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![HaryoAce Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1760249417976721408.png) HaryoAce♦️ [@HaryoAce](/creator/twitter/HaryoAce) on x XXX followers
Created: 2025-07-26 22:00:00 UTC

TVL dropped from $429M to $260M in H1 2025, yet @dYdX pulled in $56.2M revenue

Why?

I think it is simple, there are real traders, real volume and real usage and $20M in rewards backs it up

dYdX has it locked being on-chain product-market fit 

Say GN back

![](https://pbs.twimg.com/media/GwzG7jSXwAASF1-.jpg)

XX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1949228235658588540/c:line.svg)

**Related Topics**
[20m](/topic/20m)
[onchain](/topic/onchain)
[$20m](/topic/$20m)
[$562m](/topic/$562m)
[h1](/topic/h1)
[$260m](/topic/$260m)
[$429m](/topic/$429m)

[Post Link](https://x.com/HaryoAce/status/1949228235658588540)