dYdX Annual Report: Cumulative Trading Volume Surpasses $1.55 Trillion, Token Buyback Expanded to 75% of Protocol Net Income

The dYdX Foundation has released its 2025 Ecosystem Annual Report, highlighting significant growth in cumulative trading volume and strategic updates to its buyback program according to the report. The report documents $1.55 trillion in all-time trading volume, with the fourth quarter of 2025 seeing a record $34.3 billion in trading activity as reported. This marks a notable increase from $16 billion in the second quarter, showing a recovery in trading activity during the latter half of the year according to data.

The report also outlines dYdX's product expansion, including the launch of native Solana spot trading, which enables unified spot and derivatives workflows on a single on-chain platform according to the report. Governance approval has allowed the protocol to expand its token buyback program to 75% of net revenue, reinforcing token holder alignment and value retention as stated.

By year-end, dYdX had approximately 98,000 token holders, reflecting continued participation and interest in the ecosystem according to the report. The foundation emphasized its focus on institutional-grade participation and long-term development in on-chain derivatives markets as highlighted.

Why the Move Happened

The decision to expand the buyback program to 75% of net revenue was driven by governance approval and a strategic shift toward long-term token holder alignment according to analysis. This move follows a year of structural evolution for dYdX, as the protocol moved toward more durable and institutional-grade participation as reported.

The report also highlights a restructuring of the grants program to enhance capital efficiency and accountability according to the report. Infrastructure upgrades have been made to improve execution consistency and fairness, supporting the protocol's broader growth strategy as detailed.

How Markets Responded

The market has responded positively to dYdX's growth metrics and buyback expansion according to market analysis. The increase in cumulative trading volume to $1.55 trillion underscores the growing adoption of on-chain derivatives infrastructure as noted. The Q4 record of $34.3 billion in trading volume is a strong indicator of sustained demand and operational scalability according to data.

The launch of native Solana spot trading has also been well-received, as it expands the protocol's product offerings and enables seamless trading across spot and derivatives markets according to reports. This development supports dYdX's goal of creating a unified and efficient on-chain trading environment as stated.

What Analysts Are Watching

Analysts are closely monitoring dYdX's ability to maintain its growth trajectory in 2026 according to analysis. The success of the buyback program at 75% of net revenue will be a key factor in assessing the protocol's financial sustainability and token value retention as reported.

Market participants are also watching how dYdX executes its governance and operational strategies to ensure long-term alignment with token holders and traders according to market reports. The expansion of spot trading and integration with institutional and programmatic routing platforms like CoinRoutes and CCXT will be critical in driving further adoption and liquidity as highlighted.