dYdX Community Votes To Allocate $4M From Treasury subDAO Assets To Fund Ecosystem Development Program
In Brief
dYdX Foundation announced that the dYdX community has approved a $4 million allocation from the Treasury subDAO’s assets to fund the remaining 14 months of the Ecosystem Development Program.
The company behind the decentralized exchange (DEX) dYdX, dYdX Foundation, announced that its community has approved the allocation of $4 million from the Treasury subDAO’s assets to support the remaining 14 months of the Ecosystem Development Program (DEP).
The allocated funds will be reserved as payable to the DEP and disbursed in a timely manner based on the program’s financial needs. This approach enables the DEP to better plan its budget and maintain support for contributors while allowing the Treasury subDAO to continue leveraging unused capital for its intended purposes. By utilizing assets from the Treasury subDAO rather than requesting additional DYDX tokens from the Community Treasury, this funding mechanism transitions the DEP to a more sustainable model, enabling the protocol to allocate revenue towards growth and maintenance through the DEP.
An earlier budget request of $12 million, approved in March, fell short of covering the necessary resources for the dYdX Chain’s growth and development. The scale of contributor participation and the emergence of new initiatives such as Market Mapper, the Affiliate Program, and other large-scale efforts exceeded initial expectations. The newly approved funding will primarily support grants and other projects, though further funding may be required to sustain current levels of support for the ecosystem.
dYdX DEP Achieves Promising Results In Current Term, Unveils Future Plans
The dYdX DEP, formerly known as the dYdX Grants Program, launched in January 2022 with the mission of advancing the dYdX protocol through partnerships, strategic growth initiatives, and community-driven contributions. DEP funding is used to onboard new contributors, collaborate with professional service providers, and support ecosystem expansion. Grants are allocated with the goal of delivering maximum positive impact on the dYdX protocol, tailored to address its evolving needs.
As it enters its third year of operations, the DEP has approved over 200 grants for more than 150 unique recipients, with funding exceeding $13 million. These grants span a wide array of categories, including core chain development, protocol infrastructure, growth initiatives, research and development, and community engagement.
The program’s current term has been its most active to date, with 65 grants approved, totaling over $7 million in funding—an average of six grants and nearly $700,000 per month. Impressively, roughly half of the funding distributed in DEP’s three-year history has occurred within the past ten months. The transition to and growth of the dYdX Chain has expanded opportunities for contributors and the scale of initiatives aimed at driving protocol growth.
Notable projects funded this term include Skip:Connect, MegaVault, and dYdX Unlimited, among others. In the coming months, the DEP plans to focus on key priorities such as integrating dYdX into existing platforms and products, simplifying the bridging experience, and enhancing access to MegaVault.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
