Dydx Foundation Receives $30M From Community Treasury to Propel Strategic Initiatives


This week, the Dydx Foundation revealed it has secured a $30 million allocation from the Dydx Chain Community Treasury. This financial infusion is designated to extend the foundation’s operational capacity by an additional three years, facilitating the execution of the project’s strategic roadmap.

Community Treasury Allocates $30 Million to Dydx Foundation for Enhanced Ecosystem Innovation

The Dydx Foundation, headquartered in Switzerland and responsible for the decentralized finance (defi) and derivatives-focused decentralized application (dapp) Dydx, revealed it has secured $30 million from the community treasury. The decision to allocate these funds came after a vote that witnessed an 86.4% participation rate, with 98% of the votes in favor of the proposal.

This allocation boosts the Dydx Foundation’s operational timeline by an additional three years, empowering it to achieve its strategic goals. These ambitions include enhancing the governance speed and influence of the Dydx Chain, fostering the development of DAOs, and guaranteeing solid technical and strategic integrations for the Dydx Chain’s infrastructure and its offerings.

“The Foundation has played an important role in the Dydx Ecosystem, helping to foster innovation, drive governance and grow adoption of the Dydx protocol,” Charles d’Haussy the CEO of Dydx said in a statement sent to Bitcoin.com News. “This funding from the Community Treasury enables the Foundation to deliver on its strategic roadmap. We’re thrilled by the unanimous support from the community and we’re excited to continue to deliver meaningful contributions and impact to the Dydx Ecosystem,” the foundation’s executive added.

The news follows the Dydx chain adding liquid staking support for the native token dydx (DYDX) which took place at the end of last month. The upgrade allows people to stake the Dydx Chain using a staked dydx token that is liquid and can be traded instantly or leveraged on other dapps. The project’s native token DYDX has gained 7.3% in the past 24 hours and 14.3% over the last two weeks.

Source : Bitcoin.com / Feb 11, 2024

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