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On-chain derivatives continue to heat up. The dYdX Foundation recently released its 2025 ecosystem report, and the data is quite impressive — total trading volume has surpassed $1.55 trillion, fully demonstrating that the adoption of on-chain derivatives infrastructure is accelerating.
The most interesting part is the rebound in quarterly performance. Trading volume in Q2 was about $16 billion, and by Q4 it doubled to $34.3 billion, making it the strongest single quarter of last year. This resilience is quite convincing.
There are also new developments in token economics. dYdX launched a buyback program, which, after governance voting, directly increased the share to 75% of the protocol’s net revenue. This to some extent reflects a commitment to the long-term development of the ecosystem.
Community engagement is also steadily increasing. By the end of 2025, the number of DYDX holders had reached approximately 98,000. From the digital growth, the ecosystem’s stickiness is continuously improving.
Doubling in Q4 is a bit intense. Is this only happening because the bull market is here?
A 75% buyback is indeed a bit sincere, unlike some projects that keep making empty promises every day.
There are still quite few holders at 98,000; it's far behind other major projects.
Is the ecosystem's stickiness really increasing? Or is this just another numbers game?
The 75% buyback move is a bit aggressive, it feels like a gamble on sustained future performance.
However, honestly, the 98,000 holders still seem a bit quiet, definitely not on the same scale as Aave.
It seems dYdX is still trying to turn the situation around, let's wait and see.
The bad news is that these numbers really can't withstand a bear market, the good news is that at least they are still trying to make moves.
Buying back 75% of revenue? Is this to spend money to stabilize the market or is it a sign of confidence? Thinking about it, there might be something there.
Only this many holders with 98,000? Feels like they need to keep extracting value…
It seems that derivatives are really picking up, but the idea of ecosystem stickiness is a bit questionable.
From 160 to 343, this rebound momentum is pretty good.
The track's popularity is real, but I’m just worried it might be another prelude to a wave of retail investors getting burned.
With so few holders… isn’t that a signal?
Doubling in Q4 is indeed something, but I'm just worried it might fall apart later.
Buyback of 75%? That's a strong move, much better than some projects I know.
Over ninety thousand holders is okay, but how many are truly active is another story.
Whether the derivatives track can continue to hold this year depends mainly on market sentiment.
Buybacks to 75% of net income, it seems like they really want to make this a long-term thing, but it still depends on execution.
98,000 holders... Hmm, that's still too few compared to the total population. When will it break a million?
Doubling in the fourth quarter? I'll first check whether the 34.3 billion includes suspicious addresses engaging in concentrated trading to inflate volume.
A 75% buyback protocol net income? It sounds promising, but the real question is—where did this money come from, and which addresses did it flow to? I need to trace it.
98,000 holders is a good number, but what is the percentage of holdings held by the top ten addresses? That’s the true measure of stickiness.
Data can lie, but on-chain addresses won't. I'll wait until I pull the contract addresses before discussing further.
dYdX repurchasing 75% of net income sounds like it’s supporting the token. Is this a long-term commitment or a bit of an overreaction?
The 98,000 holders seem to have increased, but in terms of the overall scale of the derivatives market, the penetration rate is still quite low.
The key question is how long this rebound can last. What if it cools down again next quarter?
The 34.3 billion in Q4—how much of that is genuine trading demand versus speculative piling?
Buyback of 75% of net income? dydx's move is quite brilliant; at least now we see the project team backing up their words with actions.
Over 90,000 holders... to be honest, this number is average, but given the momentum heading into Q4, there should still be potential.
Derivatives definitely have room for imagination; it all depends on whether they can withstand the next bear market.