dYdX Foundation Raises $30 Million in Funding
The dYdX foundation has successfully secured $30 million worth of DYDX tokens from the dYdX Chain Community Treasury. This funding comes after a community vote that saw overwhelming support for the Foundation Fundraise proposal.
Strong Community Backing
The proposal received a participation rate of 86.4%, indicating strong community backing. The funding provides dYdX with a three-year operational runway and supports various initiatives to enhance the dYdX ecosystem. This includes improving governance, enabling decentralized autonomous organizations (DAOs), and integrating technical advancements within the dYdX Chain and its applications.
Utilization of Funds
About 4% of the DYDX tokens held in the dYdX community treasury will be utilized for talent acquisition, retention, and expanding the dYdX Chain. Charles d’Haussy, CEO of the dYdX Foundation, expressed excitement about the unanimous community support and the Foundation’s ability to deliver meaningful contributions to the dYdX ecosystem.
Securing Additional Funding
The fundraise aims to secure additional funding and support for the dYdX protocol. The Foundation sought funding from the treasury due to its non-profit nature and the activation of the dYdX treasury, which holds a significant portion of DYDX tokens. The Vice President of Strategy and Operations, David Gogel, emphasized the strategic importance of the fundraise.
Future Initiatives
The dYdX Foundation plans to diversify a portion of the funds into fiat currency and stablecoins. They also plan to expand staking operations and leverage the yield on DYDX tokens. With a three-year operational runway, the Foundation aims to hire and retain the best team and contribute to the growth of the decentralized finance ecosystem.
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