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The dYdX Foundation announced the ecological operation data for 2025, which is quite impressive. Since its launch, the protocol's total transaction volume has surpassed $1.55 trillion, indicating strong market recognition for this on-chain derivatives platform.
Looking closely at quarterly performance, there has indeed been a recovery process. In Q2, quarterly trading volume hovered around $16 billion, but by Q4, it rebounded directly to $34.3 billion, setting a new annual record. This end-of-quarter sprint momentum is quite good.
The ecosystem development has not been idle. The foundation continues to attract institutional users, integrating platforms like CoinRoutes, CCXT, and Cryptocom to make trading experiences smoother for institutional clients. More notably, dYdX has also made significant product expansions—launching native spot trading on Solana, allowing spot and derivatives to be operated on-chain seamlessly, making the trading process more convenient.
In terms of token governance, the DYDX incentive mechanism is also being optimized. The foundation initiated a token buyback program, which, after community voting, increased the buyback ratio to 75% of net protocol revenue, meaning more profits are used to support the token's value. By the end of the year, the number of token holders was approximately 98,000, indicating a certain level of decentralization.
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The integration of spot and derivatives trading is indeed attractive, significantly lowering the barrier for institutional entry.
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A 75% buyback ratio is quite aggressive. Are they competing with Sei?
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dYdX's pace is increasingly resembling that of a top-tier platform, but with only 98,000 active addresses... still need to break into more circles.
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Has the spot trading feature on Solana gone live? I haven't noticed, I need to check it out.
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The buyback plan looks good, but the token price needs to cooperate; otherwise, it's just handing over the bags to big players.
After Solana spot trading opened, the trading loop is complete, this logic makes sense
Increasing the buyback ratio to 75%? The community voting move is still there, it all depends on whether they can stabilize the token price
Institutions are entering new sectors, the ecosystem is indeed laying the groundwork, worth watching
98,000 addresses sounds okay, is the distribution enough? Feels like something is still missing
1.55 trillion, brother, this market recognition is right there
The end-of-quarter sprint data looks good, but whether it can be maintained afterward is the key
The integrations with CoinRoutes and the optimization of institutional user experience are indeed steps that should be kept up
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Q4 doubling... the old trick of pushing for performance by the end of the year
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The arrival of Solana spot is indeed unexpected. Is dYdX going all in on the Solana ecosystem?
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75% buyback sounds great, but I'm just worried they'll change their mind later
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9.8 million addresses sound like a lot, but compared to CEX user base... well
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Institutions integrating CoinRoutes—does this really bring incremental growth or just a UI tweak?
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I just want to know who is earning from this 1.55 trillion in trading volume GMV?
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Q2 to Q4 doubling multiple times, can this rebound hold up or is it just a flash in the pan?
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SOL chain spot trading has now become standard, and its competitiveness is indeed shrinking
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A 75% token buyback sounds aggressive, happy for holders, but is this sustainable, bro?
The 75% buyback ratio is an interesting setup. From a technical perspective, this is essentially using token burn to hedge against supply pressure, similar to traditional stock buyback logic. However, whether this approach can be sustained in the crypto space remains uncertain.
The expansion into Solana spot trading does show some thought—integrating derivatives and spot trading into a one-stop shop can indeed reduce user migration costs. It's worth noting that this reflects an inevitable trend toward multi-chain deployment.
Q4 doubling growth is quite aggressive. Could they run away before delivering results?
The Solana ecosystem is back to compete for business. Keep a close watch.
A 75% buyback力度 is quite aggressive. I'm worried it might just be a trick to harvest retail investors again.
Holding addresses are 98,000, which still seems too few. Not sufficiently decentralized.
Can dYdX really stay stable this time? Feels a bit虚啊.
Institutional entry is a good thing, but can they really keep them?
Solana spot + derivatives one-stop shop? The logic checks out, just not sure about the liquidity.
A 75% buyback ratio is intense, DYDX is all in on token value.
Holder addresses reach 98,000... wonder when it will break 200,000.
The derivatives track is heating up, but can this rebound hold? Question mark.
Doubling from Q2 to Q4 looks great, but worried about the sustainability.
Institutional-level integration is the core focus, more promising than just the trading volume numbers.
To be honest, the key now is whether Solana spot trading can truly attract retail investors
Institutional repurchase has been pushed up to 75%, which indeed guarantees token value... but the dispersion across 98,000 addresses is still a bit weak
Whether this end-of-season sprint can continue into Q1 is the real test