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dYdX 刚刚官宣了 2026 年首期 Affiliate Booster 计划，这可能是今年年初最值得关注的返佣激励活动！

📅 活动时间： 1 月 19 日 - 2 月 16 日（共 4 周）

💰 总奖励池： 100,000 USDC

🔍 本次活动的三大核心变化：

1. 公平分配，拒绝“头部垄断”：

告别了过去单纯的排行榜模式，这次采用全新的“按比例分配机制”。

• 你的引荐用户交易量占全网总量的比例 = 你瓜分奖励池的比例。

• 简单来说：多劳多得，每一笔引荐交易量都在为你赚钱。

2. 硬性入门门槛（Builder 请注意）：

想拿这 10 万美金的份额，需要满足两个基本条件：

• 引荐有效交易量 ≥ 10 万美元（这在合约交易中其实并不算高）；

• 至少引荐 5 位新用户。

💡 操作建议：
• 注册提醒： 这个计划通常需要先在官方 Form 注册，不是自动开始计算的。
• 风险对冲： 10 万美元交易量门槛对于 5 个新用户来说，平均每人只需交易 2 万美元。在 10-20 倍杠杆下，其实开仓平仓几次就达标了，参与门槛非常亲民。
• 实时性： 活动已经开始 5 天了（今天是 1 月 23 日），现在入场正好是发力期。

3. 佣金加成：

除了这 10 万 USDC 的额外奖池，别忘了 dYdX v9.4 升级后，Affiliate 的基础佣金已经上调。如果你引荐的量大，最高可以拿到 50% 的手续费返佣，而且是 USDC 实时到账。

💡 策略建议：

由于 BTC 交易量通常不计入此类奖励的“有效交易量”（请务必核实具体条款），建议引导引荐用户关注 ETH, SOL 或其他热门的山寨币永续合约，这样刷量的效率更高。

🔥 总结：

dYdX 正在通过这种“阳光普照”的机制抢占市场份额。如果你有社群资源或者交易员朋友，这四周是收益最大化的黄金期。

这种“按比例分配”的机制，你觉得比排行榜模式更公平吗？评论区聊聊！👇
$USDC
#DYDX #USDC #Web3 #DEX #Affiliate #内容挖矿

By 2025, decentralized derivatives had firmly established themselves as a core pillar of decentralized finance. Among the protocols leading this evolution, dYdX stands out not just as a decentralized exchange, but as a rapidly maturing market infrastructure layer.
According to the newly released dYdX 2025 Annual Ecosystem Report, the protocol has surpassed $1.55 trillion in cumulative trading volume, while simultaneously executing one of the most ambitious token-alignment overhauls in DeFi. The report signals a broader shift across the sector: decentralized markets are moving away from opportunistic volatility cycles and toward durable, institutional-grade liquidity.
As global on-chain perpetual trading volume approaches the $10 trillion milestone, dYdX’s focus on execution quality, professional integrations, and sustainable incentives suggests that the concept of a “decentralized Wall Street” is no longer theoretical.
Trading Volume Recovery Highlights Structural Strength
The report outlines a clear U-shaped recovery throughout 2025.
Following a muted second quarter—where trading volume declined to approximately $16 billion amid market-wide consolidation—activity rebounded sharply in the second half of the year. Q4 2025 recorded $34.3 billion in volume, making it the strongest quarter of the year.
Notably, this recovery was not purely driven by broader market conditions. Instead, it coincided with several protocol-level initiatives:
The launch of the community-driven Market Mapper
Strategic Fee Holidays designed to deepen liquidity
Expanded market coverage for flagship pairs such as BTC-USD and SOL-USD
During peak periods, liquidity depth on these markets reportedly reached parity with top-tier centralized exchanges, underscoring the protocol’s growing competitiveness.
Key dYdX Metrics for 2025
Total Trading Volume: $1.55 trillion
Protocol Revenue: $64.7 million generated since dYdX v4
Staking Rewards Distributed: $48 million
Total Markets Listed: 386 (up over 200% year-over-year)
DYDX Token Holders: Over 98,100 unique addresses, an 85% YoY increase
Tokenomics 2.0: From Governance Token to Economic Engine
One of the most consequential developments of 2025 was the evolution of DYDX tokenomics.
Through governance proposal #313, the community approved a major restructuring of protocol incentives. Under the new framework, 75% of net protocol revenue is allocated to a systematic DYDX buyback program, managed by the Treasury SubDAO.
Unlike traditional buyback-and-burn models, repurchased DYDX tokens are staked, creating a reinforcing economic loop:
Higher trading volume generates more protocol fees
Fees fund DYDX buybacks
Staked DYDX reduces circulating supply while strengthening network security
As of January 2026, the protocol has repurchased and staked 8.46 million DYDX, with a combined acquisition value of approximately $1.72 million at the time of execution. This mechanism has helped maintain a median staking APR of around 3.3%, offering a relatively stable yield profile in a volatile market environment.
Expanding Beyond Perpetuals: Solana Spot and Modular UX
Historically, dYdX was closely associated with perpetual futures. In 2025, that identity expanded.
The introduction of native Solana Spot trading marked a major strategic shift. By supporting spot markets, dYdX has opened the door to more sophisticated trading strategies, including cross-market hedging, basis trades, and cash-and-carry arbitrage—strategies commonly employed by professional trading firms.
Equally important was the protocol’s evolving user experience. The Pocket Pro Bot, a Telegram-native trading interface, allows users to manage positions, monitor performance, and execute trades directly within social platforms. This “unbundled UX” approach significantly lowers onboarding friction while maintaining full protocol access.
Meanwhile, the Market Mapper initiative decentralized the asset listing process, enabling permissionless market proposals. This has allowed dYdX to capture liquidity in emerging and long-tail assets faster than many centralized competitors.
Institutional-Grade Infrastructure and Performance Upgrades
To compete directly with centralized exchanges, execution quality and latency are critical. The 2025 report details substantial infrastructure upgrades designed to meet institutional requirements.
Key improvements include:
Order Entry Gateway Services (OEGS)
Designated Proposers for improved block consistency
Migration of core infrastructure to bare-metal servers
These changes reduced average monthly operating costs from $35,000 to $6,000, while simultaneously lowering latency and improving execution reliability for high-frequency trading strategies.
Institutional adoption was further supported through integrations with professional trading tools such as CoinRoutes, CCXT, and Foxify Trade, enabling seamless order routing between centralized and decentralized venues.
Governance at Scale: The SubDAO Model in Action
In 2025, dYdX governance reached new levels of maturity. The ecosystem processed 135 governance proposals, reflecting sustained community engagement.
The fully operational SubDAO structure now governs key protocol functions:
dYdX Foundation: Strategic coordination and regulatory engagement, including a MiCA-aligned framework for Europe
Operations SubDAO: Chain upgrades, validator tooling, and performance monitoring
Treasury SubDAO: Asset management and execution of the buyback program
dYdX Grants Ltd: Ecosystem funding backed by 13.1 million DYDX
This modular governance model has allowed dYdX to operate more like a sovereign financial network than a traditional DeFi application.
dYdX Surge and the Shift Toward Sustainable Growth
To accelerate momentum, the ecosystem launched dYdX Surge, a $20 million incentive program focused on consistent liquidity provision rather than short-term speculation.
The initiative contributed an estimated $17 billion in incremental volume through affiliate channels alone. By year-end, the Affiliate Program was restructured to offer up to 50% revenue share for top contributors, aligning growth incentives across the ecosystem.
Looking Ahead to 2026
As dYdX enters 2026, the strategic narrative has clearly shifted. The focus is no longer “growth at any cost,” but sustainable market dominance.
With on-chain perpetual volumes projected to exceed $10 trillion, the protocol is prioritizing:
Broader distribution via mobile and social trading interfaces
Deeper institutional API access
Continued regulatory clarity and compliance
Armed with a leaner cost structure, a tightly aligned token economy, and infrastructure that rivals centralized exchanges, dYdX is positioning itself at the center of the next phase of decentralized market evolution.
The 2025 report delivers a clear message: the on-chain advantage is no longer hypothetical—it is already operating at trillion-dollar scale.
This article is provided for informational purposes only and reflects a personal research perspective. It does not constitute investment advice. Readers should conduct their own due diligence before making any financial decisions. The author bears no responsibility for investment outcomes.
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