dYdX Foundation Initiates On-Chain Vote For dYdX Treasury SubDAO Update, Open Until April 14
In Brief
dYdX Foundation has released a proposal to gather community feedback on the decision to ratify the dYdX Treasury SubDAO Articles of Association and replace one dYdX Treasury SubDAO Foundation Class B Director.
Organization behind the decentralized exchange (DEX) dYdX, the dYdX Foundation, has released a proposal to gather community feedback on a decision regarding the dYdX Treasury SubDAO. The proposal includes a vote on whether the community should ratify the dYdX Treasury SubDAO Articles of Association and replace one Class B Director of the dYdX Treasury SubDAO Foundation. The vote is currently active and will close on April 14th.
As outlined in the proposal, three main updates are up for community approval to be formally ratified.
Among them, the dYdX Treasury SubDAO Articles of Association (“Articles”) will be updated to better align with the operational structure of the dYdX Treasury SubDAO Foundation. Similar to the multi-sig process, there will always need to be at least one director from each class present for a board resolution to be considered valid. The draft of these Articles is available on IPFS, and the dYdX community is being asked to approve their ratification. If the proposal is successful, the Articles will be formally adopted.
dYdX Foundation Proposes Director Replacement And Expansion Of Buyback Program Venues For Treasury SubDAO
Furthermore, the dYdX Treasury SubDAO Foundation is currently governed by six directors, consisting of three community directors and three kpk signers. Due to recent organizational changes within kpk, the dYdX community is being asked to approve the replacement of one of the kpk signers as a Class B Director. If the proposal passes, the Director will be replaced in both legal and operational roles as a signer.
The dYdX Buyback Program, which allocates 25% of dYdX’s net protocol revenue to repurchase DYDX tokens on the open market, has already been approved. However, the broader dYdX community, including the Operations SubDAO, also uses DYDX tokens to fund its activities. The community is now being asked to approve an expansion of the Buyback Program to include over-the-counter (OTC) buybacks. This would enable the dYdX Treasury SubDAO to support dYdX DAO’s cash flow management and reduce transaction costs associated with DYDX token trading. If the proposal is successful, the scope of the Buyback Program will include OTC buybacks.
According to the dYdX Foundation, there are two separate text proposals to consider. Proposal #1 seeks to ratify the dYdX Treasury SubDAO Articles of Association and replace one Class B Director of the dYdX Treasury SubDAO Foundation. Proposal #2 aims to expand the Buyback Program’s execution venues.
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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.
