dYdX Foundation has released the 2025 dYdX ecosystem annual report. The report shows that its historical cumulative trading volume has surpassed $1.55 trillion. The trading volume in the fourth quarter of 2025 was $34.3 billion, the highest quarterly volume of the year, while the second quarter trading volume was about $16 billion. In terms of product expansion, dYdX has launched Solana native spot trading and, with governance approval, expanded the buyback scale to 75% of the protocol’s net revenue. In execution, distribution, and governance, dYdX’s focus remains on building a lasting foundation to support sustained participation and long-term development as on-chain derivatives continue to grow and mature.