2026-01-17 15:32:37

The latest 2025 ecosystem report released by the dYdX Foundation highlights some impressive figures—the total cumulative trading volume has surpassed $1.55 trillion. Just imagine the scale.

Even more interesting is the performance in the fourth quarter of last year. With a trading volume of $34.3 billion, it became the peak for the entire year. In other words, the enthusiasm for derivatives trading is accelerating, and the market is converging in this direction.

On the product side, dYdX has been busy. Native spot trading on Solana is now live, which means the ecosystem is expanding to multiple chains and product lines. At the same time, they have adjusted the buyback scale to 75% of the protocol’s net revenue, which is quite substantial, demonstrating a strong commitment to the project.

In terms of governance, dYdX is focusing on building a long-term on-chain derivatives infrastructure. This is not about short-term hype but about creating a foundational framework that can truly support business growth. Such an approach is essential for an ecosystem aiming to grow big.

DYDX-1,01%

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alpha_leaker

· 01-20 11:09

1.55 trillion? That number is indeed eye-catching, but only 34.3 billion in Q4? Feels a bit flat. --- Repurchasing 75% is nothing special; I'm more concerned about whether the token truly appreciates in practical use cases. --- Multi-chain expansion sounds good, but I'm worried it might just be the same old story of laying out the groundwork. --- I believe in accelerating derivatives trading, but whether dYdX can sustain this wave of popularity is the key. --- The long-term approach to on-chain infrastructure sounds impressive, but ultimately, results are what matter. --- 1.55 trillion sounds huge, but what is the actual trading volume after de-leveraging? --- Solana spot trading is a good move; finally starting to break the single-chain dilemma. --- It feels like dYdX is just racing to acquire territory; whether it can truly retain users is the core issue.

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LiquidityWizard

· 01-20 01:47

1.55 trillion? This number really can't be sustained anymore. Derivatives are indeed taking off. Q4's 34.3 billion peak pace is still accelerating, and the market is really converging here. Buyback of over 75% + Solana spot上线, dYdX has something, it's not just talk. Long-term infrastructure >> hype-driven speculation, this is the core idea. With such a strong buyback力度, why are some still pessimistic? A bit of admiration. A scale of 1.55 trillion, this is what we call ecosystem scale. The accelerating trend of derivatives集中, is the bottom-fishing opportunity here? Spot + derivatives dual-driven, multi-chain ambitions are big. Looking at this pace, dYdX is about to rise. The four words "commitment without ambiguity" are valuable; 75% buyback是真拿钱说话.

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LayerZeroHero

· 01-17 15:57

1.55 trillion? This number is indeed impressive; the derivatives track is really gaining momentum. --- Q4 peaks directly; it seems everyone is rushing for this wave of derivatives hype, and dYdX timed it perfectly. --- Solana spot trading is also here; this multi-chain layout is quite aggressive, and the ecosystem is expanding rapidly. --- A 75% buyback ratio; this level of commitment is no joke, investing real money. --- Infrastructure plays are much more reliable than hype-driven speculation; slow and steady wins the race. --- 1.55 trillion in trading volume; this level of traffic is top-tier even among exchanges. --- Last quarter alone, 34.3 billion? If I hadn’t looked at the data, I wouldn’t have realized how hot derivatives are. --- Expanding to multiple chains is a solid move; you can't just rely on the benefits of a single chain.

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GoldDiggerDuck

· 01-17 15:56

1.55 trillion, this number is indeed outrageous. The derivatives track has really taken off. The peak in Q4 indicates that the market recognizes it, not just hype. Repurchase pushed to 75%, this move... feels like dYdX is really in it for the long term. Multi-chain expansion + infrastructure—compared to those trend chasers, this approach is much more solid. But the key still depends on whether they can maintain this momentum; the market is too unpredictable.

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CrashHotline

· 01-17 15:53

1.55 trillion, this number is really incredible. The derivatives track is becoming more and more competitive. Q4 directly soared to 34.3 billion, it feels like everyone is scrambling for it. Can Solana's spot trading also be available now? Expanding to multiple chains is a pretty aggressive move. Buyback at 75%... alright, at least they're not just talking the talk. Long-term infrastructure is the real skill; unlike some projects that just know how to boast. By the way, is dYdX really planning to do something or is this another wave of cyclical prosperity? In derivatives, competing with exchanges feels endless. 1.55 trillion, how much is that? Anyway, it's huge, no need to overthink it. This round of buyback is indeed quite substantial, at least it shows they're not too scattered.

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HodlOrRegret

· 01-17 15:46

1.55 trillion, what the heck, the derivatives track really took off --- Q4 is directly at full throttle, this is the true growth curve, not just bluffing --- Multi-chain deployment is a good move, the opportunities on Solana are indeed significant --- 75% buyback力度, is this really confidence in ourselves or some other operation --- Infrastructure is the key, hype ultimately is just a fleeting moment --- The trading volume of derivatives has increased, but whether liquidity is sufficient is another matter --- dydx is indeed serious about this round, unlike some projects that just shout slogans every day --- Data can be impressive, but the key is how far it can go in the future --- From the scale of 1.55 trillion, derivatives are no longer a niche track --- Long-term infrastructure deployment, this is what I want to see, don’t just do superficial stuff

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LiquidityWitch

· 01-17 15:43

A total trading volume of 1.55 trillion sounds impressive, but with the acceleration in Q4, it seems that derivatives are actually the real main players. dYdX's multi-chain expansion is serious; launching spot trading on Solana truly changed the game. A 75% buyback ratio—just looking at this number shows the foundation isn't just putting on a show. Long-term infrastructure development may not be glamorous, but it's what can last the longest. Q4 peak of 34.3 billion... how much potential is there still in derivatives? Multi-chain deployment is the right move; otherwise, how can it compete with other DEXs? Honestly, the buyback strength speaks more about the project's commitment than publicity. This steady expansion pace really looks comfortable—no unnecessary fluff. A figure of 1.55 trillion—what kind of scale is that in the entire crypto derivatives market? Underlying infrastructure is much more important than token prices; finally seeing project teams understand this principle.

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