dYdX Foundation secures $30M in funding from community treasury for ecosystem growth
dYdX Foundation to enhance governance and adoption with this new community treasury funding.
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The dYdX Foundation announced it has successfully secured $30 million in DYDX tokens from the dYdX Chain Community Treasury, following a community vote where 98% supported the Foundation Fundraise proposal. The vote saw a participation rate of 86.4%, indicating strong community backing for the initiative.
This funding is set to provide the dYdX Foundation with a three-year operational runway, supporting a comprehensive roadmap aimed at enhancing the dYdX ecosystem. Key focus areas include improving governance velocity and impact, fostering decentralized autonomous organization (DAO) enablement, and integrating technical and strategic advancements within the dYdX Chain infrastructure and its applications.
“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 thrilled by the unanimous support from the community and we’re excited to continue to deliver meaningful contributions and impact to the dYdX Ecosystem,” stated Charles d’Haussy, CEO of the dYdX Foundation.
Additionally, the foundation aims to expand the adoption of the dYdX Chain, increase global marketing and communication efforts, recruit and retain top talent, and uphold operational excellence across the ecosystem.
The dYdX Foundation highlighted that it sought funding from the Community Treasury for two main reasons: its non-profit nature, which precludes it from charging fees or seeking profits, and the activation of the dYdX Chain Community Treasury, which holds 6% of approximately 261 million DYDX tokens, to stimulate growth and adoption of the dYdX Chain and protocol.
The foundation provided detailed insights into its operational structure and strategic plans in its forum proposal, outlining the roles of its five core teams: Governance and Strategic Initiatives, Business Development and Growth, Solutions and User Support, Marketing & Communications, and Core Operations.
The proposal also included an operating budget forecast and outlined treasury management and fund dispersion strategies to maintain transparency with the community. With this new funding, the dYdX Foundation is poised to continue its contributions to the expansion of the dYdX protocol and its surrounding ecosystem.
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