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.