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dYdX Foundation Secures $30 Million in DYDX from Community Treasury

10/02/2024 20:54

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According to Blockworks, the dYdX Foundation, a nonprofit organization supporting the dYdX protocol, has secured $30 million in DYDX (10.9 million DYDX) from the dYdX community treasury after a recent DAO vote. The Swiss-based foundation aims to promote the growth of the dYdX protocol ecosystem through community and developer engagement while maintaining decentralized governance. The funds will be used to hire and retain talent and scale the dYdX chain. David Gogel, Vice President of Strategy and Operations at the dYdX Foundation, stated that the latest community fundraise comes after two and a half years of operation. The foundation initially received 8.7 million DYDX tokens to grow and sustain itself. The recent request for $30 million represents around 4% of the 253 million tokens remaining in the dYdX community treasury. Unlike other foundations in the crypto ecosystem, the dYdX Foundation does not provide grants to ecosystem projects. Instead, it focuses on enabling communities, supporting developers, and promoting decentralized governance. The proposal received 86.4% of all DYDX governance token holders' votes, with 98% voting in favor. The majority of the budget will be allocated to salaries, bonuses, and employee benefits. Over the next year, the foundation plans to hire four new employees to support its growth.

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