dYdX shares key highlights from the December analyst call

[PRESS RELEASE – Zug, Switzerland, December 18th, 2025]

The dYdX Foundation recently co-hosted its December monthly analyst call with dYdX Labs, which provided an overview of protocol activity, governance actions, ecosystem integrations and incentive programs during a period of mixed market conditions. The call is part of the Foundation’s ongoing commitment to transparency and structured communication with analysts, token holders and ecosystem participants.

Despite softer trading activity in the broader crypto derivatives market in November, dYdX showed continued momentum. During the most recent 30-day period, the protocol was recorded $16.1 billion in perpetual trading volumewhich represents the strongest moving month of the fourth quarter and a clear increase. Daily volumes are often exceeded $600-800 million2-3x growth in merchant engagement and growing on-chain liquidity, even amid more cautious market sentiment.

A central theme of the December call was the role of governance in shaping protocol growth. During the month, dYdX Governance has approved Surge Season 9including one 50% discount on fees for UI and API merchants and a Targeted $1 million stimulus program designed to support trader retention during periods of increased volatility.

The board also approved the expansion of fee-free trading in BTC and SOL perpetuals from November to December. This initiative was intended to boost on-chain activity and market depth following broader market volatility earlier this quarter, while providing traders with immediate cost relief on two of the protocol’s most actively traded markets.

December also marked a major expansion of dYdX’s product footprint with the launch of Solana Spot trading on dYdX. The addition of spot markets marks a strategic step toward broadening dYdX’s addressable user base and supporting a broader range of trading strategies beyond perpetuals.

Remarkably, Solana spot trading on dYdX is also available to users in the United Statespositioning spot markets as a key entry point for US-based participants. This launch reinforces dYdX’s long-term vision to support multiple asset classes and user segments through on-chain infrastructure while navigating evolving regulatory environments.

December further highlighted the growing scope of dYdX’s ecosystem integrations. Board formally approved BONK as official dYdX integration partnerenabling unique, community-tailored deployment of derivatives. BONK’s newly launched offender DEX, powered by dYdX infrastructure, leads diversions 50% of all trading fees directly to the BONK DAOwhere protocol use is aligned with the creation of community value. Free BONK perpetuals on bonk.trade mark an additional step in experimenting with new distribution and revenue sharing models.

Network security and coordination remained strong. About 273 million DYDX were deployed from mid-December and represented a significant part of the circulating supply. During the period, DYDX buybacks continued alongside the staking of the redeemed tokens, reinforcing long-term incentives for token holders and validators.

Charles d’Haussy, CEO of the dYdX Foundation, commented:

“December demonstrated the power of the dYdX-driven model. The protocol continues to grow volumes, ship new integrations, and deploy targeted incentive programs. These results reflect a maturing ecosystem where governance and infrastructure work together to support sustainable growth.”

About the dYdX Foundation

The dYdX Foundation is an independent non-profit organization based in Zug, Switzerland. Its mission is to support current and future implementations of the dYdX protocol and promote community-driven governance and growth across the ecosystem.

Disclaimer

The content here is for informational and educational purposes only; it should NOT be construed as legal, business, tax or investment advice and should NOT be used to evaluate any investment or security. All figures and graphs are based on the most accurate data available and may be subject to updates. For more details, see https://www.dydx.foundation/terms-of-use.