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. The year 2025 will be remembered as the moment decentralized finance (DeFi) transitioned from its experimental phase into a realm of durable, instit ...