dYdX Shares Key Highlights from December Analyst Call
[PRESS RELEASE – Zug, Switzerland, December 18th, 2025]
The dYdX Foundation not too long ago hosted its Monthly Analyst Call for December, along with dYdX Labs, offering an summary of protocol exercise, governance actions, ecosystem integrations, and incentive applications throughout a interval of combined market situations. The name is a part of the Foundation’s ongoing dedication to transparency and structured communication with analysts, token holders, and ecosystem contributors.
Despite softer buying and selling exercise throughout the broader crypto derivatives market in November, dYdX demonstrated continued momentum. Over the latest 30-day interval, the protocol recorded $16.1 billion in perpetual buying and selling quantity, representing the strongest rolling month of This fall and a transparent step-up. Daily volumes ceaselessly exceeded $600–800 million, a 2-3X progress in dealer engagement and rising on-chain liquidity even amid extra cautious market sentiment.
A central theme of the December name was the function of governance in shaping protocol progress. During the month, dYdX Governance accepted Surge Season 9, together with a 50% price rebate for UI and API merchants and a $1 million Targeted Incentive Program designed to assist dealer retention during times of elevated volatility.
Governance additionally accepted the extension of fee-free buying and selling for BTC and SOL perpetuals from November into December. This initiative was designed to stimulate on-chain exercise and market depth following broader market volatility earlier within the quarter, whereas providing merchants direct price aid on two of the protocol’s most actively traded markets.
December additionally marked an necessary growth of dYdX’s product floor with the launch of Solana Spot buying and selling on dYdX. The addition of spot markets marks a strategic step towards broadening dYdX’s addressable consumer base and supporting a wider vary of buying and selling methods past perpetuals.
Notably, Solana spot buying and selling on dYdX can be accessible to customers within the United States, positioning spot markets as a key entry level for U.S.-based contributors. This launch reinforces dYdX’s longer-term imaginative and prescient of supporting a number of asset courses and consumer segments by way of on-chain infrastructure, whereas navigating evolving regulatory environments.
December additional highlighted the increasing scope of dYdX’s ecosystem integrations. Governance formally accepted BONK as an official dYdX integration accomplice, enabling a first-of-its-kind, community-aligned derivatives deployment. BONK’s newly launched perp DEX, powered by dYdX infrastructure, redirects 50% of all buying and selling charges on to the BONK DAO, aligning protocol utilization with group worth creation. Fee-free BONK perpetuals on bonk.commerce mark an extra step in experimenting with new distribution and revenue-sharing fashions.
Network safety and alignment remained robust. Approximately 273 million DYDX have been staked as of mid-December, representing a considerable portion of the circulating provide. During the interval, DYDX buybacks continued alongside staking of the bought-back tokens, reinforcing long-term incentives for tokenholders and validators.
Charles d’Haussy, CEO of the dYdX Foundation, commented:
“December demonstrated the power of dYdX’s governance-led mannequin. The protocol continues to develop volumes, ship new integrations, and deploy focused incentive applications. These outcomes replicate a maturing ecosystem the place governance and infrastructure work collectively to assist sustainable progress.”
About the dYdX Foundation
The dYdX Foundation is an impartial not-for-profit group based mostly in Zug, Switzerland. Its mission is to assist the present and future implementations of the dYdX protocol and foster community-driven governance and progress throughout the ecosystem.
Disclaimer
The content material right here is for informational and academic functions solely; it ought to NOT be taken as authorized, enterprise, tax, or funding recommendation or be used to judge any funding or safety. All figures and charts are based mostly on probably the most correct information accessible and could also be topic to updates. For extra particulars, please see https://www.dydx.foundation/terms-of-use.
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