The dYdX Foundation is pleased to announce the successful allocation of $30M in DYDX from the dYdX Community Treasury
Zug, Switzerland, February 9th, 2024, Chainwire
Today, the dYdX Foundation highlights the successful allocation of $30M in DYDX from the dYdX Chain Community Treasury. The Foundation Fundraise proposal had a 98% ‘Yes’ vote and a 87.2% 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 overwhelmed 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 & 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 complete transparency.
The dYdX 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 261M 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
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.
