For years, decentralized exchange dYdX stayed on the sidelines of the American market, constrained by the country’s murky stance on crypto derivatives.
Now, the trading platform is ready to test those waters again — and this time, the tide may finally be shifting in its favor.
A Strategic Reentry
Speaking to Reuters, dYdX president Eddie Zhang said the company plans to launch operations for U.S. traders by the end of 2025, beginning with spot crypto markets that include tokens like Solana (SOL).
Rather than a full return to its roots in perpetual futures, dYdX’s first step appears to be deliberately cautious — a bridge into the world’s largest trading market without crossing the regulatory red lines that once forced decentralized exchanges offshore.
“This move is symbolic,” says one industry observer. “It signals that DeFi platforms now see the U.S. not just as a risk, but as a viable growth market again.”
The Regulatory Climate Warms
The renewed push comes as Washington’s tone on crypto continues to soften. Under President Donald Trump, agencies that once treated decentralized finance with suspicion are now exploring structured pathways for its inclusion.
In September, both the SEC and the CFTC confirmed they were considering frameworks to allow perpetual contracts — dYdX’s core product — to be traded legally by U.S. investors.
Zhang said the change gave the company confidence to reengage. “The U.S. is an essential market,” he explained, adding that regulatory clarity could finally allow decentralized products to “operate within the system rather than outside it.”
Repairing Trust Before Expansion
The company’s renewed focus on growth follows a turbulent October, when dYdX faced an eight-hour service halt during a sharp market drop. The pause left some traders stranded mid-position — a reminder that even decentralized systems rely on infrastructure that can fail.
In response, the project proposed a community compensation plan, allocating $462,000 from its insurance fund to reimburse users. A governance vote is currently underway to approve the measure.
A Token Under Pressure
Meanwhile, dYdX’s own governance token has struggled to regain momentum. According to Nansen, the token has fallen nearly 50% in the past month, sliding from $0.60 to $0.30 as traders reassess the platform’s position in a rapidly changing DeFi landscape.
Analysts note that despite the setback, dYdX remains one of the few decentralized exchanges with enough liquidity and brand recognition to compete with global centralized players like Binance and OKX — particularly if U.S. regulators eventually open the door to onshore derivatives.
Betting on a Post-Offshore Future
For the DeFi sector, dYdX’s U.S. return could mark a turning point. If the platform succeeds in entering the regulated market, it may show that decentralization and compliance are not mutually exclusive — that crypto platforms can operate transparently within national frameworks instead of skirting them.
The path won’t be simple. But for dYdX, once synonymous with the offshore derivatives boom, the timing feels right. With regulatory winds shifting and Washington finally open to dialogue, the exchange is betting that its next frontier lies not in avoiding the system — but in joining it.
