dYdX 2025 Annual Report: Transition from Volatility Cycles to Institutional-Grade Liquidity

By 2025, decentralized derivatives had become a major segment of DeFi, with dYdX positioned among its most influential platforms. With over $1. 5 trillion in cumulative trading volume and a revamped tokenomics model that aligns protocol success with token holders, the protocol is no longer just a DEX, it’s evolving into a complete market infrastructure layer. The year 2025 will be remembered as the moment decentralized finance (DeFi) transitioned from its experimental phase into a realm of durable, institutional participation source: https://beincrypto.com/dydx-2025-annual-report-institutional-liquidity/