dYdX Foundation announces the allocation of $30M in DYDX from the Community Treasury
Feb 9, 2024
Today, the dYdX Foundation highlights the successful allocation of $30M in DYDX (10,915,674 DYDX tokens at 30-day TWAP of $2.77 as of 29/1/2024) from the dYdX Chain Community Treasury. The Foundation fundraise proposal (Proposal 8) had a 98% ‘Yes’ vote and 86.4% voter turnout highlighting the close-to-unanimous support from the dYdX community and ecosystem.
This funding provides 3 more years of runway for the dYdX Foundation to execute its roadmap, which includes:
Enhancing dYdX Chain’s Governance Velocity and Impact
Fostering DAO enablement
Supporting appropriate Technical and Strategic Integrations for the dYdX Chain Infrastructure and its Applications
Helping to scale the Adoption of the dYdX Chain
Enhancing Global Marketing and Communications around the dYdX brand
Hiring and Retaining an A-player dYdX Foundation Team
Supporting Operational Excellence across the Entire dYdX ecosystem
Charles d’Haussy - CEO dYdX Foundation “The Foundation has played an important role in the dYdX Ecosystem, helping to foster innovation, drive governance and grow adoption of the dYdX protocol. This funding from the Community Treasury enables the Foundation to deliver on its strategic roadmap. We’re thrilled by the unanimous support from the community and we’re excited to continue to deliver meaningful contributions and impact to the dYdX Ecosystem.”
In the detailed forum proposal the Foundation highlights the 5 core operating teams that deliver the strategic roadmap: Governance and Strategic Initiatives, Business Development and Growth, Solutions and User Support, Marketing and Communications and Core Operations. Additionally in the proposal, a clear Operating budget forecast, Treasury Management and Dispersion strategies were highlighted providing the community and ecosystem with transparency.
The Foundation raised funds from the dYdX Chain Community Treasury for two primary reasons; (1) The Foundation does not charge fees or have a profit-making purpose, and does not seek any profits in general, (2) The dYdX Chain Community Treasury has 6% of approximately 253M DYDX currently earmarked, this funding further activates and stimulates the treasury towards growth and adoption of the dYdX Chain and protocol.
The dYdX Foundation is truly excited to continue contributing to the success of the dYdX protocol and Ecosystem.
About the dYdX Foundation
About the dYdX Foundation
The dYdX Foundation’s purpose is to support and grow the dYdX protocol ecosystem by enabling communities, developers, and decentralized governance.
The dYdX Chain software 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 or its software 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 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 (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 (without limitation) with regard to their technical properties or performance, as well as their actual or potential usefulness or suitability for any particular purpose. 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. The dYdX Foundation makes no recommendation as to how to vote on any proposal in dYdX governance, or to take any action whatsoever. The dYdX community is sovereign to make decisions freely and at its sole discretion, in accordance with the governance rules, principles, and mechanisms adopted by the dYdX DAO. The dYdX Foundation does not participate in governance decisions to be made by the dYdX community, including, without limitation, by voting on governance proposals. The dYdX Foundation makes no guarantees and is under no obligation to undertake any of the activities contemplated herein.
Legitimacy and Disclaimer
dYdX Foundation’s purpose is to support and grow the dYdX protocol ecosystem by enabling communities, developers, and decentralized governance. 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. The dYdX community is sovereign to make decisions freely from time to time, in accordance with the governance rules, principles, and mechanisms adopted by the dYdX DAO. Community discussion and interaction on the contents of this post are encouraged. The dYdX Foundation does not directly participate in governance decisions to be made by the dYdX community, including, without limitation, by making and/or voting on governance proposals.
The dYdX Foundation may change, update or complement its analysis or opinions expressed in this post in the future and assumes no obligation to publicly disclose any such change or update. This post is solely based on the information available to the dYdX Foundation at the time it is made and should only be read and taken into consideration at the time it is made and on the basis of the circumstances that surround it.
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