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A statement from the dYdX Foundation.
The dYdX Foundation exists to support the dYdX protocol and to foster community-driven governance and growth across the dYdX ecosystem. That role is unchanged.
Today, dYdX Trading Inc. (d.b.a. dYdX Labs) announced Arcus, a new decentralized exchange built in partnership with Robinhood on the Robinhood Chain. Arcus is a distinct, independent product built on separate infrastructure; dYdX Chain is not affected by it in any way. dYdX Chain continues to operate as it did yesterday – governed by its token holders, secured by its validators, and owned by its community.
What follows is for those who rely on that: traders, token holders, validators, and the wider ecosystem.
Operations
Trading, deposits, withdrawals, staking, governance, and validator operations all continue to run as normal. The community-owned infrastructure maintained by the dYdX Operations SubDAO - the indexer, the dydx.trade front end, and the iOS and Android applications - remain in service. Any change to availability would be communicated in advance.
The DYDX Token
DYDX is, and remains, the governance and staking token of dYdX Chain. Its mechanics, supply, and operational characteristics remain unchanged. No token swap or migration has been announced; any such decision would belong to dYdX Labs and to DYDX token holders and governance participants.
Staking rewards continue to be paid in USDC, drawn from dYdX Chain protocol fees, for as long as the Chain operates.
Validators and Governance
dYdX Chain is secured by its validators, and that requirement is undiminished. The validator set will continue to operate as it does today, with any changes to the validator set or validator requirements needing governance approval by the dYdX community.
Governance continues to function as it always has. dYdX Chain validators and DYDX stakers propose and vote; the Treasury SubDAO and Operations SubDAO continue to operate under their existing mandates. The Community Treasury, the Rewards Treasury, and their respective vester accounts all remain under dYdX Chain governance control, and their funds can only move pursuant to a community decision via governance. Community initiatives, likewise, are governed by token holders, who determine any future initiatives or changes to the existing ones.
The Foundation's Role
The dYdX Foundation will continue to do what it was formed to do: support the dYdX protocol, foster governance participation and engagement, guide its validator community, and report to token holders with transparency.
dYdX Chain is operational, community-owned, and governed by the token holders. The Foundation's commitment to it is undiminished.
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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