<p>&#272;&#7871;n n&#259;m 2025, l&#297;nh v&#7921;c ph&aacute;i sinh phi t&#7853;p trung &#273;&atilde; tr&#7903; th&agrave;nh m&#7897;t ph&#7847;n quan tr&#7885;ng c&#7911;a DeFi, v&#7899;i dYdX gi&#7919; v&#7883; tr&iacute; l&agrave; m&#7897;t trong nh&#7919;ng n&#7873;n t&#7843;ng c&oacute; &#7843;nh h&#432;&#7903;ng l&#7899;n nh&#7845;t. V&#7899;i h&#417;n 1.5 ngh&igrave;n t&#7927; USD kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch t&iacute;ch l&#361;y v&agrave; m&ocirc; h&igrave;nh tokenomics &#273;&#432;&#7907;c c&#7843;i ti&#7871;n nh&#7857;m g&#7855;n k&#7871;t th&agrave;nh c&ocirc;ng c&#7911;a giao th&#7913;c v&#7899;i c&aacute;c holder token, dYdX kh&ocirc;ng c&ograve;n ch&#7881; l&agrave; m&#7897;t DEX &ndash; m&agrave; &#273;ang ph&aacute;t tri&#7875;n &#273;&#7875; tr&#7903; th&agrave;nh m&#7897;t l&#7899;p h&#7841; t&#7847;ng th&#7883; tr&#432;&#7901;ng ho&agrave;n ch&#7881;nh.</p>
<p>N&#259;m 2025 s&#7869; &#273;&#432;&#7907;c ghi nh&#7899; nh&#432; c&#7897;t m&#7889;c m&agrave; t&agrave;i ch&iacute;nh phi t&#7853;p trung (DeFi) chuy&#7875;n m&igrave;nh t&#7915; giai &#273;o&#7841;n th&#7917; nghi&#7879;m sang m&#7897;t s&acirc;n ch&#417;i b&#7873;n v&#7919;ng v&#7899;i s&#7921; tham gia c&#7911;a c&aacute;c t&#7893; ch&#7913;c l&#7899;n. Theo <a href="https://t.co/owCsn8r3mR" target="_blank" rel="noreferrer noopener">B&aacute;o c&aacute;o Sinh th&aacute;i dYdX 2025</a> m&#7899;i c&ocirc;ng b&#7889;, giao th&#7913;c n&agrave;y &#273;&atilde; chuy&#7875;n h&#432;&#7899;ng th&agrave;nh c&ocirc;ng t&#7915; vi&#7879;c t&igrave;m ki&#7871;m bi&#7871;n &#273;&#7897;ng nh&#7845;t th&#7901;i sang x&acirc;y d&#7921;ng thanh kho&#7843;n &#7893;n &#273;&#7883;nh, l&acirc;u d&agrave;i v&agrave; c&oacute; l&#7853;p tr&igrave;nh r&otilde; r&agrave;ng.</p>
<p>Khi kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch perpetual on-chain tr&ecirc;n to&agrave;n c&#7847;u ti&#7871;n s&aacute;t m&#7889;c 10 ngh&igrave;n t&#7927; USD, &#273;&#7897;ng th&aacute;i chi&#7871;n l&#432;&#7907;c c&#7911;a dYdX gi&uacute;p t&iacute;ch h&#7907;p s&acirc;u h&#417;n, n&acirc;ng c&#7845;p tr&#7843;i nghi&#7879;m chuy&ecirc;n nghi&#7879;p v&agrave; x&acirc;y d&#7921;ng m&ocirc; h&igrave;nh buyback m&#7841;nh m&#7869; &#273;ang ch&#7913;ng minh r&#7857;ng &yacute; t&#432;&#7903;ng v&#7873; m&#7897;t &ldquo;Wall Street phi t&#7853;p trung&rdquo; &#273;ang d&#7847;n tr&#7903; th&agrave;nh hi&#7879;n th&#7921;c.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-numbers-that-matter-1-55-trillion-and-the-recovery-narrative">Nh&#7919;ng con s&#7889; quan tr&#7885;ng: 1,55 ngh&igrave;n t&#7927; USD v&agrave; c&acirc;u chuy&#7879;n ph&#7909;c h&#7891;i</h2>

<p>Giao th&#7913;c &#273;&atilde; ghi nh&#7853;n t&#7893;ng kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch &#273;&#7841;t 1.55 ngh&igrave;n t&#7927; USD tr&ecirc;n t&#7845;t c&#7843; c&aacute;c phi&ecirc;n b&#7843;n. Ngo&agrave;i ra, b&aacute;o c&aacute;o c&#361;ng cho th&#7845;y xu h&#432;&#7899;ng ph&#7909;c h&#7891;i h&igrave;nh ch&#7919; U trong n&#259;m qua.</p>
<p>Sau m&#7897;t qu&yacute; II &ecirc;m &#7855;ng v&#7899;i kh&#7889;i l&#432;&#7907;ng ch&#7881; &#273;&#7841;t 16 t&#7927; USD gi&#7919;a l&uacute;c th&#7883; tr&#432;&#7901;ng &#273;i ngang, dYdX &#273;&atilde; t&#259;ng t&#7889;c m&#7841;nh m&#7869; v&agrave;o cu&#7889;i n&#259;m. Qu&yacute; IV/2025 ghi nh&#7853;n kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch l&ecirc;n t&#7899;i 34.3 t&#7927; USD, tr&#7903; th&agrave;nh qu&yacute; s&ocirc;i &#273;&#7897;ng nh&#7845;t trong n&#259;m.</p>
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/7acHVYsIgqT46jF8eKMDdOuYuJQ=/smart/8659cbe15731410897abc42138c6e37a" alt="" class="wp-image-793583">

<p>&#272;&agrave; ph&#7909;c h&#7891;i n&agrave;y kh&ocirc;ng &#273;&#417;n thu&#7847;n ch&#7881; nh&#7901; th&#7883; tr&#432;&#7901;ng t&#259;ng tr&#432;&#7903;ng m&agrave; c&ograve;n &#273;&#7871;n t&#7915; vi&#7879;c ra m&#7855;t Market Mapper do c&#7897;ng &#273;&#7891;ng d&#7851;n d&#7855;t v&agrave; c&aacute;c ch&#432;&#417;ng tr&igrave;nh Mi&#7877;n Ph&iacute; Giao D&#7883;ch, gi&uacute;p t&agrave;i s&#7843;n ch&#7911; l&#7921;c nh&#432; BTC-USD v&agrave; SOL-USD &#273;&#7841;t thanh kho&#7843;n ngang t&#7847;m v&#7899;i c&aacute;c s&agrave;n giao d&#7883;ch t&#7853;p trung (CEX h&agrave;ng &#273;&#7847;u).</p>
<p>C&aacute;c ch&#7881; s&#7889; quan tr&#7885;ng c&#7911;a giao th&#7913;c n&#259;m 2025 bao g&#7891;m:</p>
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>Doanh thu giao th&#7913;c: 64.7 tri&#7879;u USD ph&iacute; giao d&#7883;ch k&#7875; t&#7915; khi dYdX v4 ra m&#7855;t.</li>

<li>B&#7843;o m&#7853;t staking: 48 tri&#7879;u USD ph&#7847;n th&#432;&#7903;ng &#273;&atilde; &#273;&#432;&#7907;c ph&acirc;n ph&#7889;i cho nh&#7919;ng ng&#432;&#7901;i tham gia b&#7843;o m&#7853;t m&#7841;ng l&#432;&#7899;i dYdX Chain.</li>

<li>M&#7903; r&#7897;ng th&#7883; tr&#432;&#7901;ng: S&#7889; l&#432;&#7907;ng th&#7883; tr&#432;&#7901;ng t&#259;ng l&ecirc;n 386, t&#432;&#417;ng &#273;&#432;&#417;ng v&#7899;i m&#7913;c t&#259;ng 200% v&#7873; t&agrave;i s&#7843;n ni&ecirc;m y&#7871;t.</li>

<li>S&#7921; ti&#7871;p nh&#7853;n c&#7911;a ng&#432;&#7901;i d&ugrave;ng: S&#7889; l&#432;&#7907;ng &#273;&#7883;a ch&#7881; n&#7855;m gi&#7919; DYDX t&#259;ng g&#7847;n 85% so v&#7899;i n&#259;m tr&#432;&#7899;c, hi&#7879;n &#273;&atilde; v&#432;&#7907;t m&#7889;c 98,100 v&iacute; ri&ecirc;ng bi&#7879;t.</li>
</ul>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-tokenomics-2-0-the-buyback-flywheel-in-motion">Tokenomics 2.0: Chu tr&igrave;nh mua l&#7841;i token &#273;ang v&#7853;n h&agrave;nh</h2>

<p>Trong nhi&#7873;u n&#259;m, t&iacute;nh h&#7919;u d&#7909;ng c&#7911;a c&aacute;c token qu&#7843;n tr&#7883; DeFi lu&ocirc;n g&acirc;y tranh lu&#7853;n. N&#259;m 2025, dYdX &#273;&atilde; &#273;&#432;a ra c&acirc;u tr&#7843; l&#7901;i r&otilde; r&agrave;ng b&#7857;ng c&aacute;ch m&#7903; r&#7897;ng <a href="https://www.youtube.com/shorts/HT6UKxq3SbA" target="_blank" rel="noreferrer noopener">Ch&#432;&#417;ng tr&igrave;nh Mua L&#7841;i DYDX</a> c&#7911;a m&igrave;nh. T&#7915; d&#7921; &aacute;n th&#7917; nghi&#7879;m, ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i n&agrave;y &#273;&atilde; ph&aacute;t tri&#7875;n th&agrave;nh m&#7897;t c&#417; ch&#7871; buyback c&#7845;p giao th&#7913;c, &#273;&#432;&#7907;c qu&#7843;n l&yacute; ch&#7863;t ch&#7869; b&#7903;i Treasury SubDAO.</p>
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/0aIX1ZKHPL2_ojxpcMLkweGzF0g=/smart/374b5ede38ea426ea3381512419ab7ea" alt="" class="wp-image-793585">

<p>Qua c&aacute;c n&acirc;ng c&#7845;p theo h&igrave;nh th&#7913;c qu&#7843;n tr&#7883;, n&#7893;i b&#7853;t l&agrave; <a href="https://x.com/dydxfoundation/status/1990279405579501667" target="_blank" rel="noreferrer noopener">&#272;&#7873; xu&#7845;t #313</a>, c&#7897;ng &#273;&#7891;ng &#273;&atilde; b&#7887; phi&#7871;u ph&acirc;n b&#7893; 75% doanh thu r&ograve;ng t&iacute;ch l&#361;y c&#7911;a giao th&#7913;c &#273;&#7875; mua l&#7841;i DYDX tr&ecirc;n th&#7883; tr&#432;&#7901;ng m&#7903;. C&aacute;c token n&agrave;y kh&ocirc;ng ch&#7881; b&#7883; &#273;&#7889;t m&agrave; c&ograve;n &#273;&#432;&#7907;c staking &#273;&#7875; gia t&#259;ng s&#7921; ph&acirc;n quy&#7873;n v&agrave; b&#7843;o m&#7853;t cho m&#7841;ng l&#432;&#7899;i, t&#7841;o n&ecirc;n v&ograve;ng quay hi&#7879;u &#7913;ng:</p>
<ol class="bic-gutenberg-list wp-list list-decimal list-inside ">
<li>Kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch t&#259;ng gi&uacute;p t&#7841;o ra nhi&#7873;u ph&iacute; h&#417;n.</li>

<li>Nhi&#7873;u ph&iacute; h&#417;n d&#7851;n &#273;&#7871;n ho&#7841;t &#273;&#7897;ng mua l&#7841;i token l&#7899;n h&#417;n.</li>

<li>Mua l&#7841;i token n&acirc;ng cao l&#432;&#7907;ng DYDX &#273;&#432;&#7907;c staking, gi&uacute;p t&#259;ng t&iacute;nh b&#7843;o m&#7853;t c&#7911;a m&#7841;ng &#273;&#7891;ng th&#7901;i gi&#7843;m ngu&#7891;n cung l&#432;u th&ocirc;ng.</li>
</ol>

<p>T&iacute;nh &#273;&#7871;n th&aacute;ng 01/2026, ch&#432;&#417;ng tr&igrave;nh &#273;&atilde; mua l&#7841;i v&agrave; staking 8.46 tri&#7879;u DYDX v&#7899;i t&#7893;ng gi&aacute; tr&#7883; th&#7883; tr&#432;&#7901;ng 1.72 tri&#7879;u USD t&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i. C&#417; ch&#7871; n&agrave;y g&oacute;p ph&#7847;n duy tr&igrave; m&#7913;c l&#7907;i su&#7845;t staking trung b&igrave;nh &#7893;n &#273;&#7883;nh 3.3% &ndash; t&#7841;o ra k&ecirc;nh thu nh&#7853;p d&#7921; &#273;o&aacute;n &#273;&#432;&#7907;c cho c&aacute;c holder l&acirc;u d&agrave;i trong b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng bi&#7871;n &#273;&#7897;ng m&#7841;nh.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-solana-spot-and-the-unbundled-ux">Solana Spot v&agrave; tr&#7843;i nghi&#7879;m ng&#432;&#7901;i d&ugrave;ng t&aacute;ch r&#7901;i</h2>

<p>M&#7897;t trong nh&#7919;ng b&#432;&#7899;c ti&#7871;n k&#7929; thu&#7853;t &#273;&aacute;ng ch&uacute; &yacute; nh&#7845;t n&#259;m 2025 l&agrave; vi&#7879;c t&iacute;ch h&#7907;p Spot trading g&#7889;c c&#7911;a Solana. Tr&#432;&#7899;c &#273;&acirc;y, dYdX ch&#7881; n&#7893;i b&#7853;t v&#7873; perpetual, nh&#432;ng v&#7899;i vi&#7879;c m&#7903; r&#7897;ng sang giao d&#7883;ch spot, giao th&#7913;c gi&#7901; &#273;&acirc;y c&oacute; th&#7875; ph&#7909;c v&#7909; &#273;a d&#7841;ng c&aacute;c chi&#7871;n l&#432;&#7907;c t&#7893; ch&#7913;c nh&#432; ph&ograve;ng h&#7897; gi&#7919;a c&aacute;c th&#7883; tr&#432;&#7901;ng v&agrave; giao d&#7883;ch cash-and-carry.</p>
<p>B&aacute;o c&aacute;o c&#361;ng ch&#7881; ra s&#7921; thay &#273;&#7893;i l&#7899;n trong c&aacute;ch ng&#432;&#7901;i d&ugrave;ng ti&#7871;p c&#7853;n dYdX nh&#7901; <a href="https://beincrypto.com/learn/dydx-pocket-pro-bot-review/" target="_blank" rel="noreferrer noopener">Pocket Pro Bot</a> &ndash; m&#7897;t c&ocirc;ng c&#7909; giao d&#7883;ch ngay tr&ecirc;n Telegram. Nh&#7901; ti&#7871;p c&#7853;n tr&#7921;c ti&#7871;p c&aacute;c nh&agrave; giao d&#7883;ch th&ocirc;ng qua n&#7873;n t&#7843;ng m&#7841;ng x&atilde; h&#7897;i, dYdX &#273;&atilde; h&#7841; th&#7845;p &#273;&aacute;ng k&#7875; r&agrave;o c&#7843;n gia nh&#7853;p. C&aacute;ch ti&#7871;p c&#7853;n n&agrave;y gi&uacute;p ng&#432;&#7901;i d&ugrave;ng c&oacute; th&#7875; qu&#7843;n l&yacute; v&#7883; th&#7871;, theo d&otilde;i b&#7843;ng x&#7871;p h&#7841;ng v&agrave; th&#7921;c hi&#7879;n l&#7879;nh m&#7885;i l&uacute;c m&agrave; kh&ocirc;ng c&#7847;n r&#7901;i kh&#7887;i &#7913;ng d&#7909;ng x&atilde; h&#7897;i quen thu&#7897;c.</p>
<p>Kh&ocirc;ng ch&#7881; v&#7853;y, s&aacute;ng ki&#7871;n Market Mapper c&ograve;n trao quy&#7873;n cho c&#7897;ng &#273;&#7891;ng t&#7921; &#273;&#7873; xu&#7845;t t&agrave;i s&#7843;n m&#7899;i thay v&igrave; ch&#7901; ban qu&#7843;n tr&#7883; x&eacute;t duy&#7879;t. Nh&#7901; &#273;&oacute;, dYdX c&oacute; th&#7875; nhanh ch&oacute;ng lu&ocirc;n d&#7851;n &#273;&#7847;u trong vi&#7879;c ni&ecirc;m y&#7871;t c&aacute;c token ti&#7873;m n&#259;ng m&#7899;i, tr&#7903; th&agrave;nh n&#417;i &#432;u ti&ecirc;n c&#7911;a c&aacute;c token m&#7899;i n&#7893;i.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-institutional-grade-infrastructure-bridging-the-gap">C&#417; s&#7903; h&#7841; t&#7847;ng chu&#7849;n t&#7893; ch&#7913;c: thu h&#7865;p kho&#7843;ng c&aacute;ch</h2>

<p>&#272;&#7875; c&#7841;nh tranh v&#7899;i c&aacute;c s&agrave;n giao d&#7883;ch t&#7853;p trung (CEXs), t&#7889;c &#273;&#7897; x&#7917; l&yacute; v&agrave; c&ocirc;ng b&#7857;ng khi &#273;&#7863;t l&#7879;nh &#7903; m&#7913;c d&#432;&#7899;i 1 gi&acirc;y l&agrave; y&#7871;u t&#7889; b&#7855;t bu&#7897;c. B&aacute;o c&aacute;o n&#259;m 2025 ghi nh&#7853;n s&#7921; n&acirc;ng c&#7845;p l&#7899;n trong h&#7841; t&#7847;ng c&#7911;a dYdX.</p>
<p>Nh&#7901; tri&#7875;n khai <a href="https://www.dydx.xyz/blog/order-entry-gateway-service" target="_blank" rel="noreferrer noopener">Order Entry Gateway Services (OEGS)</a> v&agrave; <a href="https://www.dydx.xyz/blog/governance-controlled-path-reliability-and-performance" target="_blank" rel="noreferrer noopener">Designated Proposers</a>, th&#7901;i gian t&#7841;o kh&#7889;i gi&#7919;a c&aacute;c giao d&#7883;ch tr&#7903; n&ecirc;n &#273;&#7891;ng &#273;&#7873;u h&#417;n r&otilde; r&#7879;t. &#272;&#7891;ng th&#7901;i, khi chuy&#7875;n h&#7879; th&#7889;ng h&#7841; t&#7847;ng quan tr&#7885;ng l&ecirc;n c&aacute;c m&aacute;y ch&#7911; v&#7853;t l&yacute; &ldquo;bare-metal&rdquo;, Ops SubDAO &#273;&atilde; gi&#7843;m chi ph&iacute; v&#7853;n h&agrave;nh h&agrave;ng th&aacute;ng t&#7915; 35,000 USD xu&#7889;ng ch&#7881; c&ograve;n 6,000 USD, &#273;&#7891;ng th&#7901;i gi&uacute;p gi&#7843;m &#273;&#7897; tr&#7877; (latency) cho c&aacute;c nh&agrave; giao d&#7883;ch t&#7847;n su&#7845;t cao.</p>
<p>Vi&#7879;c c&aacute;c t&#7893; ch&#7913;c l&#7899;n tham gia ng&agrave;y c&agrave;ng t&#259;ng nh&#7901; t&iacute;ch h&#7907;p s&acirc;u v&#7899;i c&aacute;c c&ocirc;ng c&#7909; chuy&ecirc;n nghi&#7879;p nh&#432; CoinRoutes, <a href="https://www.dydx.xyz/blog/dydx-welcomes-ccxt-as-a-partner-in-the-dydx-revenue-share-program" target="_blank" rel="noreferrer noopener">CCXT</a> v&agrave; Foxify Trade. Nh&#7919;ng t&iacute;ch h&#7907;p n&agrave;y gi&uacute;p c&aacute;c qu&#7929; &#273;&#7847;u t&#432; v&agrave; nh&agrave; t&#7841;o l&#7853;p th&#7883; tr&#432;&#7901;ng xem dYdX nh&#432; m&#7897;t &#273;i&#7875;m k&#7871;t n&#7889;i linh ho&#7841;t, cho ph&eacute;p h&#7885; chuy&#7875;n d&ograve;ng l&#7879;nh giao d&#7883;ch m&#432;&#7907;t gi&#7919;a c&aacute;c s&agrave;n t&#7853;p trung v&agrave; phi t&#7853;p trung.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-governance-and-the-subdao-era-a-sovereign-machine">Qu&#7843;n tr&#7883; v&agrave; k&#7927; nguy&ecirc;n SubDAO: M&#7897;t c&#7895; m&aacute;y t&#7921; ch&#7911;</h2>

<p>Trong n&#259;m 2025, h&#7879; sinh th&aacute;i &#273;&atilde; x&#7917; l&yacute; k&#7927; l&#7909;c 135 &#273;&#7873; xu&#7845;t qu&#7843;n tr&#7883;, th&#7875; hi&#7879;n s&#7921; tham gia c&#7911;a c&#7897;ng &#273;&#7891;ng hi&#7871;m th&#7845;y trong DeFi. M&ocirc; h&igrave;nh SubDAO gi&#7901; &#273;&acirc;y &#273;&atilde; ho&#7841;t &#273;&#7897;ng ho&agrave;n ch&#7881;nh, v&#7899;i c&aacute;c b&#7897; ph&#7853;n ph&#7909; tr&aacute;ch c&aacute;c l&#297;nh v&#7921;c kh&aacute;c nhau c&#7911;a giao th&#7913;c:</p>
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>dYdX Foundation: T&#7853;p trung v&agrave;o &#273;i&#7873;u ph&#7889;i chi&#7871;n l&#432;&#7907;c v&agrave; minh b&#7841;ch v&#7873; ph&aacute;p l&yacute;. Trong n&#259;m 2025, Foundation &#273;&atilde; c&ocirc;ng b&#7889; m&#7897;t whitepaper theo chu&#7849;n MiCA, tr&igrave;nh b&agrave;y nh&#7919;ng l&#432;u &yacute; tu&acirc;n th&#7911; trong b&#7889;i c&#7843;nh quy &#273;&#7883;nh t&#7841;i ch&acirc;u &Acirc;u &#273;ang thay &#273;&#7893;i.</li>

<li>Operations SubDAO: Ph&#7909; tr&aacute;ch &#273;&#7843;m b&#7843;o k&#7929; thu&#7853;t cho dYdX Chain, qu&#7843;n l&yacute; c&aacute;c n&acirc;ng c&#7845;p giao th&#7913;c (v8.1) v&agrave; b&#7843;ng &#273;i&#7873;u khi&#7875;n public cho c&aacute;c validator.</li>

<li>Treasury SubDAO: Qu&#7843;n l&yacute; vi&#7879;c m&#7903; r&#7897;ng t&agrave;i s&#7843;n Treasury t&#7915; 45 tri&#7879;u l&ecirc;n h&#417;n 85 tri&#7879;u DYDX, &#273;&#7891;ng th&#7901;i gi&aacute;m s&aacute;t ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i token.</li>

<li>dYdX Grants Ltd: Kh&#7903;i &#273;&#7897;ng l&#7841;i ho&#7841;t &#273;&#7897;ng v&#7899;i 13.1 tri&#7879;u DYDX d&ugrave;ng &#273;&#7875; t&agrave;i tr&#7907; nghi&ecirc;n c&#7913;u, c&ocirc;ng c&#7909; ph&aacute;t tri&#7875;n v&agrave; c&aacute;c ch&#432;&#417;ng tr&igrave;nh ph&aacute;t tri&#7875;n h&#7879; sinh th&aacute;i c&oacute; t&aacute;c &#273;&#7897;ng l&#7899;n.</li>
</ul>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-dydx-surge-the-20-million-catalyst">dYdX t&#259;ng m&#7841;nh: &#272;&#7897;ng l&#7921;c 20 tri&#7879;u USD</h2>

<p>&#272;&#7875; t&#7841;o &#273;&#7897;ng l&#7921;c cho n&#259;m m&#7899;i, h&#7879; sinh th&aacute;i &#273;&atilde; cho ra m&#7855;t dYdX Surge &ndash; cu&#7897;c thi giao d&#7883;ch quy m&ocirc; l&#7899;n v&#7899;i t&#7893;ng gi&#7843;i th&#432;&#7903;ng l&ecirc;n t&#7899;i 20 tri&#7879;u USD. Kh&aacute;c v&#7899;i c&aacute;c cu&#7897;c thi truy&#7873;n th&#7889;ng th&#432;&#7901;ng &#432;u ti&ecirc;n &ldquo;c&aacute; m&#7853;p&rdquo;, Surge h&#432;&#7899;ng t&#7899;i khuy&#7871;n kh&iacute;ch ngu&#7891;n thanh kho&#7843;n b&#7873;n v&#7919;ng v&agrave; ho&#7841;t &#273;&#7897;ng giao d&#7883;ch &#273;&#7873;u &#273;&#7863;n tr&ecirc;n nhi&#7873;u th&#7883; tr&#432;&#7901;ng.</p>
<p>Ch&#432;&#417;ng tr&igrave;nh &#273;&atilde; th&agrave;nh c&ocirc;ng vang d&#7897;i, ch&#7881; ri&ecirc;ng k&ecirc;nh affiliate &#273;&atilde; gi&uacute;p t&#259;ng th&ecirc;m 17 t&#7927; USD kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch. K&#7871;t th&uacute;c n&#259;m 2025, Ch&#432;&#417;ng tr&igrave;nh Affiliate c&#361;ng &#273;&#432;&#7907;c c&#7843;i ti&#7871;n, &#273;em l&#7841;i c&#417; h&#7897;i chia s&#7867; doanh thu l&ecirc;n t&#7899;i 50% cho nh&#7919;ng &#273;&#7889;i t&aacute;c h&agrave;ng &#273;&#7847;u, b&#7843;o &#273;&#7843;m t&#259;ng tr&#432;&#7903;ng c&#7911;a giao th&#7913;c s&#7869; &#273;&#432;&#7907;c chia s&#7867; v&#7899;i c&aacute;c n&#7873;n t&#7843;ng v&agrave; influencer &#273;&atilde; &#273;&oacute;ng g&oacute;p x&acirc;y d&#7921;ng h&#7879; th&#7889;ng.</p>
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/-ajdhevItsQdBiVjABcBcYDNBos=/smart/55677e6bc3a648f6b4a7c7b554e0a9e1" alt="" class="wp-image-793584">

<p>Nh&igrave;n sang n&#259;m 2026, dYdX Foundation kh&#7859;ng &#273;&#7883;nh th&ocirc;ng &#273;i&#7879;p: &#432;u ti&ecirc;n &#273;ang chuy&#7875;n t&#7915; &ldquo;t&#259;ng tr&#432;&#7903;ng b&#7857;ng m&#7885;i gi&aacute;&rdquo; sang &ldquo;duy tr&igrave; v&#7883; th&#7871; th&#7883; tr&#432;&#7901;ng m&#7897;t c&aacute;ch b&#7873;n v&#7919;ng&rdquo;.</p>
<p>Khi d&#7921; b&aacute;o kh&#7889;i l&#432;&#7907;ng perp on-chain c&oacute; th&#7875; v&#432;&#7907;t 10 ngh&igrave;n t&#7927; USD trong n&#259;m t&#7899;i, dYdX ti&#7871;p t&#7909;c m&#7903; r&#7897;ng chi&#7871;n l&#432;&#7907;c ph&acirc;n ph&#7889;i: th&uacute;c &#273;&#7849;y th&ecirc;m c&aacute;c gi&#7843;i ph&aacute;p giao d&#7883;ch qua bot di &#273;&#7897;ng, t&#259;ng h&#7895; tr&#7907; API cho t&#7893; ch&#7913;c v&agrave; nh&#7845;n m&#7841;nh tu&acirc;n th&#7911; ph&aacute;p lu&#7853;t. B&#432;&#7899;c v&agrave;o n&#259;m 2026, dYdX s&#7903; h&#7919;u c&#417; c&#7845;u chi ph&iacute; tinh g&#7885;n, m&ocirc; h&igrave;nh ph&acirc;n ph&#7889;i token hi&#7879;u qu&#7843; h&#417;n, c&ugrave;ng h&#7841; t&#7847;ng c&ocirc;ng ngh&#7879; ti&#7879;m c&#7853;n hi&#7879;u su&#7845;t c&#7911;a c&aacute;c s&agrave;n t&#7853;p trung l&#7899;n. &#272;&#7889;i v&#7899;i ai d&otilde;i theo &ldquo;cu&#7897;c chi&#7871;n DeFi vs. CeFi&rdquo;, b&aacute;o c&aacute;o 2025 &#273;&atilde; cho th&#7845;y r&otilde; r&agrave;ng: l&#7907;i th&#7871; on-chain nay &#273;&atilde; tr&#7903; th&agrave;nh s&#7921; th&#7853;t v&#7899;i quy m&ocirc; 1.5 ngh&igrave;n t&#7927; USD &ndash; kh&ocirc;ng c&ograve;n ch&#7881; l&agrave; l&yacute; thuy&#7871;t.</p>


Báo cáo thường niên dYdX 2025: chuyển đổi từ các chu kỳ biến động sang thanh khoản chuẩn tổ chức

<p>&#272;&#7871;n n&#259;m 2025, l&#297;nh v&#7921;c ph&aacute;i sinh phi t&#7853;p trung &#273;&atilde; tr&#7903; th&agrave;nh m&#7897;t ph&#7847;n quan tr&#7885;ng c&#7911;a DeFi, v&#7899;i dYdX gi&#7919; v&#7883; tr&iacute; l&agrave; m&#7897;t trong nh&#7919;ng n&#7873;n t&#7843;ng c&oacute; &#7843;nh h&#432;&#7903;ng l&#7899;n nh&#7845;t. V&#7899;i h&#417;n 1.5 ngh&igrave;n t&#7927; USD kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch t&iacute;ch l&#361;y v&agrave; m&ocirc; h&igrave;nh tokenomics &#273;&#432;&#7907;c c&#7843;i ti&#7871;n nh&#7857;m g&#7855;n k&#7871;t th&agrave;nh c&ocirc;ng c&#7911;a giao th&#7913;c v&#7899;i c&aacute;c holder token, dYdX kh&ocirc;ng c&ograve;n ch&#7881; l&agrave; m&#7897;t DEX &ndash; m&agrave; &#273;ang ph&aacute;t tri&#7875;n &#273;&#7875; tr&#7903; th&agrave;nh m&#7897;t l&#7899;p h&#7841; t&#7847;ng th&#7883; tr&#432;&#7901;ng ho&agrave;n ch&#7881;nh.</p>
<p>N&#259;m 2025 s&#7869; &#273;&#432;&#7907;c ghi nh&#7899; nh&#432; c&#7897;t m&#7889;c m&agrave; t&agrave;i ch&iacute;nh phi t&#7853;p trung (DeFi) chuy&#7875;n m&igrave;nh t&#7915; giai &#273;o&#7841;n th&#7917; nghi&#7879;m sang m&#7897;t s&acirc;n ch&#417;i b&#7873;n v&#7919;ng v&#7899;i s&#7921; tham gia c&#7911;a c&aacute;c t&#7893; ch&#7913;c l&#7899;n. Theo <a href="https://t.co/owCsn8r3mR" target="_blank" rel="noreferrer noopener">B&aacute;o c&aacute;o Sinh th&aacute;i dYdX 2025</a> m&#7899;i c&ocirc;ng b&#7889;, giao th&#7913;c n&agrave;y &#273;&atilde; chuy&#7875;n h&#432;&#7899;ng th&agrave;nh c&ocirc;ng t&#7915; vi&#7879;c t&igrave;m ki&#7871;m bi&#7871;n &#273;&#7897;ng nh&#7845;t th&#7901;i sang x&acirc;y d&#7921;ng thanh kho&#7843;n &#7893;n &#273;&#7883;nh, l&acirc;u d&agrave;i v&agrave; c&oacute; l&#7853;p tr&igrave;nh r&otilde; r&agrave;ng.</p>
<p>Khi kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch perpetual on-chain tr&ecirc;n to&agrave;n c&#7847;u ti&#7871;n s&aacute;t m&#7889;c 10 ngh&igrave;n t&#7927; USD, &#273;&#7897;ng th&aacute;i chi&#7871;n l&#432;&#7907;c c&#7911;a dYdX gi&uacute;p t&iacute;ch h&#7907;p s&acirc;u h&#417;n, n&acirc;ng c&#7845;p tr&#7843;i nghi&#7879;m chuy&ecirc;n nghi&#7879;p v&agrave; x&acirc;y d&#7921;ng m&ocirc; h&igrave;nh buyback m&#7841;nh m&#7869; &#273;ang ch&#7913;ng minh r&#7857;ng &yacute; t&#432;&#7903;ng v&#7873; m&#7897;t &ldquo;Wall Street phi t&#7853;p trung&rdquo; &#273;ang d&#7847;n tr&#7903; th&agrave;nh hi&#7879;n th&#7921;c.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-numbers-that-matter-1-55-trillion-and-the-recovery-narrative">Nh&#7919;ng con s&#7889; quan tr&#7885;ng: 1,55 ngh&igrave;n t&#7927; USD v&agrave; c&acirc;u chuy&#7879;n ph&#7909;c h&#7891;i</h2>

<p>Giao th&#7913;c &#273;&atilde; ghi nh&#7853;n t&#7893;ng kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch &#273;&#7841;t 1.55 ngh&igrave;n t&#7927; USD tr&ecirc;n t&#7845;t c&#7843; c&aacute;c phi&ecirc;n b&#7843;n. Ngo&agrave;i ra, b&aacute;o c&aacute;o c&#361;ng cho th&#7845;y xu h&#432;&#7899;ng ph&#7909;c h&#7891;i h&igrave;nh ch&#7919; U trong n&#259;m qua.</p>
<p>Sau m&#7897;t qu&yacute; II &ecirc;m &#7855;ng v&#7899;i kh&#7889;i l&#432;&#7907;ng ch&#7881; &#273;&#7841;t 16 t&#7927; USD gi&#7919;a l&uacute;c th&#7883; tr&#432;&#7901;ng &#273;i ngang, dYdX &#273;&atilde; t&#259;ng t&#7889;c m&#7841;nh m&#7869; v&agrave;o cu&#7889;i n&#259;m. Qu&yacute; IV/2025 ghi nh&#7853;n kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch l&ecirc;n t&#7899;i 34.3 t&#7927; USD, tr&#7903; th&agrave;nh qu&yacute; s&ocirc;i &#273;&#7897;ng nh&#7845;t trong n&#259;m.</p>
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/7acHVYsIgqT46jF8eKMDdOuYuJQ=/smart/8659cbe15731410897abc42138c6e37a" alt="" class="wp-image-793583">

<p>&#272;&agrave; ph&#7909;c h&#7891;i n&agrave;y kh&ocirc;ng &#273;&#417;n thu&#7847;n ch&#7881; nh&#7901; th&#7883; tr&#432;&#7901;ng t&#259;ng tr&#432;&#7903;ng m&agrave; c&ograve;n &#273;&#7871;n t&#7915; vi&#7879;c ra m&#7855;t Market Mapper do c&#7897;ng &#273;&#7891;ng d&#7851;n d&#7855;t v&agrave; c&aacute;c ch&#432;&#417;ng tr&igrave;nh Mi&#7877;n Ph&iacute; Giao D&#7883;ch, gi&uacute;p t&agrave;i s&#7843;n ch&#7911; l&#7921;c nh&#432; BTC-USD v&agrave; SOL-USD &#273;&#7841;t thanh kho&#7843;n ngang t&#7847;m v&#7899;i c&aacute;c s&agrave;n giao d&#7883;ch t&#7853;p trung (CEX h&agrave;ng &#273;&#7847;u).</p>
<p>C&aacute;c ch&#7881; s&#7889; quan tr&#7885;ng c&#7911;a giao th&#7913;c n&#259;m 2025 bao g&#7891;m:</p>
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>Doanh thu giao th&#7913;c: 64.7 tri&#7879;u USD ph&iacute; giao d&#7883;ch k&#7875; t&#7915; khi dYdX v4 ra m&#7855;t.</li>

<li>B&#7843;o m&#7853;t staking: 48 tri&#7879;u USD ph&#7847;n th&#432;&#7903;ng &#273;&atilde; &#273;&#432;&#7907;c ph&acirc;n ph&#7889;i cho nh&#7919;ng ng&#432;&#7901;i tham gia b&#7843;o m&#7853;t m&#7841;ng l&#432;&#7899;i dYdX Chain.</li>

<li>M&#7903; r&#7897;ng th&#7883; tr&#432;&#7901;ng: S&#7889; l&#432;&#7907;ng th&#7883; tr&#432;&#7901;ng t&#259;ng l&ecirc;n 386, t&#432;&#417;ng &#273;&#432;&#417;ng v&#7899;i m&#7913;c t&#259;ng 200% v&#7873; t&agrave;i s&#7843;n ni&ecirc;m y&#7871;t.</li>

<li>S&#7921; ti&#7871;p nh&#7853;n c&#7911;a ng&#432;&#7901;i d&ugrave;ng: S&#7889; l&#432;&#7907;ng &#273;&#7883;a ch&#7881; n&#7855;m gi&#7919; DYDX t&#259;ng g&#7847;n 85% so v&#7899;i n&#259;m tr&#432;&#7899;c, hi&#7879;n &#273;&atilde; v&#432;&#7907;t m&#7889;c 98,100 v&iacute; ri&ecirc;ng bi&#7879;t.</li>
</ul>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-tokenomics-2-0-the-buyback-flywheel-in-motion">Tokenomics 2.0: Chu tr&igrave;nh mua l&#7841;i token &#273;ang v&#7853;n h&agrave;nh</h2>

<p>Trong nhi&#7873;u n&#259;m, t&iacute;nh h&#7919;u d&#7909;ng c&#7911;a c&aacute;c token qu&#7843;n tr&#7883; DeFi lu&ocirc;n g&acirc;y tranh lu&#7853;n. N&#259;m 2025, dYdX &#273;&atilde; &#273;&#432;a ra c&acirc;u tr&#7843; l&#7901;i r&otilde; r&agrave;ng b&#7857;ng c&aacute;ch m&#7903; r&#7897;ng <a href="https://www.youtube.com/shorts/HT6UKxq3SbA" target="_blank" rel="noreferrer noopener">Ch&#432;&#417;ng tr&igrave;nh Mua L&#7841;i DYDX</a> c&#7911;a m&igrave;nh. T&#7915; d&#7921; &aacute;n th&#7917; nghi&#7879;m, ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i n&agrave;y &#273;&atilde; ph&aacute;t tri&#7875;n th&agrave;nh m&#7897;t c&#417; ch&#7871; buyback c&#7845;p giao th&#7913;c, &#273;&#432;&#7907;c qu&#7843;n l&yacute; ch&#7863;t ch&#7869; b&#7903;i Treasury SubDAO.</p>
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/0aIX1ZKHPL2_ojxpcMLkweGzF0g=/smart/374b5ede38ea426ea3381512419ab7ea" alt="" class="wp-image-793585">

<p>Qua c&aacute;c n&acirc;ng c&#7845;p theo h&igrave;nh th&#7913;c qu&#7843;n tr&#7883;, n&#7893;i b&#7853;t l&agrave; <a href="https://x.com/dydxfoundation/status/1990279405579501667" target="_blank" rel="noreferrer noopener">&#272;&#7873; xu&#7845;t #313</a>, c&#7897;ng &#273;&#7891;ng &#273;&atilde; b&#7887; phi&#7871;u ph&acirc;n b&#7893; 75% doanh thu r&ograve;ng t&iacute;ch l&#361;y c&#7911;a giao th&#7913;c &#273;&#7875; mua l&#7841;i DYDX tr&ecirc;n th&#7883; tr&#432;&#7901;ng m&#7903;. C&aacute;c token n&agrave;y kh&ocirc;ng ch&#7881; b&#7883; &#273;&#7889;t m&agrave; c&ograve;n &#273;&#432;&#7907;c staking &#273;&#7875; gia t&#259;ng s&#7921; ph&acirc;n quy&#7873;n v&agrave; b&#7843;o m&#7853;t cho m&#7841;ng l&#432;&#7899;i, t&#7841;o n&ecirc;n v&ograve;ng quay hi&#7879;u &#7913;ng:</p>
<ol class="bic-gutenberg-list wp-list list-decimal list-inside ">
<li>Kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch t&#259;ng gi&uacute;p t&#7841;o ra nhi&#7873;u ph&iacute; h&#417;n.</li>

<li>Nhi&#7873;u ph&iacute; h&#417;n d&#7851;n &#273;&#7871;n ho&#7841;t &#273;&#7897;ng mua l&#7841;i token l&#7899;n h&#417;n.</li>

<li>Mua l&#7841;i token n&acirc;ng cao l&#432;&#7907;ng DYDX &#273;&#432;&#7907;c staking, gi&uacute;p t&#259;ng t&iacute;nh b&#7843;o m&#7853;t c&#7911;a m&#7841;ng &#273;&#7891;ng th&#7901;i gi&#7843;m ngu&#7891;n cung l&#432;u th&ocirc;ng.</li>
</ol>

<p>T&iacute;nh &#273;&#7871;n th&aacute;ng 01/2026, ch&#432;&#417;ng tr&igrave;nh &#273;&atilde; mua l&#7841;i v&agrave; staking 8.46 tri&#7879;u DYDX v&#7899;i t&#7893;ng gi&aacute; tr&#7883; th&#7883; tr&#432;&#7901;ng 1.72 tri&#7879;u USD t&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i. C&#417; ch&#7871; n&agrave;y g&oacute;p ph&#7847;n duy tr&igrave; m&#7913;c l&#7907;i su&#7845;t staking trung b&igrave;nh &#7893;n &#273;&#7883;nh 3.3% &ndash; t&#7841;o ra k&ecirc;nh thu nh&#7853;p d&#7921; &#273;o&aacute;n &#273;&#432;&#7907;c cho c&aacute;c holder l&acirc;u d&agrave;i trong b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng bi&#7871;n &#273;&#7897;ng m&#7841;nh.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-solana-spot-and-the-unbundled-ux">Solana Spot v&agrave; tr&#7843;i nghi&#7879;m ng&#432;&#7901;i d&ugrave;ng t&aacute;ch r&#7901;i</h2>

<p>M&#7897;t trong nh&#7919;ng b&#432;&#7899;c ti&#7871;n k&#7929; thu&#7853;t &#273;&aacute;ng ch&uacute; &yacute; nh&#7845;t n&#259;m 2025 l&agrave; vi&#7879;c t&iacute;ch h&#7907;p Spot trading g&#7889;c c&#7911;a Solana. Tr&#432;&#7899;c &#273;&acirc;y, dYdX ch&#7881; n&#7893;i b&#7853;t v&#7873; perpetual, nh&#432;ng v&#7899;i vi&#7879;c m&#7903; r&#7897;ng sang giao d&#7883;ch spot, giao th&#7913;c gi&#7901; &#273;&acirc;y c&oacute; th&#7875; ph&#7909;c v&#7909; &#273;a d&#7841;ng c&aacute;c chi&#7871;n l&#432;&#7907;c t&#7893; ch&#7913;c nh&#432; ph&ograve;ng h&#7897; gi&#7919;a c&aacute;c th&#7883; tr&#432;&#7901;ng v&agrave; giao d&#7883;ch cash-and-carry.</p>
<p>B&aacute;o c&aacute;o c&#361;ng ch&#7881; ra s&#7921; thay &#273;&#7893;i l&#7899;n trong c&aacute;ch ng&#432;&#7901;i d&ugrave;ng ti&#7871;p c&#7853;n dYdX nh&#7901; <a href="https://beincrypto.com/learn/dydx-pocket-pro-bot-review/" target="_blank" rel="noreferrer noopener">Pocket Pro Bot</a> &ndash; m&#7897;t c&ocirc;ng c&#7909; giao d&#7883;ch ngay tr&ecirc;n Telegram. Nh&#7901; ti&#7871;p c&#7853;n tr&#7921;c ti&#7871;p c&aacute;c nh&agrave; giao d&#7883;ch th&ocirc;ng qua n&#7873;n t&#7843;ng m&#7841;ng x&atilde; h&#7897;i, dYdX &#273;&atilde; h&#7841; th&#7845;p &#273;&aacute;ng k&#7875; r&agrave;o c&#7843;n gia nh&#7853;p. C&aacute;ch ti&#7871;p c&#7853;n n&agrave;y gi&uacute;p ng&#432;&#7901;i d&ugrave;ng c&oacute; th&#7875; qu&#7843;n l&yacute; v&#7883; th&#7871;, theo d&otilde;i b&#7843;ng x&#7871;p h&#7841;ng v&agrave; th&#7921;c hi&#7879;n l&#7879;nh m&#7885;i l&uacute;c m&agrave; kh&ocirc;ng c&#7847;n r&#7901;i kh&#7887;i &#7913;ng d&#7909;ng x&atilde; h&#7897;i quen thu&#7897;c.</p>
<p>Kh&ocirc;ng ch&#7881; v&#7853;y, s&aacute;ng ki&#7871;n Market Mapper c&ograve;n trao quy&#7873;n cho c&#7897;ng &#273;&#7891;ng t&#7921; &#273;&#7873; xu&#7845;t t&agrave;i s&#7843;n m&#7899;i thay v&igrave; ch&#7901; ban qu&#7843;n tr&#7883; x&eacute;t duy&#7879;t. Nh&#7901; &#273;&oacute;, dYdX c&oacute; th&#7875; nhanh ch&oacute;ng lu&ocirc;n d&#7851;n &#273;&#7847;u trong vi&#7879;c ni&ecirc;m y&#7871;t c&aacute;c token ti&#7873;m n&#259;ng m&#7899;i, tr&#7903; th&agrave;nh n&#417;i &#432;u ti&ecirc;n c&#7911;a c&aacute;c token m&#7899;i n&#7893;i.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-institutional-grade-infrastructure-bridging-the-gap">C&#417; s&#7903; h&#7841; t&#7847;ng chu&#7849;n t&#7893; ch&#7913;c: thu h&#7865;p kho&#7843;ng c&aacute;ch</h2>

<p>&#272;&#7875; c&#7841;nh tranh v&#7899;i c&aacute;c s&agrave;n giao d&#7883;ch t&#7853;p trung (CEXs), t&#7889;c &#273;&#7897; x&#7917; l&yacute; v&agrave; c&ocirc;ng b&#7857;ng khi &#273;&#7863;t l&#7879;nh &#7903; m&#7913;c d&#432;&#7899;i 1 gi&acirc;y l&agrave; y&#7871;u t&#7889; b&#7855;t bu&#7897;c. B&aacute;o c&aacute;o n&#259;m 2025 ghi nh&#7853;n s&#7921; n&acirc;ng c&#7845;p l&#7899;n trong h&#7841; t&#7847;ng c&#7911;a dYdX.</p>
<p>Nh&#7901; tri&#7875;n khai <a href="https://www.dydx.xyz/blog/order-entry-gateway-service" target="_blank" rel="noreferrer noopener">Order Entry Gateway Services (OEGS)</a> v&agrave; <a href="https://www.dydx.xyz/blog/governance-controlled-path-reliability-and-performance" target="_blank" rel="noreferrer noopener">Designated Proposers</a>, th&#7901;i gian t&#7841;o kh&#7889;i gi&#7919;a c&aacute;c giao d&#7883;ch tr&#7903; n&ecirc;n &#273;&#7891;ng &#273;&#7873;u h&#417;n r&otilde; r&#7879;t. &#272;&#7891;ng th&#7901;i, khi chuy&#7875;n h&#7879; th&#7889;ng h&#7841; t&#7847;ng quan tr&#7885;ng l&ecirc;n c&aacute;c m&aacute;y ch&#7911; v&#7853;t l&yacute; &ldquo;bare-metal&rdquo;, Ops SubDAO &#273;&atilde; gi&#7843;m chi ph&iacute; v&#7853;n h&agrave;nh h&agrave;ng th&aacute;ng t&#7915; 35,000 USD xu&#7889;ng ch&#7881; c&ograve;n 6,000 USD, &#273;&#7891;ng th&#7901;i gi&uacute;p gi&#7843;m &#273;&#7897; tr&#7877; (latency) cho c&aacute;c nh&agrave; giao d&#7883;ch t&#7847;n su&#7845;t cao.</p>
<p>Vi&#7879;c c&aacute;c t&#7893; ch&#7913;c l&#7899;n tham gia ng&agrave;y c&agrave;ng t&#259;ng nh&#7901; t&iacute;ch h&#7907;p s&acirc;u v&#7899;i c&aacute;c c&ocirc;ng c&#7909; chuy&ecirc;n nghi&#7879;p nh&#432; CoinRoutes, <a href="https://www.dydx.xyz/blog/dydx-welcomes-ccxt-as-a-partner-in-the-dydx-revenue-share-program" target="_blank" rel="noreferrer noopener">CCXT</a> v&agrave; Foxify Trade. Nh&#7919;ng t&iacute;ch h&#7907;p n&agrave;y gi&uacute;p c&aacute;c qu&#7929; &#273;&#7847;u t&#432; v&agrave; nh&agrave; t&#7841;o l&#7853;p th&#7883; tr&#432;&#7901;ng xem dYdX nh&#432; m&#7897;t &#273;i&#7875;m k&#7871;t n&#7889;i linh ho&#7841;t, cho ph&eacute;p h&#7885; chuy&#7875;n d&ograve;ng l&#7879;nh giao d&#7883;ch m&#432;&#7907;t gi&#7919;a c&aacute;c s&agrave;n t&#7853;p trung v&agrave; phi t&#7853;p trung.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-governance-and-the-subdao-era-a-sovereign-machine">Qu&#7843;n tr&#7883; v&agrave; k&#7927; nguy&ecirc;n SubDAO: M&#7897;t c&#7895; m&aacute;y t&#7921; ch&#7911;</h2>

<p>Trong n&#259;m 2025, h&#7879; sinh th&aacute;i &#273;&atilde; x&#7917; l&yacute; k&#7927; l&#7909;c 135 &#273;&#7873; xu&#7845;t qu&#7843;n tr&#7883;, th&#7875; hi&#7879;n s&#7921; tham gia c&#7911;a c&#7897;ng &#273;&#7891;ng hi&#7871;m th&#7845;y trong DeFi. M&ocirc; h&igrave;nh SubDAO gi&#7901; &#273;&acirc;y &#273;&atilde; ho&#7841;t &#273;&#7897;ng ho&agrave;n ch&#7881;nh, v&#7899;i c&aacute;c b&#7897; ph&#7853;n ph&#7909; tr&aacute;ch c&aacute;c l&#297;nh v&#7921;c kh&aacute;c nhau c&#7911;a giao th&#7913;c:</p>
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>dYdX Foundation: T&#7853;p trung v&agrave;o &#273;i&#7873;u ph&#7889;i chi&#7871;n l&#432;&#7907;c v&agrave; minh b&#7841;ch v&#7873; ph&aacute;p l&yacute;. Trong n&#259;m 2025, Foundation &#273;&atilde; c&ocirc;ng b&#7889; m&#7897;t whitepaper theo chu&#7849;n MiCA, tr&igrave;nh b&agrave;y nh&#7919;ng l&#432;u &yacute; tu&acirc;n th&#7911; trong b&#7889;i c&#7843;nh quy &#273;&#7883;nh t&#7841;i ch&acirc;u &Acirc;u &#273;ang thay &#273;&#7893;i.</li>

<li>Operations SubDAO: Ph&#7909; tr&aacute;ch &#273;&#7843;m b&#7843;o k&#7929; thu&#7853;t cho dYdX Chain, qu&#7843;n l&yacute; c&aacute;c n&acirc;ng c&#7845;p giao th&#7913;c (v8.1) v&agrave; b&#7843;ng &#273;i&#7873;u khi&#7875;n public cho c&aacute;c validator.</li>

<li>Treasury SubDAO: Qu&#7843;n l&yacute; vi&#7879;c m&#7903; r&#7897;ng t&agrave;i s&#7843;n Treasury t&#7915; 45 tri&#7879;u l&ecirc;n h&#417;n 85 tri&#7879;u DYDX, &#273;&#7891;ng th&#7901;i gi&aacute;m s&aacute;t ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i token.</li>

<li>dYdX Grants Ltd: Kh&#7903;i &#273;&#7897;ng l&#7841;i ho&#7841;t &#273;&#7897;ng v&#7899;i 13.1 tri&#7879;u DYDX d&ugrave;ng &#273;&#7875; t&agrave;i tr&#7907; nghi&ecirc;n c&#7913;u, c&ocirc;ng c&#7909; ph&aacute;t tri&#7875;n v&agrave; c&aacute;c ch&#432;&#417;ng tr&igrave;nh ph&aacute;t tri&#7875;n h&#7879; sinh th&aacute;i c&oacute; t&aacute;c &#273;&#7897;ng l&#7899;n.</li>
</ul>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-dydx-surge-the-20-million-catalyst">dYdX t&#259;ng m&#7841;nh: &#272;&#7897;ng l&#7921;c 20 tri&#7879;u USD</h2>

<p>&#272;&#7875; t&#7841;o &#273;&#7897;ng l&#7921;c cho n&#259;m m&#7899;i, h&#7879; sinh th&aacute;i &#273;&atilde; cho ra m&#7855;t dYdX Surge &ndash; cu&#7897;c thi giao d&#7883;ch quy m&ocirc; l&#7899;n v&#7899;i t&#7893;ng gi&#7843;i th&#432;&#7903;ng l&ecirc;n t&#7899;i 20 tri&#7879;u USD. Kh&aacute;c v&#7899;i c&aacute;c cu&#7897;c thi truy&#7873;n th&#7889;ng th&#432;&#7901;ng &#432;u ti&ecirc;n &ldquo;c&aacute; m&#7853;p&rdquo;, Surge h&#432;&#7899;ng t&#7899;i khuy&#7871;n kh&iacute;ch ngu&#7891;n thanh kho&#7843;n b&#7873;n v&#7919;ng v&agrave; ho&#7841;t &#273;&#7897;ng giao d&#7883;ch &#273;&#7873;u &#273;&#7863;n tr&ecirc;n nhi&#7873;u th&#7883; tr&#432;&#7901;ng.</p>
<p>Ch&#432;&#417;ng tr&igrave;nh &#273;&atilde; th&agrave;nh c&ocirc;ng vang d&#7897;i, ch&#7881; ri&ecirc;ng k&ecirc;nh affiliate &#273;&atilde; gi&uacute;p t&#259;ng th&ecirc;m 17 t&#7927; USD kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch. K&#7871;t th&uacute;c n&#259;m 2025, Ch&#432;&#417;ng tr&igrave;nh Affiliate c&#361;ng &#273;&#432;&#7907;c c&#7843;i ti&#7871;n, &#273;em l&#7841;i c&#417; h&#7897;i chia s&#7867; doanh thu l&ecirc;n t&#7899;i 50% cho nh&#7919;ng &#273;&#7889;i t&aacute;c h&agrave;ng &#273;&#7847;u, b&#7843;o &#273;&#7843;m t&#259;ng tr&#432;&#7903;ng c&#7911;a giao th&#7913;c s&#7869; &#273;&#432;&#7907;c chia s&#7867; v&#7899;i c&aacute;c n&#7873;n t&#7843;ng v&agrave; influencer &#273;&atilde; &#273;&oacute;ng g&oacute;p x&acirc;y d&#7921;ng h&#7879; th&#7889;ng.</p>
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/-ajdhevItsQdBiVjABcBcYDNBos=/smart/55677e6bc3a648f6b4a7c7b554e0a9e1" alt="" class="wp-image-793584">

<p>Nh&igrave;n sang n&#259;m 2026, dYdX Foundation kh&#7859;ng &#273;&#7883;nh th&ocirc;ng &#273;i&#7879;p: &#432;u ti&ecirc;n &#273;ang chuy&#7875;n t&#7915; &ldquo;t&#259;ng tr&#432;&#7903;ng b&#7857;ng m&#7885;i gi&aacute;&rdquo; sang &ldquo;duy tr&igrave; v&#7883; th&#7871; th&#7883; tr&#432;&#7901;ng m&#7897;t c&aacute;ch b&#7873;n v&#7919;ng&rdquo;.</p>
<p>Khi d&#7921; b&aacute;o kh&#7889;i l&#432;&#7907;ng perp on-chain c&oacute; th&#7875; v&#432;&#7907;t 10 ngh&igrave;n t&#7927; USD trong n&#259;m t&#7899;i, dYdX ti&#7871;p t&#7909;c m&#7903; r&#7897;ng chi&#7871;n l&#432;&#7907;c ph&acirc;n ph&#7889;i: th&uacute;c &#273;&#7849;y th&ecirc;m c&aacute;c gi&#7843;i ph&aacute;p giao d&#7883;ch qua bot di &#273;&#7897;ng, t&#259;ng h&#7895; tr&#7907; API cho t&#7893; ch&#7913;c v&agrave; nh&#7845;n m&#7841;nh tu&acirc;n th&#7911; ph&aacute;p lu&#7853;t. B&#432;&#7899;c v&agrave;o n&#259;m 2026, dYdX s&#7903; h&#7919;u c&#417; c&#7845;u chi ph&iacute; tinh g&#7885;n, m&ocirc; h&igrave;nh ph&acirc;n ph&#7889;i token hi&#7879;u qu&#7843; h&#417;n, c&ugrave;ng h&#7841; t&#7847;ng c&ocirc;ng ngh&#7879; ti&#7879;m c&#7853;n hi&#7879;u su&#7845;t c&#7911;a c&aacute;c s&agrave;n t&#7853;p trung l&#7899;n. &#272;&#7889;i v&#7899;i ai d&otilde;i theo &ldquo;cu&#7897;c chi&#7871;n DeFi vs. CeFi&rdquo;, b&aacute;o c&aacute;o 2025 &#273;&atilde; cho th&#7845;y r&otilde; r&agrave;ng: l&#7907;i th&#7871; on-chain nay &#273;&atilde; tr&#7903; th&agrave;nh s&#7921; th&#7853;t v&#7899;i quy m&ocirc; 1.5 ngh&igrave;n t&#7927; USD &ndash; kh&ocirc;ng c&ograve;n ch&#7881; l&agrave; l&yacute; thuy&#7871;t.</p>
