutes, CCXT and Foxify Trade, and a reduction in monthly operating costs from $35,000 to $6,000.

Key Topics

Crypto, Dydx, Dydx Token, Defi, Solana, Market Mapper