The dYdX Foundation Secures $30 Million in DYDX Tokens from Community Treasury
The dYdX Foundation has successfully obtained $30 million in DYDX tokens from the dYdX Chain Community Treasury, following overwhelming support from the community. With a participation rate of 86.4%, this funding ensures a three-year operational runway for the foundation, allowing it to execute its comprehensive roadmap aimed at enhancing the dYdX ecosystem.
Focus Areas for Enhancement
The foundation’s roadmap focuses on several key areas to improve the dYdX ecosystem. These include enhancing governance velocity and impact, enabling decentralized autonomous organizations (DAOs), and integrating technical and strategic advancements into the dYdX Chain infrastructure and its applications.
Community Backing
Charles d’Haussy, CEO of the dYdX Foundation, expressed his excitement about the unanimous support received from the community. He emphasized the foundation’s crucial role in fostering innovation, driving governance, and promoting adoption of the dYdX protocol.
Expansion Plans
In addition to its core focus areas, the foundation aims to expand the adoption of the dYdX Chain through global marketing and communication efforts. It also intends to recruit and retain top talent while upholding operational excellence across the ecosystem.
Funding from Community Treasury
The foundation sought funding from the Community Treasury for two main reasons: its non-profit nature and the activation of the dYdX Chain Community Treasury. This treasury holds 6% of approximately 261 million DYDX tokens and aims to stimulate growth and adoption of the dYdX Chain and protocol.
Operational Structure and Transparency
The foundation provided detailed insights into its operational structure and strategic plans in its forum proposal. It outlined the roles of its five core teams and included an operating budget forecast. Additionally, the foundation emphasized transparency by outlining treasury management and fund dispersion strategies.
With this new funding, the dYdX Foundation is well-positioned to continue contributing to the expansion of the dYdX protocol and its surrounding ecosystem.
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