January twenty first, 2026 – Zug, Switzerland
The dYdX Basis hosted its January Analyst Name on January 20, 2026, that includes a visitor dialogue with world liquidity supplier Wintermute, alongside updates on protocol efficiency, governance developments, and broader market circumstances.
The session introduced collectively analysts, token holders, and ecosystem contributors for a data-driven evaluate of exercise throughout the dYdX ecosystem via the top of 2025 and into early 2026.
In the course of the name, the Basis reviewed metrics from the not too long ago printed 2025 dYdX Annual Ecosystem Report, which detailed exercise throughout the protocol via the top of the yr. In keeping with the report, dYdX facilitated roughly $1.6 trillion in cumulative buying and selling quantity throughout all protocol variations, with $64.7 million in cumulative protocol charges generated for the reason that launch of dYdX v4. Buying and selling exercise adopted an adjustment-and-recovery sample in 2025, with volumes declining from roughly $26.1 billion in Q1 to $16.0 billion in Q2, earlier than rebounding within the second half of the yr and reaching $34.3 billion in This autumn, the strongest quarter of the yr.
December 2025 buying and selling quantity totalled roughly $11.5 billion, representing the second-strongest month of This autumn regardless of a softer industry-wide buying and selling setting into year-end. Protocol charges tracked this restoration, closing 2025 at roughly $16.86 million, reflecting steadier, execution-driven derivatives utilization relatively than volatility-driven spikes.
Participation metrics confirmed the same trajectory. Weekly energetic merchants declined early within the yr earlier than strengthening via the second half, reaching roughly 12,700 energetic merchants in This autumn, the very best stage of the yr.
The Basis additionally supplied updates on DYDX token dynamics. As of year-end, roughly 83% of the DYDX token provide is unlocked, with nearly all of emissions now full. The variety of DYDX token holders elevated by roughly 85% year-over-year, reaching 98,000 holders, whereas greater than 34,000 addresses take part in staking. Roughly 237 million DYDX are staked to validators, supporting community safety.
“2025 marked an necessary transition for the dYdX ecosystem,” stated Charles d’Haussy, CEO of the dYdX Basis. “Participation recovered meaningfully within the second half of the yr whereas leverage remained extra disciplined, reflecting a maturing market construction and a shift towards extra sustainable, execution-led buying and selling exercise.” – optimistic quantity (variety of merchants is that this and that – add extra stats and desk)
The visitor phase with Wintermute targeted on the evolution of crypto derivatives market construction and the rising convergence between onchain and conventional monetary markets. The dialogue coated the position of perpetual futures because the dominant crypto derivatives product, the rise of fairness perps, and the implications of steady, 24/7 market entry for execution high quality and danger administration.
The decision additionally included updates on current governance-approved initiatives and integrations aimed toward bettering liquidity depth, execution high quality, and market accessibility, adopted by a stay question-and-answer session.
Supplies from the January Analyst Name, together with the total 2025 dYdX Annual Ecosystem Report, can be found via the dYdX Basis’s public channels.
In regards to the dYdX Basis
The dYdX Basis is an unbiased not-for-profit group primarily based in Zug, Switzerland. Its mission is to assist the present and future implementations of the dYdX protocol and foster community-driven governance and development throughout the ecosystem.
Disclaimer
The content material right here is for informational and academic functions solely; it ought to NOT be taken as authorized, enterprise, tax, or funding recommendation or be used to guage any funding or safety. All figures and charts are primarily based on probably the most correct information out there and could also be topic to updates. For extra particulars, please see https://www.dydx.basis/terms-of-use
Contact
Winfred Okay. Mandela
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