The dYdX Foundation released its 2025 dYdX Ecosystem Annual Report. The report shows that the cumulative transaction volume within the dYdX ecosystem has exceeded $1.55 trillion. The fourth quarter of 2025 was the most active trading period of the year, with quarterly transaction volume rebounding to $34.3 billion from approximately $16 billion in the second quarter. The report covers protocol activity, development, governance, and ecosystem growth. Key developments include: dYdX expanded its distribution channels through integrations with institutional platforms such as CoinRoutes, CCXT, Foxify, and Crypto.com; launched native spot trading functionality on Solana; initiated the DYDX buyback program, with governance approving an increase in the buyback ratio to 75% of the protocol's net revenue; and reached approximately 98,000 DYDX holders by the end of the year. Furthermore, the report details progress on treasury management, grant program restructuring, and infrastructure upgrades aimed at improving execution consistency.