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In June 2025, dYdX Grants renewed the MegaVault Operator mandate, awarding Greave a grant to fund six months of core operations and methodology development for the dYdX MegaVault. The dYdX MegaVault is an on-chain vault that deploys deposited capital into strategy-driven trading activity on dYdX, returning strategy P&L to depositors. It’s designed to deepen orderbook liquidity while providing programmatic, transparent yield to participants. (Gauntlet serves as Greave’s data and analytics provider.)
Scope & deliverables
- Core parameter management: spread adjustments across markets, skew-factor optimization, and market‑status monitoring.
- USDC allocation management: weight optimisation across markets and rebalancing recommendations.
- Monitoring & reporting: real‑time monitoring of protocol and market conditions, plus monthly reports to the community and a public dashboard with key metrics.
- Methodology development: continued refinement of market‑alignment approaches and exploration of further MegaVault improvements.
Market Quality & Liquidity Impact
Stable depth and tight spreads are core to price discovery, execution quality, and risk management. The MegaVault functions as shared liquidity infrastructure - aligning parameters and allocations so market makers and strategy teams can quote consistently through changing regimes. Transparent reporting and disciplined parameterisation strengthen institutional confidence and sustain the volume - liquidity flywheel.
“Greave operates the dYdX MegaVault. We run periodic rebalances, adjust spreads and skew, and optimize allocations across sub‑vaults. As Operator, we monitor market conditions in real time and publish monthly performance reports. This renewal allows us to keep liquidity deep, spreads competitive, and risk managed even during volatility. It ensures MegaVault continues to drive the volume‑liquidity flywheel and strengthen the core of the dYdX ecosystem.”
— Greave (MegaVault Operator)
Timeline
Work commenced in June 2025 and runs through a six‑month execution window, with monitoring and monthly reports shared publicly throughout the term.
Teams seeking to contribute to dYdX are invited to apply for a grant through the dYdX Grants portal.
About the dYdX Foundation
Legitimacy and Disclaimer
Crypto-assets can be highly volatile and trading crypto-assets involves risk of loss, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be adequate for retail investors. Do your own research and due diligence before engaging in any activity involving crypto-assets.
dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as in other restricted jurisdictions. The dYdX Foundation does not operate or participate in the operation of any component of the dYdX Chain's infrastructure.
The dYdX Foundation’s purpose is to support the current implementation and any future implementations of the dYdX protocol and to foster community-driven growth in the dYdX ecosystem.
The dYdX Chain software (including dYdX Unlimited) is open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain and/or its software or related components (including dYdX Unlimited) be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software (including dYdX Unlimited) or any implementation thereof are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software, i ncluding dYdX Unlimited (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever. The dYdX Foundation does not make any representations, warranties or covenants in connection with the dYdX Chain software (or any implementations and/or components thereof, including dYdX Unlimited), including (without limitation) with regard to their technical properties or performance, as well as their actual or potential usefulness or suitability for any particular purpose, and users agree to rely on the dYdX Chain software (or any implementations and/or components thereof, including dYdX Unlimited) “AS IS, WHERE IS”.
Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. Users should conduct their own research and due diligence before making any decisions. The dYdX Foundation may alter or update any information in this post in the future at its sole discretion and assumes no obligation to publicly disclose any such change. This post is solely based on the information available to the dYdX Foundation at the time it was published and should only be read and taken into consideration at the time it was published and on the basis of the circumstances that surrounded it. The dYdX Foundation makes no guarantees of future performance and is under no obligation to undertake any of the activities contemplated herein.
Depositing into the MegaVault carries risks. Do your own research and make sure to understand the risks before depositing funds. MegaVault returns are not guaranteed and may fluctuate over time depending on multiple factors. MegaVault returns may be negative and you may lose your entire investment.The dYdX Foundation does not operate or has control over the MegaVault and has not been involved in the development, deployment and operation of any component of the dYdX Unlimited software (including the MegaVault).
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