Kuyen Labs presents an analysis of the VIP tier of the dYdX Affiliate Program from launch (November 19th) to January 31st, 2025. This report examines the VIP tier performance within the larger dYdX affiliate program and the dYdX ecosystem, highlighting key achievements, challenges, and strategic next steps.
Affiliate Program KPIs
Our second month of operations shows strong promise of the VIP tier across key metrics:
- Total Affiliates: 160 | VIP: 69
- Total Referred Trading Volume: $3.48B | Referred Trading Volume by VIP Affiliates: $3.21B (90%)
- Total Referred Users: 641 | Referred Users by VIP Affiliates: 416 (65%)
- Total Referred Fees: 812K | VIP Referred Fees: 741K (91%)
- Affiliate Commissions Earned: $32K | VIP Affiliates Commissions Earned: $24K (75%)
- 43% of all time referred volume has been generated from addresses new to dYdX
Early observations after 2+ months of running the VIP Affiliate Program
Referred Volume vs. New Referred Users as a success metric
While referred trading volume is an important metric to follow, out of the current $3.5B referred, 90%+ of it comes from two referred users referred by two different VIP affiliates. While we do not have any evidence that these cases could be self-referrals, the payout cap per referred user implemented in this program helps prevent potential abuse and limits the impact of such cases.
On another note, new referred users might be a better metric to follow to measure impact from VIP affiliates. The following affiliates have brought 285 new users and over $21M in trading volume, demonstrating a balanced and valuable contribution to the program:
With the spirit of showcasing the great work from these affiliates, please see below a list of some of the best performing affiliate content in the program so far:
- Reviews + Tutorials: dYdX Avis & Tuto 2025 : La plateforme qui va faire tomber Binance ?
- Articles:
- Videos:
- Tweet + Video: x.com
- Tweet + Giveaway: x.com
New traders
During the last month, over 2084 new traders joined the dYdX ecosystem. Of those, 119 were referred by affiliates, making up 6% of all new traders. Out of the referred traders, 55 (46%) came from VIP affiliates. On the volume side, dYdX recorded a total trading volume of $10.4B, with $809M generated through affiliate referrals, of which $680M came from VIP affiliates ( 6,5% share)
While we recognize that there’s room for improvement , we’re very optimistic about the affiliate program as a whole, already generating a 6% net impact into dYdX in only 2 months of operation with many updates to come.
Inactive VIP Affiliates
Since the launch of the program, 69 VIP affiliates have joined, but as of January 31, only 32 have brought in new referrals. This suggests that while there is strong interest in the VIP tier, activation and engagement remain key challenges.
Reasons why some VIPs still remain inactive:
- Some affiliates have expressed concerns about customizing their referral links to match their branding and prevent confusion among users. For example, affiliates such as Milk Road, whose affiliate code is DustyVeinO19, or Blockdaemon, whose affiliate code is ClassyCrownWO3.
- Certain affiliates have demanded rewards for successful referrals to other dYdX features (e.g., MegaVault)
- Some VIP affiliates have demanded sponsorships beyond the affiliate program, asking for upfront sponsorship fees before generating any content.
Next Steps for the VIP Affiliate Program
Our focus now is on activating more affiliates and helping them start making an impact. While some have already shown great results, many still haven’t started referring users or generating volume. We’ll work on improving onboarding, providing more support, and making it clearer how they can get the most out of the program. The key to growing the program sustainably is getting more affiliates engaged and active.
VIP Link Management
As highlighted above, one of the concerns expressed by some affiliates has been the personalization of their link. To address this, a new system will be implemented, on which the affiliate ID will be used as a reference for the affiliate code.
This will be in effect soon only for new whitelisted affiliates and for VIPs who have not shown activity yet. It’s important to clarify that once these new affiliate links are provided, previous links will be deprecated.
Promoting affiliates to VIP status
We had many cases already in which affiliates applied to be part of the VIP tier but we did not approved them. In these cases, we encourage affiliates to prove their potential impact on the standard affiliate program and later promote them to the VIP tier. We’re happy to have already promoted X affiliates into the VIP tier after proving themselves on the standard program. We will continue to pay attention to standard affiliates who have at least 10+ referred users and $200,000+ referred volume.
Audit and risk management
To maintain program integrity and ensure fair participation, we are implementing enhanced monitoring systems for potential gaming behavior. Our analysis has identified several patterns and we will continue to monitor closely.
It’s important to mention that VIP status can be revoked if:
- Best practices are not maintained
- Suspicious trading patterns are detected
- Minimum activity thresholds are not met
- Program terms are violated
We will make sure to communicate all changes to existing VIP affiliates in case any program terms change.
Refreshing content ideas for affiliates
We will continue to work on our welcoma package for new VIP affiliates as well as reaching out to them with new content ideas based on what’s working for other affiliates and new updates on the dYdX ecosystem.
For example, over the next month, a new trading competitions portal will be rolled out on the dYdX app, which will allow anyone to launch a trading competition on dYdX. This will be integrated with the affiliate program and we foresee it will be a great avenue for affiliate content.
Identifying new potential VIP affiliates
Since the start of the program we have identified and reach out to 500+ potential VIP affiliates, who are at different stages of the onboarding pipeline. While some of these contacts for some reason or the other don’t qualify for the program (e.g. locations restrictions, requested sponsorship fees, etc.), we will continue to put efforts into finding dApps, KOLs, and influencers who can provide valuable content to onboard the next million users into dYdX.
Conclusion
The dYdX Affiliate Program’s first two months have demonstrated remarkable potential, with VIP affiliates driving 90% of the $3.48B in referred trading volume and contributing 416 new users to the ecosystem. However, there’s still room for improvement. While affiliates have generated $3.48B in referred trading volume and 641 new users, most of this impact comes from a small group of VIP affiliates, and more than half of VIPs have not yet been active.
Looking ahead, we’re particularly excited about two opportunities for growth:
- The upcoming trading competitions portal will provide affiliates with fresh, engaging content opportunities
- New customized VIP affiliate links will address key affiliate feedback
With continued focus on affiliate activation, content development, and program optimization, we’re confident in our ability to scale the program’s impact significantly in the coming months.
PS: Affiliate Program Dashboard is out
To enhance program transparency and accessibility, we’ve launched a new dashboard at dYdX Affiliate Program Stats. This complements the existing affiliate dashboard in the dYdX app by providing community-wide access to program statistics. We welcome feedback and suggestions at dydx@fuul.xyz to continue improving this resource.
