The fourth season of the dYdX Surge program concluded last month, highlighted by significant trading volumes and rewards for participants.
Season 4 Highlights
During the season, 2.377 million DYDX were distributed, equivalent to approximately $1.5 million USD, among 1,969 traders. The trading volume was $7.7 billion across more than 226 markets, up by 64% compared to the previous 30 days. The number of active traders rose to over 7,200, an increase of 43%. Throughout the season, protocol fees collected reached $1.7 million, bringing the cumulative total to $55.9 million.
Market Dynamics and Trader Behavior
The Surge incentives significantly impacted trader behavior on the dYdX platform. Trading volumes for core pairs such as ETH and BTC increased by 65% and 26%, respectively. Additionally, various altcoins experienced dramatic increases, with XLM's volumes rising by 2,565%, LTC by 758%, and XRP by 188%. The number of active traders weekly consistently grew from 2,694 to 3,961. Even during periods of volatility, the predictable reward cycle kept engagement high.
Upcoming Season 5 and New Opportunities
Season 5 of the Surge program has been launched with a doubled rewards pool of $3 million per month and a simplified reward model. Traders can now compete on an equal footing, as complex multipliers have been removed. 75% of the rewards will be distributed based on trading fees paid. There is no registration required for participation, as all trading activities are automatically counted. This structural shift lowers complexity and increases fairness, creating more opportunities for traders to scale their market-making strategies and deepen liquidity in the dYdX ecosystem.
The fourth season of the dYdX Surge program showcased a significant increase in trader activity and trading volume, setting a high benchmark for future seasons and new opportunities for participants.
