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....
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