Gm, Bm, Lm Citonauts!

This week, we’re diving into dYdX — one of crypto’s leading perpetual trading platforms. In this report, we’ll cover:

• An overview of dYdX

• Key metrics an highlights

• Recent developments and the 2025 roadmap

Let’s jump in!

Overview of dYdX

dYdX is a fully decentralized pro trading platform, built as a Cosmos chain with IBC enabled.

Originally designed for advanced users familiar with leverage and high-frequency trading, dYdX has now expanded its offerings — making it easier for beginners through its user-friendly mobile apps.

What sets dYdX apart from the competition?

• Open-source infrastructure — truly aligned with the crypto ethos

• Established in 2017 — dYdX has survived two+ crypto cycles and multiple exploits

• Battle-tested & trusted — the leading decentralized derivatives platform

• Built with integrity — prioritizing transparency and a long-term vision

• Decentralized — secured by 1,000+ stakers and 60+ validators

• Well-funded — $150M+ in the dYdX Labs treasury, with hundreds of millions more managed by the DAO

Key Metrics & Highlights

On-chain Metrics

• 243 traded markets since genesis, with 238 launchable markets

• $304B in total trading volume on the dYdX chain

• 27.9K unique trader addresses

• $1.5M in the insurance fund

• $66.3M in fees generated

• $245M in TVL

The number of weekly active traders is increasing compared to early 2024.
Even during the altcoin bear market, trader activity on dYdX has remained steady, showing strong user retention and resilience.

Tokenomics

• Circulating Supply: 765.78M DYDX

• 83% of tokens are already unlocked

• Token emissions will drop by 50% starting June 2025

• All tokens will be fully unlocked by June 2026

End of 2024 stats (from the dYdX Ecosystem Report):

• 53K holders — a 292% increase year-over-year

• 17.7K stakers with 241.2M DYDX staked

• Median staking APR (2024): 14.93%

There is an active proposal to end support for ethDYDX. Currently, over 110M DYDX remains on Ethereum. Unbridged tokens will no longer be convertible after June 2025, so if you’re holding DYDX on Ethereum, bridge to the dYdX Chain now.

dYdX Unlimited

Launched in November 2024, dYdX Unlimited marks the platform’s biggest upgrade yet, introducing:

• Instant market listing: Launch any market instantly, with zero fees. Over 50 new markets were listed permissionlessly by the dYdX community within just 1.5 months after launch.

• MegaVault: Provides automated liquidity for any market while generating yield for liquidity providers.

• Affiliate Program: A transparent system with instant payouts for participants.

Recent Developments

New iOS Trading Experience

dYdX launched its iOS and Android apps in early 2024, bringing decentralized trading to mobile.
In February 2025, the iOS app received a major upgrade with a revamped trading experience:

• Smooth UX — now comparable to leading CEX platforms

• Easy Mode & Pro Mode — catering to both beginners and advanced traders

• One-Click Trade Automation — set and execute strategies with ease

Download the app and try it out here.

dYdX Buyback Program

Starting March 24, 2025, 25% of dYdX's net protocol revenue is used to buy DYDX tokens from the open market.

The Treasury SubDAO will handle these purchases on a monthly basis and stake the acquired tokens — creating:

• Sustained buying pressure on DYDX

• Enhanced network security through increased staking

• Aligned incentives across all stakeholders — both token holders and the dYdX network benefit from the platform’s growth

Currently, the protocol revenue is distributed as follows:

• 40% – Staking rewards

• 25% – Buyback program

• 25% – MegaVault (liquidity incentives)

• 10% – Treasury SubDAO (financial sustainability initiatives)

In the future, the community can vote to increase the allocation to the buyback program, further aligning incentives and supporting DYDX token value.

dYdX Surge

dYdX Surge is a 9-month incentive program managed by Chaos Labs, aimed at boosting trading activity and liquidity on the dYdX Chain.

• $13M–$20M in notional DYDX will be allocated from the treasury

• First 6 months: All rewards go to takers to increase trading activity

• Final 3 months: A portion of rewards will go to makers to enhance liquidity

As more users trade on dYdX → Higher volume → More protocol fees → Greater value for DYDX holders

Season 1 is live — check the leaderboard here.

Roadmap

Immediate Roadmap

• Improved reliability — Enhanced indexer performance and a more stable website, ensuring dYdX is always fast and reliable.

• Instant deposits, withdrawals, and bridging — powered by Skip protocol and IBC Eureka.

• New mobile interface — A fully revamped UI tailored for retail traders.

• Enhanced trading features — Including new order types and funding rate history.

• Expanded market listings — More markets will be available for permissionless instant listing.

Long-Term Vision: Trade Anything

dYdX is building toward a future where anything can be traded — instantly, permissionlessly, and with deep liquidity.

What this includes:

• Trade any asset — From real-world assets (RWAs) to prediction markets and beyond

• Spot trading — Enabled by IBC Eureka for seamless cross-chain asset access

• Multi-asset margining — Use a wide range of crypto assets as collateral

• Native wallet integration — For a secure and intuitive trading experience

• Expanded token utility — More perks, access, and benefits for DYDX holders

  
  

Disclosure: DYDX is our content partner.