The Dydx ecosystem rebounded strongly in the second half of 2025, with trading volumes peaking at $34.3 billion in the fourth quarter after a mid-year slump.
Recovery from mid-year slump
Decentralized finance (DeFi) protocol ecosystem Dydx posted its best quarterly performance of the year, with a strong recovery in trading activity in the second half of 2025. According to the Dydx Annual Ecosystem Report 2025, trading volume reached $34.3 billion in the fourth quarter, a reversal from the mid-year slump.
Cumulative trading volume in the first quarter was approximately $26.1 billion, which decreased to $16 billion in the second quarter. To reinvigorate participation, Dydx improved institutional and aggregator routing through targeted initiatives. These efforts paid off, with trading volume increasing to $23.7 billion in the third quarter and reaching an annual peak of $34.3 billion in the fourth quarter.
The initiative also included governance-approved “fee holidays” for key markets. BTC-with USD sol– The US dollar experienced a 2-3x increase in overall trading volume compared to mid-year levels. Multi-season trading competitions have been introduced to deepen liquidity and re-engage traders across different market conditions. Additionally, an incentive program known as the “Trading League” rewarded disciplined participation.
Changes in protocol revenue and tokenomics
The report also notes that the introduction of Telegram-native perpetual trading via the “Pocket Pro” bot helped reduce friction for new users entering the market. Charles d’Haussy, CEO of the Dydx Foundation, commented on this performance:
“The 2025 Annual Report reflects a year of structural progress for the dYdX ecosystem. Across execution, distribution, and governance, the focus remained on building a durable foundation that supports continued participation and long-term collaboration as on-chain derivatives continue to grow and mature.”
Protocol fees stabilized as trading activity picked up, ending the year at approximately $16.9 million. The report also highlighted significant changes in tokenomics, with Proposition 313 accounting for 75% of net protocol revenue. Dai DX Buyback Program. As of January 1, 2026, the program has purchased and staked $8.46 million. Dai DX Tokens that support network security.
By the end of 2025, Dydx offered 386 available markets and expanded its token holder base to 98,200, an 85% increase year-over-year. Foundation leadership said 2025 will be a turning point, when decentralized derivatives will move from early experimentation to sustained institutional-level participation.
Other milestones in 2025 include the launch of native Solana spot trading, which expands dYdX’s product offering beyond perpetual trading. Our partnership with BONK expands dYdX distribution into one of the most active on-chain communities, combining protocol-grade liquidity with community-native access points.
Frequently asked questions ❓
- How has Dydx performed in the second half of 2025? Volume in the fourth quarter reached $34.3 billion, the strongest quarter of the year.
- What drove the recovery? Fee holidays, trade competitions, and new incentive programs increased participation.
- Which regions will benefit the most? Global users, strong traction in major markets BTC-USD and sol-USD.
- What’s next for Dycks? Expanded market, Solana spot trading, buyback program securing 8.46 million tokens.
