According to @dydxfoundation, November and December marked a clear risk-off phase in crypto, with softer trader sentiment, thinner liquidity, and declining volumes across the industry, source: dYdX Foundation. Pricing adjusted into year-end alongside this reduced activity and softer sentiment, source: dYdX Foundation. Heading into Q1, sentiment remains constructive as regulatory clarity improves and macro conditions stabilize, indicating a more supportive backdrop for market participation, source: dYdX Foundation.

According to @dydxfoundation, dYdX now offers trading fee discounts for DYDX stakers, enabling users to lower fees and improve execution economics on the exchange, source: dYdX Foundation on X, Dec 29, 2025. Users can stake DYDX directly via the platform UI, with the feature accessible in the Portfolio tab on dydx.trade, source: dYdX Foundation on X, Dec 29, 2025.

According to dYdX Foundation, its December 2025 Analyst Call sets a 2026 roadmap focused on tighter Spot and Perps integration, accelerated adoption, and an expanded ecosystem of traders and partners around dYdX, which are key for trading depth and product cohesion. Source: dYdX Foundation. According to dYdX Foundation, on-chain derivatives are now clearing nearly $1T per month, establishing a supportive backdrop for perpetuals activity and liquidity. Source: dYdX Foundation. According to dYdX Foundation, trading-relevant updates covered include a protocol overview, active trading fee discounts, a DYDX buybacks progress update, and December initiatives such as Surge Season 9. Source: dYdX Foundation. According to dYdX Foundation, market-facing integrations and campaigns include BTC and SOL fee holidays, BONK integration, Solana spot trading, FOXIFY integration, and a Crypto.com campaign, alongside a Q&A segment for additional context. Source: dYdX Foundation. According to dYdX Foundation, the session was hosted by Charles d’Haussy (CEO, dYdX Foundation) with the President of dYdX Labs in attendance and reviewed 2025 highlights and the evolving dYdX ecosystem map for traders. Source: dYdX Foundation.

According to dYdX Foundation, on-chain crypto derivatives are now clearing approximately $1 trillion per month, highlighting a sharp expansion in decentralized derivatives activity; source: dYdX Foundation on X, Dec 29, 2025. According to dYdX Foundation, its December 2025 dYdX Analyst Call provides a snapshot of how quickly this market is maturing; source: dYdX Foundation on X, Dec 29, 2025. According to dYdX Foundation, on-chain derivatives are no longer early, reflecting ongoing market maturation; source: dYdX Foundation on X, Dec 29, 2025.

According to dYdX Foundation, on-chain trading venues are no longer merely alternatives to centralized exchanges and are becoming core venues for execution, driven by a shift highlighted in their statement (source: dYdX Foundation on X, Dec 29, 2025). The foundation cites five key drivers for routing order flow on-chain: self-custody, transparency, liquidity, price, and speed, indicating improving execution quality on DEXs relative to CEXs (source: dYdX Foundation on X, Dec 29, 2025). For traders, this implies monitoring on-chain order book depth, realized slippage, and latency alongside CEX benchmarks to capture tighter spreads and competitive pricing as liquidity consolidates on-chain (source: dYdX Foundation on X, Dec 29, 2025). Strategy-wise, consider adaptive routing that compares on-chain price-time priority and liquidity with CEX quotes in real time to optimize fill quality and cost (source: dYdX Foundation on X, Dec 29, 2025).

According to @dydxfoundation, Solana spot trading is now live on dYdX as of Dec 29, 2025. Source: dYdX Foundation on X, Dec 29, 2025. The platform now offers Spot and Perps in one interface, enabling more integrated trading strategies and global access, including for US users. Source: dYdX Foundation on X, Dec 29, 2025.

According to @dydxfoundation, dYdX Governance approved a BONK integration that enables a community-aligned derivatives deployment powered by dYdX, with 50% of fees flowing to the BONK DAO (source: dYdX Foundation on X, Dec 29, 2025). The same source stated that distribution remains a key theme, highlighting the fee-sharing structure for BONK ecosystem participants (source: dYdX Foundation on X, Dec 29, 2025).

According to @dydxfoundation, December incentives under Surge Season 9 include 50% fee rebates for UI and API traders, a $1M liquidation rebate to soften volatility impacts, and extended BTC and SOL fee holidays (source: @dydxfoundation, Dec 29, 2025). The same source specifies these incentives are live for December on dYdX and are aimed at reducing trading costs and mitigating liquidation-related losses during volatile conditions (source: @dydxfoundation, Dec 29, 2025).

According to @dydxfoundation, BTC and SOL fee holidays produced a 2–3x increase in trading volume on dYdX, with no destabilising impact on fees, source: dYdX Foundation via X on Dec 29, 2025. According to @dydxfoundation, the team identifies Fee Holidays as a clear growth lever for the exchange, source: dYdX Foundation via X on Dec 29, 2025. For trade execution, @dydxfoundation’s update indicates that fee holiday periods on dYdX have coincided with materially higher BTC and SOL trading activity, which traders can monitor when planning entries and exits, source: dYdX Foundation via X on Dec 29, 2025.

According to @dydxfoundation, all dYdX (DYDX) buyback activity is transparently tracked on the live dashboard at buyback.dydx.trade (source: @dydxfoundation; source: buyback.dydx.trade). The dashboard provides real-time visibility into buyback transactions and timing that traders can monitor to stay informed on activity cadence (source: @dydxfoundation; source: buyback.dydx.trade).

According to @dydxfoundation, buybacks were a focus of the December call and 75% of protocol fees are currently routed to DYDX buybacks to reinforce economic security and long-term alignment with token holders, source: dYdX Foundation (X, Dec 29, 2025). For DYDX traders, this policy directly links protocol fee run-rate to recurring buy-side demand from buybacks, creating a measurable input for assessing market impact, source: dYdX Foundation (X, Dec 29, 2025). Monitoring protocol fee trends can therefore help estimate the pace of DYDX buybacks funded by fees, without implying any price outcome, source: dYdX Foundation (X, Dec 29, 2025).

According to @dydxfoundation, DYDX stakers can now activate trading fee discounts directly within the dYdX UI to reduce costs and improve P&L (source: @dydxfoundation). The announcement specifies that staking DYDX unlocks the fee discount, with no additional details on discount tiers or amounts provided in the post (source: @dydxfoundation).

According to @dydxfoundation, about 230 million DYDX is currently staked, representing roughly 30% of the circulating supply (source: @dydxfoundation). Based on these figures, the implied circulating supply is approximately 767 million DYDX and the staked share is about 30%, providing traders with a clear view of locked versus liquid float for execution planning (calculation from figures shared; source: @dydxfoundation). Unstaking activity has remained modest throughout 2025, indicating limited withdrawal flows during the period reported (source: @dydxfoundation). A new incentive has gone live, and traders should review the official details to understand participation parameters before adjusting positions (source: @dydxfoundation).

According to @dydxfoundation, the protocol has generated approximately $63 million in fees since November 2024 (source: https://twitter.com/dydxfoundation/status/2005574723221241873, Dec 29, 2025). It currently offers about 240 active markets, indicating broad market coverage within the protocol universe (source: https://twitter.com/dydxfoundation/status/2005574723221241873, Dec 29, 2025). DYDX holders now exceed 90,000 and are tracking toward 100,000 in January, highlighting continued user growth (source: https://twitter.com/dydxfoundation/status/2005574723221241873, Dec 29, 2025). Stakers number over 34,000 with roughly $50 million in staking rewards distributed, quantifying realized on-chain yield payouts (source: https://twitter.com/dydxfoundation/status/2005574723221241873, Dec 29, 2025). Lifetime volume across all protocol versions has surpassed $1.52 trillion, underscoring sustained trading throughput (source: https://twitter.com/dydxfoundation/status/2005574723221241873, Dec 29, 2025). For traders, these reported metrics provide concrete on-chain activity benchmarks for evaluating DYDX liquidity, participation, and revenue trends (source: https://twitter.com/dydxfoundation/status/2005574723221241873, Dec 29, 2025).

According to @dydxfoundation, dYdX recorded more than $16B in rolling 30-day trading volume, with frequent single days reaching $600M-$800M in turnover (source: dYdX Foundation on X, 2025-12-29). For traders, these reported figures provide a current liquidity and activity baseline to calibrate order sizing and execution on the venue (source: dYdX Foundation on X, 2025-12-29).

According to dYdX Foundation (Twitter, Dec 29, 2025), November–December 2025 ended in a risk-off backdrop where crypto trading volumes softened and liquidity thinned, yet dYdX still posted a step-up month, indicating improved platform activity versus the broader market, source: dYdX Foundation (Twitter, Dec 29, 2025). This highlights relative strength for DYDX-linked derivatives flow during a period of sector-wide volume contraction and thinner order books, source: dYdX Foundation (Twitter, Dec 29, 2025).

According to @dydxfoundation, the dYdX community approved extending the Loss Rebate Pilot Program for an additional month, confirming the continuation of the existing mechanism in the near term for active derivatives traders on the dYdX Chain. source: https://twitter.com/dydxfoundation/status/2005532189942034541 source: https://mintscan.io/dydx/proposals/333 The on-chain result is recorded as proposal 333, providing the official vote status and governance transaction history for verification. source: https://mintscan.io/dydx/proposals/333 For trading strategy, this extension indicates the loss rebate mechanism remains active for the next month, allowing traders to maintain current assumptions for execution and risk controls until any parameter updates specified in the proposal are reviewed. source: https://twitter.com/dydxfoundation/status/2005532189942034541 source: https://mintscan.io/dydx/proposals/333 Traders should check proposal 333 for effective dates, eligibility, and any operational details to align position sizing, cost modeling, and hedging on dYdX perpetuals. source: https://mintscan.io/dydx/proposals/333

According to @dydxfoundation, the community approved extending the 100% fee discount, making BTC and SOL perpetual contracts free to trade on dYdX through January 2026; source: dYdX Foundation on X https://twitter.com/dydxfoundation/status/2005530092748013825 and Mintscan proposal 332 https://www.mintscan.io/dydx/proposals/332. The governance vote passed under proposal 332 and specifically covers BTC and SOL perpetual markets on the dYdX chain; source: dYdX Foundation on X https://twitter.com/dydxfoundation/status/2005530092748013825 and Mintscan proposal 332 https://www.mintscan.io/dydx/proposals/332. For traders, this means zero trading fees on BTC and SOL perps during the stated period, directly lowering transaction costs on dYdX; source: dYdX Foundation on X https://twitter.com/dydxfoundation/status/2005530092748013825.

According to dYdX Foundation, the community has approved renewing and extending the dYdX Surge Rewards Program for an additional six months starting January 1, 2026. Source: dYdX Foundation on X, Dec 29, 2025. According to Mintscan proposal 331 for the dYdX chain, the governance proposal is marked Passed, confirming the renewal timeline referenced by the Foundation. Source: Mintscan proposal 331. According to dYdX Foundation and Mintscan proposal 331, the confirmed six-month rewards window provides a defined schedule that traders can incorporate into liquidity and trading plans on the dYdX Chain during H1 2026. Source: dYdX Foundation on X and Mintscan proposal 331.

According to dYdX Foundation, an on-chain governance vote is live to decide whether to extend the Loss Rebate Pilot Program for one additional month, with voting ending on Dec 25, 2025 at 01:45 UTC, source: dYdX Foundation on X (Dec 23, 2025). The vote is listed as Proposal 333 on the dYdX Chain and can be tracked via Mintscan for real-time status and tallies, source: Mintscan proposal 333 link shared by dYdX Foundation on X. Community discussion and context for the proposal are available in the linked dYdX Forum thread, source: dYdX Foundation on X linking to the dYdX Forum thread. For DYDX token (DYDX) governance participants and active dYdX traders, the outcome determines whether the Loss Rebate Pilot Program continues for an additional month, making the posted deadline a key timing reference for trading and governance actions, source: dYdX Foundation on X describing the extension vote.