January 21, 2026 – Zug, Switzerland
The dYdX Foundation hosted its ‘January Analyst Call’ on January 20, 2026, featuring a guest discussion with global liquidity provider Wintermute, alongside updates on protocol performance, governance developments and broader market conditions.
The session brought together analysts, token holders and ecosystem participants for a data-driven review of activity across the dYdX ecosystem through the end of 2025 and into early 2026.
During the call, the Foundation reviewed metrics from the recently published 2025 dYdX Annual Ecosystem Report, which detailed activity across the protocol through the end of the year.
According to the report, dYdX facilitated approximately $1.6 trillion in cumulative trading volume across all protocol versions, with $64.7 million in cumulative protocol fees generated since the launch of dYdX version four.
Trading activity followed an adjustment-and-recovery pattern in 2025, with volumes declining from approximately $26.1 billion in Q1 to $16.0 billion in Q2, before rebounding in the second half of the year and reaching $34.3 billion in Q4, the strongest quarter of the year.
December 2025 trading volume totaled approximately $11.5 billion, representing the second-strongest month of Q4 despite a softer industry-wide trading environment into year-end.
Protocol fees tracked this recovery, closing 2025 at approximately $16.86 million, reflecting steadier, execution-driven derivatives usage rather than volatility-driven spikes.
Participation metrics showed a similar trajectory.
Weekly active traders declined early in the year before strengthening through the second half, reaching approximately 12,700 active traders in Q4, the highest level of the year.
The Foundation also provided updates on DYDX token dynamics.
As of year-end, approximately 83% of the DYDX token supply is unlocked, with the majority of emissions now complete.
The number of DYDX token holders increased by approximately 85% YoY (year-over-year), reaching 98,000 holders, while more than 34,000 addresses participate in staking.
Approximately 237 million DYDX are staked to validators, supporting network security.
Charles d’Haussy, CEO of dYdX Foundation, said,
“2025 marked an important transition for the dYdX ecosystem.
“Participation recovered meaningfully in the second half of the year while leverage remained more disciplined, reflecting a maturing market structure and a shift toward more sustainable, execution-led trading activity.”
The guest segment with Wintermute focused on the evolution of crypto derivatives market structure and the growing convergence between onchain and traditional financial markets.
The discussion covered the role of perpetual futures as the dominant crypto derivatives product, the rise of equity perps and the implications of continuous, 24/7 market access for execution quality and risk management.
The call also included updates on recent governance-approved initiatives and integrations aimed at improving liquidity depth, execution quality and market accessibility, followed by a live Q&A session.
Materials from the January Analyst Call, along with the full 2025 dYdX Annual Ecosystem Report, are available through the dYdX Foundation’s public channels.
About the dYdX Foundation
The dYdX Foundation is an independent not-for-profit organization based in Zug, Switzerland.
Its mission is to support the current and future implementations of the dYdX protocol and foster community-driven governance and growth across the ecosystem.
Disclaimer
The content here is for informational and educational purposes only. It should not be taken as legal, business, tax or investment advice or be used to evaluate any investment or security.
All figures and charts are based on the most accurate data available and may be subject to updates.
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Contact
Winfred K Mandela, dYdX Foundation
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