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

The dYdX Foundation recently hosted its Monthly Analyst Call for December, focusing on protocol activity, governance measures, ecosystem integrations, and incentive programs amidst mixed market conditions. This reflects the Foundation’s commitment to transparency with analysts, token holders, and ecosystem participants.

Despite a reduction in trading activity across the broader crypto derivatives market in November, dYdX showcased sustained momentum. In the last 30 days, the protocol documented $16.1 billion in perpetual trading volume, marking it as the most robust month in Q4 and reflecting significant growth. Daily volumes often exceeded $600-800 million, indicating a 2-3X increase in trader engagement and enhanced on-chain liquidity despite cautious market sentiment.

A central topic during the call was governance’s influence on protocol growth. This month, dYdX Governance approved Surge Season 9, featuring a 50% fee rebate for UI and API traders and a $1 million Targeted Incentive Program aimed at bolstering trader retention during high volatility periods.

Table

Governance also sanctioned the extension of fee-free trading for BTC and SOL perpetuals from November into December. This initiative aimed to boost on-chain activity and market depth following heightened market volatility earlier this quarter, while offering traders direct cost savings on two of the protocol’s most actively traded markets.

December marked a significant expansion in dYdX’s product offerings with the introduction of Solana Spot trading on dYdX. The launch of spot markets is a strategic move to widen dYdX’s user base and accommodate various trading strategies beyond perpetuals. Notably, Solana spot trading on dYdX is also accessible to users in the United States, positioning these markets as pivotal entry points for U.S. participants. This launch strengthens dYdX’s long-term vision of supporting multiple asset classes and user segments through on-chain infrastructure amid changing regulatory landscapes.

The month further emphasized dYdX’s growing ecosystem integrations, with Governance formally approving BONK as an official dYdX integration partner, resulting in a community-aligned derivatives deployment. BONK’s newly launched perp DEX, utilizing dYdX infrastructure, channels 50% of all trading fees directly to the BONK DAO, connecting protocol utilization to community value creation. Fee-free BONK perpetuals on bonk.trade signify another exploration into innovative distribution and revenue-sharing models.

The security and alignment of the network remain robust, with approximately 273 million DYDX staked as of mid-December, comprising a substantial portion of the circulating supply. Throughout this period, DYDX buybacks persisted alongside the staking of repurchased tokens, reinforcing long-term incentives for tokenholders and validators.

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

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

About the dYdX Foundation

The dYdX Foundation is a nonprofit organization based in Zug, Switzerland, dedicated to supporting the current and future implementations of the dYdX protocol and promoting community-led governance and growth within the ecosystem.

Disclaimer

The content provided here is solely for informational and educational purposes; it should NOT be construed as legal, business, tax, or investment advice. All figures and charts are based on the most accurate data available and are subject to change. For detailed information, please refer to dYdX Foundation Terms of Use.