dYdX 年度报告：历史总交易额超 1.55 万亿美元，回购规模增至净收入 75%

Core Insights - dYdX Foundation released the "2025 Ecological Annual Report," revealing that the protocol's historical cumulative trading volume has surpassed $1.55 trillion [1] - Quarterly trading volume rebounded from approximately $16 billion in Q2 to $34.3 billion in Q4, setting a new annual high [1] - The foundation has initiated a DYDX buyback plan, with governance approval to increase the buyback ratio to 75% of net protocol revenue [1] Trading Volume - Historical cumulative trading volume exceeded $1.55 trillion [1] - Q4 trading volume reached $34.3 billion, up from about $16 billion in Q2 [1] Ecosystem Development - dYdX is advancing institutional access by integrating with execution and routing platforms such as CoinRoutes, CCXT, and Cryptocom [1] - The product offering has expanded to include native spot trading on Solana, achieving a unified on-chain trading experience for spot and derivatives [1] Token Mechanism - The foundation has launched a DYDX buyback plan [1] - Governance has approved an increase in the buyback ratio to 75% of net protocol revenue [1] - The number of DYDX holding addresses was approximately 98,000 by year-end [1]