2025
Semi-Annual Ecosystem Report

A Path to 'Trade Anything'

2025 in Brief

The first half of 2025 was a period of accelerating momentum for dYdX, driven by major initiatives including dYdX Surge, a $20M trading competition, alongside the launch of the Kaito Yapper Leaderboard, the new iOS App, and the Buyback program.

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In H2 2025, dYdX is doubling down on trader growth by expanding the Surge program, piloting a user vault product, and launching a next-gen trading competition infrastructure to activate, retain, and reward a new wave of onchain traders.

About dYdX Foundation

The dYdX Foundation is an independent not-for-profit foundation headquartered in Zug, Switzerland. Our purpose is to support implementation of the dYdX protocol and to foster community-driven growth in the dYdX ecosystem.

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$310B

Trading Volume

$54.7M

Protocol Fees

250

Markets Available

$70M

Total DYDX Token Holders

248

Governance
Proposals

$44.9M

Rewards 
Distributed

dYdX in H1 2025: Growth & Milestones

  • Executive Summary
  • A Message From Leadership
  • Key Milestones & Achievements
  • DYDX Token

Community Driven Growth

  • Launching dYdX Surge - $20M Trading Competition
  • Rewarding the Voice of the Community
  • Key Protocol & Grown Metrics

Ecosystem & Governance

  • Ecosystem Funding: Grants subDAO
  • Infrastructure: Ops subDAO
  • Asset Management & Buybacks: Treasury subDAO
  • Ecosystem Growth: dYdX Foundation
  • Financial Transparency: dYdX Foundation

Looking Ahead: Vision for 2025

  • H2 2025 Roadmap: dYdX Trading
  • The Evolution of Decentralized Derivatives
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01

H1 2025 Achievements

H1 2025 Achievements

01

H1 2025 Achievements

DYDX Buyback Program

The dYdX community proposed and passed a new buyback program, allocating 25% of net protocol fees to open market purchases of DYDX.

New iOS App Introduced

A reimagined iOS App designed to onboard the next wave of traders to DeFi perps on dYdX.

New Trading Competition Infrastructure

Funded by dYdX Grants, this new infrastructure enables traders, affiliates and KOLs to run trading competitions on independently for their communities on dYdX.

$20M Trading Comp - dYdX Surge Launched

dYdX Surge launched as one of the largest onchain trading competitions to date, with $20M in rewards across nine seasons.

Kaito Yapper Leaderboard

First large-scale SocialFi campaign from dYdX distributed monthly rewards to community members adding the most value to the discussion.

dYdX Surge

02

dYdX Surge

02

dYdX Surge: $20M Trading Competition

Launched in April 2025, the dYdX Surge Program is a nine-month, $20 million community initiative designed to boost trading activity, deepen liquidity, and re-engage users. By rewarding every taker trade, Surge creates consistent, on-chain incentives that drive volume and platform engagement. Season 1 saw strong participation, with $1.4 million distributed to thousands of traders.

03

Voice of the Community

Voice of the Community

03

Rewarding the Voice of the Community

As part of dYdX’s broader push into SocialFi, the Yapper Leaderboard transforms Crypto Twitter into a competitive arena for influence and insight. Built in collaboration with Kaito, the initiative ranks and rewards accounts that drive meaningful, original conversation about dYdX.

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Each 30-day season distributes $50,000 in DYDX to the top 100 contributors, with standout creators earning up to $2,500. By turning social commentary into measurable mindshare, the program has energized the community, spotlighted new advocates, and reinforced dYdX’s position at the center of the onchain discourse.

$150k

In Rewards for
dYdX Yappers

94%

(+193%)

Net Brand Sentiment

12%

(+195%)

Mindshare

04

dYdX Trading Product Update

Product Update

04

dYdX Trading Product Update

In March 2025, dYdX Trading Inc (“dYdX Trading”) reaffirmed its commitment to building robust and scalable decentralized trading software by outlining a clear plan and its most ambitious product roadmap to date.

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Building for a broad community of users, with advanced features for pro traders.

H1 Achievements

  • ‍API Performance: Achieved a 98% reduction in p95 response times.

  • New iOS App: Reimagined iOS software developed for the next generation of perpetual traders.

  • Instant Deposits: Cut transaction times for adding funds from 20 minutes to under 1.

Long Term Vision

  • Spot Trading & Multi-Asset Margining: Leverage IBC Eureka to enable secure cross-chain transfers, paving the way for spot trading and new collateral types.

  • ”Trade Anything” Protocol Expansion: Build software for long-tail, pre-launch, and real-world assets.

Semi-Annual Report

A Breakthrough Half-Year: See What Made 2025 Amazing

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Awarded Institutional DeFi Solution of the Year by Hedgeweek
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1 Leaderboard, 9 Seasons and [[$20M on the Line in Rewards]]
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