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2024
‍Ecosystem
Report

Toward "Trade Anything"
2024 in Brief

2024 was a year of remarkable growth for dYdX, with $270B in trading volume pushing cumulative volume past $1.46T since 2021.

The community earned $63M in rewards, deposited 79M USDC into MegaVault, launched 150+ markets, and passed 189 governance proposals - proving DAOs can scale and innovate.

About dYdX Foundation

As DeFi’s pro trading platform, dYdX empowers traders with innovative features and early market access, driven by its mission to let you Trade Anything.

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$1.46T
(
$130B)
Trading Volume
Since 2021
$45M
(
$20M)
Protocol Fees
Generated
$79M
USDC Deposited into MegaVault
Visit MegaVault
175
(
101)
Total Markets
Available
See Markets Here
189
(
122)
Governance
Proposals
View Proposals

Table of Contents

dYdX in 2024: Growth & Milestones
The ‘Trade Anything’ Vision
Governance & Ecosystem
Looking Ahead: Vision for 2025
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New Partners

dYdX Unlimited

01

dYdX Unlimited

dYdX Unlimited

The launch of dYdX Unlimited in November 2024 introduced groundbreaking features like Instant Market Listings and MegaVault, unlocking hundreds of new markets. Over 50 have already been launched instantly and permissionlesly by the dYdX community, with new ones being added daily.

To realize the “Trade Anything” vision, a next-generation liquidity solution is essential to make thousands of new markets tradable. MegaVault is at the heart of dYdX’s liquidity strategy, acting as a master liquidity pool serving dYdX markets, while also generating yield for users.

In just six weeks, MegaVault reached a TVL of over $70M with an APR exceeding 40%, showcasing strong product-market fit

DYDX Tokenomics

02

DYDX Token

DYDX Token

The DYDX token drives permissionless trading on dYdX, empowering traders to create markets and shape the protocol’s future through community governance. As of January 2025, DYDX boasts 53,000 holders and 17,700 stakers securing the network by locking 241.2 million tokens at a median APR of 14.93%.

Supported by tens of thousands of dedicated community members, DYDX is breaking barriers to create a permissionless future where any asset under the sun can be traded.

Key Metric Growth

03

Key Metric Growth

Key Metric Growth

In 2024, dYdX experienced significant growth in active traders, increasing by 52% from Q1 to Q4 and reaching a peak of 10,749 in the final quarter.

Open Interest expanded by 132% over the year, rising from $140M to $325M in Q4. The dYdX community generated over $270B in trading volume in 2024, resulting in $45M in fees. Total Value Locked (TVL) saw a sharp increase in the latter half of the year, climbing from $100M in April to over $400M by December.

Looking Ahead

04

Looking Ahead

Looking Ahead

The momentum behind decentralized trading is undeniable. In 2024, perpetual DEX volumes skyrocketed from $81 billion in January to $242 billion by December, reaching an extraordinary $1.5 trillion for the year -a staggering 132% year-over-year increase. If this year matches the same growth rate, perpetual trading volume on decentralized exchanges could reach $3.48T in 2025.

Meanwhile, DEXes expanded their spot market share from 9% to 20%, steadily closing the gap with centralized exchanges. As we advance toward our "Trade Anything" vision, 2025 is set to be a breakthrough year for DEXs.

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