The 2025 dYdX Annual Report reveals the protocol's transition from volatile trading periods to sustainable, institutional-grade liquidity with over $1.55 trillion in cumulative trading volume. Key advancements include a revamped tokenomics model featuring a buyback mechanism, the launch of native Solana Spot trading, and a significant infrastructure upgrade focused on low latency and execution fairness. dYdX’s ecosystem also expanded governance frameworks with multiple SubDAOs, bolstered user adoption by 85%, and laid out plans targeting sustainable growth and regulatory compliance for 2026.