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, 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.

According to @dydxfoundation, an on-chain governance vote is live to extend a 100% fee discount, meaning free trading, for BTC and SOL perpetual contracts on dYdX through January 2026. source: dYdX Foundation. The vote ends on December 24, 2025 at 15:04 UTC as noted in the announcement and the on-chain proposal page. source: dYdX Foundation; Mintscan proposal 332. If approved, venue fees on BTC-PERP and SOL-PERP on dYdX would be set to zero for the specified period, directly reducing per-trade costs for those markets. source: dYdX Foundation. Traders should monitor the tally into the deadline and prepare fee-sensitive order routing and risk parameters around the outcome timing to capture potential zero-fee execution on BTC and SOL perps on dYdX. source: dYdX Foundation; Mintscan proposal 332.

According to dYdX Foundation, on chain derivatives are clearing nearly 1 trillion dollars per month, and its December 2025 Analyst Call reviews year end market conditions, a dYdX protocol overview, and an update on DYDX token buybacks (source: dYdX Foundation, Dec 23, 2025). The agenda lists trading fee discounts and fee holidays for BTC and SOL, which directly change trading costs on dYdX for active markets (source: dYdX Foundation, Dec 23, 2025). Additional topics include BONK integration with dYdX, Solana spot trading, FOXIFY integration, a Crypto.com campaign, Surge Season 9, and an ecosystem map, with a guest segment featuring the President of dYdX Labs (source: dYdX Foundation, Dec 23, 2025). The call is hosted by dYdX Foundation CEO Charles dHaussy and also covers IRL events in Abu Dhabi and a Q and A segment (source: dYdX Foundation, Dec 23, 2025).

According to @dydxfoundation, an on-chain governance vote is live to approve renewing and extending the dYdX Surge Rewards Program for six months starting January 1, 2026, with the vote ending on December 24, 2025 at 02:49 UTC (source: @dydxfoundation). The proposal is listed as Proposal 331 on Mintscan for the dYdX Chain, providing the on-chain details and status (source: Mintscan Proposal 331). Additional context and discussion are available via the referenced dYdX forum thread (source: dYdX forum). DYDX holders eligible to vote can participate on-chain before the deadline to determine whether the Surge Rewards Program continues into H1 2026 (source: @dydxfoundation; source: Mintscan Proposal 331).

According to @dydxfoundation, the community approved the first distribution of the Liquidation Rebates Pilot Program, with the proposal marked Passed on the dYdX Chain governance page on Mintscan (source: @dydxfoundation; Mintscan dYdX proposal 329). For traders, this confirms the initial liquidation rebate distribution under the pilot can move forward as authorized by governance, a milestone to monitor for on-chain execution and resulting account-level cash flows once processed (source: @dydxfoundation; Mintscan dYdX proposal 329).

According to @dydxfoundation, the community has approved the first distribution of the Liquidation Rebates Pilot Program, indicating a Passed governance outcome for initiating rebate payouts on the dYdX Chain perpetual markets (source: dYdX Foundation on X, Dec 20, 2025). According to @dydxfoundation, the announcement links to governance Proposal 329, which is displayed as Passed on the dYdX network’s Mintscan page, confirming on-chain approval of the distribution (source: Mintscan dYdX Proposal 329 as referenced by dYdX Foundation on X, Dec 20, 2025). According to @dydxfoundation, traders should track the Proposal 329 page for execution updates and timing of the distribution to assess potential effects on liquidation-related flows on dYdX markets (source: dYdX Foundation on X, Dec 20, 2025, and Mintscan dYdX Proposal 329).

According to @dydxfoundation, an on-chain governance vote is live to extend the 100% fee discount (free trading) for BTC-USD and SOL-USD perpetual markets on dYdX through January 2026, with voting ending on December 21, 2025 at 09:31 UTC, source: dYdX Foundation on X dated Dec 20, 2025; dYdX Forum thread; Mintscan dYdX Proposal 330. If approved, BTC-USD and SOL-USD perps on dYdX will remain at 0 trading fees through January 2026 as described in the proposal materials, source: dYdX Foundation on X; dYdX Forum; Mintscan dYdX Proposal 330. Traders can review the proposal details and timeline via the dYdX Forum and the on-chain Mintscan listing to align execution plans around the vote deadline, source: dYdX Forum; Mintscan dYdX Proposal 330.

According to @dydxfoundation, the final Analyst Call of 2025 hosted by dYdX Foundation and dYdX Labs starts in 3 hours (Source: dYdX Foundation on X, Dec 18, 2025: https://twitter.com/dydxfoundation/status/2001627268410675471). The call will deliver a detailed review of year-end protocol performance, ecosystem developments, and strategic priorities entering 2026 (Source: dYdX Foundation on X, Dec 18, 2025: https://x.com/dydxfoundation/status/2000551852887474503). Registration and the virtual event link are available at luma.com/9n2qc178 (Source: event page and dYdX Foundation announcement: https://luma.com/9n2qc178). Traders tracking the dYdX derivatives ecosystem can join via the event link to obtain official performance metrics and roadmap updates directly from the team (Source: dYdX Foundation on X, Dec 18, 2025: https://x.com/dydxfoundation/status/2000551852887474503; event page: https://luma.com/9n2qc178).

According to @dydxfoundation, the dYdX community vote has passed to remove the Megavault Operator and set related parameters, confirming the decision on-chain under Proposal 328. Source: dYdX Foundation on X, Dec 17, 2025; Mintscan dYdX Proposal 328. This outcome finalizes the approved governance change for the Megavault as recorded by the proposal, providing traders with an official reference point for operational updates tied to the Megavault. Source: Mintscan dYdX Proposal 328. Market participants can review the enacted parameter details and status directly on the proposal page to align DYDX positioning and liquidity decisions with the confirmed governance outcome. Source: Mintscan dYdX Proposal 328.

According to @dydxfoundation, the dYdX community passed Governance Proposal 327 to update the sliding affiliate fee tier feature parameters on the dYdX Chain, with the vote status recorded as Passed (source: @dydxfoundation on X; source: Mintscan Proposal 327). The approved action specifically updates the parameter settings for the sliding affiliate fee tier mechanism as documented in Proposal 327 (source: Mintscan Proposal 327).

According to @dydxfoundation, an on-chain governance vote is live asking whether to approve the first distribution of the Liquidation Rebates Pilot Program, with voting ending on Dec 19, 2025 at 05:55 UTC. Source: https://twitter.com/dydxfoundation/status/2001186439560822789 The proposal is listed as dYdX Chain Governance Proposal 329 on Mintscan, where participants can verify voting status, quorum, and timeline. Source: https://www.mintscan.io/dydx/proposals/329 Further program details and context are outlined in the community forum thread titled Liquidation Rebate Program – First Distribution. Source: https://dydx.forum/t/liquidation-rebate-program-first-distribution/4924 For trading and governance planning, DYDX holders and dYdX traders should review the proposal materials and monitor the on-chain vote ahead of the deadline to assess any operational impacts once the distribution is approved or rejected. Sources: https://twitter.com/dydxfoundation/status/2001186439560822789, https://www.mintscan.io/dydx/proposals/329, https://dydx.forum/t/liquidation-rebate-program-first-distribution/4924

According to dYdX Foundation, dYdX Governance is considering a proposal to distribute $100,000 in DYDX to the top 100 traders most impacted by realized liquidation losses during the first two weeks of December, source: dYdX Foundation on X; dYdX Governance Forum. This would be the first biweekly tranche of a month-long, $1 million liquidation rebate pilot that has been approved by the community, source: dYdX Foundation on X; dYdX Governance Forum. Eligibility focuses on realized liquidation losses in the specified period, with distributions denominated in DYDX as outlined in the proposal, source: dYdX Foundation on X; dYdX Governance Forum. Participants can track governance deliberation and any finalized allocations via the referenced forum thread to align trading plans with the program’s execution timeline, source: dYdX Governance Forum; dYdX Foundation on X.

According to dYdX Foundation, Surge Season 9 is now live and includes free trading on BTC and SOL markets. Source: dYdX Foundation on X, Dec 17, 2025. According to dYdX Foundation, UI and API traders receive 50% fee rebates during this season. Source: dYdX Foundation on X, Dec 17, 2025. According to dYdX Foundation, the season introduces a 1 million dollar liquidation-rebate program intended to deepen participation. Source: dYdX Foundation on X, Dec 17, 2025. According to dYdX Foundation, Surge remains a governance-driven mechanism to scale activity, reward usage, and strengthen liquidity across dYdX, with live markets available at dydx.trade. Source: dYdX Foundation on X, Dec 17, 2025.