Question
Provide a narrative description of the purpose of the project.
Response
dYdX is a decentralised trading protocol where users can permissionlessly trade perpetual futures on crypto-assets and other types of assets. The dYdX protocol is deployed as an application-specific Layer-1 blockchain built for trading called the dYdX Chain that leverages the Cosmos SDK and CometBFT. dYdX lets users trade perpetuals over more than 200 different assets with no intermediaries and with full self-custody over user funds. The DYDX token plays a central role as the staking and governance token of the dYdX Chain. The DYDX token can be staked (delegated) to dYdX Chain validators in order to secure the network, participate in protocol governance and earn staking rewards. For more information onthe dYdX protocol, the dYdX Chain and the DYDX token, please refer to the official technical documentation and the DYDX Whitepaper.
Question
For each existing entity, list key team members with full name, official title, and prior experience. Explicitly mark non-existent entities.
Response
Full Name | Official Title | Prior Experience |
|---|---|---|
Antonio Juliano(LinkedIn) |
Founder; CEO, dYdX Trading Inc |
Antonio is the Founder of dYdX, one of the longest-standing decentralized perp exchanges in the industry. Before founding dYdX, Antonio created Weipoint, a decentralized search engine, worked at Uber, and was an early software engineer at Coinbase, where he first developed his passion for crypto. He holds a BSE in Computer Science from Princeton University. |
Edward Zhang(LinkedIn) | President, dYdX Trading Inc | Eddie is the President of dYdX, following its acquisition of Pocket Protector in August 2025. He founded Pocket Protector, a social trading product on Telegram that scaled to 50K+ users, $1B+ in annualized trading volume, and raised $7M+ from investors including Electric Capital, Dragonfly, and Coinbase Ventures. Previously, he founded Fam, a group video app with more than 5M U.S. teenage users, backed by $15M+ from Greylock, Founders Fund, and others, and acquired by Eventbrite in 2023. Earlier in his career, he was a Product Manager at Facebook, where he helped monetize Messenger from $0 to $100M+ annually, launched the Messenger Bot Platform, and led mobile for News Feed. He graduated with honors from Dartmouth College with degrees in Economics and Computer Science. |
David Gogel (LinkedIn) | COO, dYdX Trading Inc Program in International Studies & Business. | David is the Chief Operating Officer of dYdX and a key architect of the ecosystem, having joined as the first team member of the dYdX Foundation in 2021 and helping drive the development and launch of dYdX v3 and v4 over his 5+ years with the organization. A startup operator, angel investor, and strategic advisor with deep crypto, blockchain, and fintech experience, David previously led growth at dYdX Trading, founded a consultancy advising early-stage teams, and worked in Corporate Development and M&A at Fortune 500 financial and technology companies. He is a lead author of several World Economic Forum and Wharton reports on DAOs and DeFi, and holds an MBA, BA, and BS from the University of Pennsylvania’s Wharton School and Huntsman |
Full Name | Official Title | Prior Experience |
|---|---|---|
Charles d’Haussy(LinkedIn) | CEO, dYdX Foundation | Prior to his current role as CEO of the dYdX Foundation, he was Global Head of Business Development at ConsenSys, a leading blockchain engineering firm. He also served as Head of Fintech with the Hong Kong government (InvestHK), where he co-founded Hong Kong Fintech Week and supported the growth of over 450 fintech firms. He studied at Rennes International Business School and Sun Yat Sen University in China, and is a certified Bitcoin professional with blockchain business strategy training from Be9 London. In 2018, he was recognized as a Top-50 Fintech influencer in Asia. |
Markus Spillmann(LinkedIn) | Foundation Council Member and President | CEO of Sielva Management SA, a corporate services firm in Zug and Zürich that assists clients with company formation and focuses on legal representation and ecosystem management in the blockchain and crypto space. He holds board positions at several foundations including the Shardeum Foundation, Worldcoin Foundation, and dYdX Foundation. His educational background includes a law degree from the University of Zurich and a CAS in Blockchain also from the University of Zurich. |
Julian La Picque(LinkedIn) | Foundation Council Member | Group CFO at Socios.com and Chiliz, a position he has held since September 2022. Prior to this, he served as CFO at Covantis, a blockchain-based platform in the commodities sector, where he led multiple funding rounds and managed M&A activities. He co-founded Uncrypted in 2018, a Swiss consulting firm advising traditional companies on blockchain strategy and digital transformation. Academically, he holds an MSc in Finance and Private Equity from the London School of Economics and a BSc in Economics from HEC Lausanne. |
Szu Han Chang(LinkedIn) | Foundation Council Member | Co-CEO of Adaptive Frontier, a high-frequency algorithmic cryptocurrency trading firm. Adaptive Frontier operates as a crypto-native proprietary trading firm, providing liquidity, treasury management, and advisory services to crypto projects. He previously held roles at Parallel (crypto market maker), CoinFi, General Assembly, and OkCupid Labs, and holds a Bachelor's and Master's in Computer Science from Boston University. |
Blockworks note: Labs/DevCo — dYdX Trading Inc. |
Question
Describe DAO governance, powers, economic rights, and control surfaces. If no DAO exists, state so and still address current tokenholder governance rights and economic arrangements.
Response
dYdX Trading Inc. is the main developer of dYdX’s open-source software. The dYdX Foundation holds several trademark registrations for the DYDX mark in various jurisdictions, and is responsible for protecting the DYDX brand. The dYdX DAO does not directly own or hold any dYdX-related IP rights.
There are no “insider multi-sigs” or similar insider control mechanisms holding emergency governance powers on the dYdX Chain. The distribution of protocol revenue, including recipients and percentage allocations, can be controlled and determined through dYdX Chain governance and may change from time to time.
dYdX Trading Inc, the dYdX Foundation and investors hold locked DYDX tokens that are not transferable but that may be staked to dYdX Chain validators in order to strengthen network security, participate in protocol governance and collect staking rewards while those tokens remain locked. Technically, all locked tokens held by dYdX Trading, the dYdX Foundation, their respective past and present team members, and DYDX Warrant holders may be staked, although this may not be the case in practice. In addition, locked tokens may be migrated to another blockchain or protocol, if applicable.
DYDX stakers (delegators) participate in protocol governance and receive staking rewards. Net Protocol Revenue is distributed according to a revenue share mechanism controlled through dYdX governance:
There are no anticipated changes to or evolutions of dYdX Chain’s governance model.
The dYdX DAO is an unincorporated decentralised set of community participants and ecosystem contributors and has no formal dissolution mechanism or authority. The dYdX DAO will continue to exist and operate for as long as the dYdX Chain open-source software is running on a blockchain and there are DYDX token holders.
Question
Describe the Primary Foundation, including entity details, IP ownership, governance or token powers, contract/admin powers, and economic arrangements. If it does not exist, state so explicitly.
Response
type and jurisdiction: The dYdX Foundation is a memberless not-for-profit Swiss foundation, based in Zug, with no equity instruments or equityholders.
The dYdX Foundation holds several trademark registrations for the DYDX mark in various jurisdictions, and is responsible for protecting the DYDX brand. In addition, the dYdX Foundation owns and controls several web domains, including https://www.dydx.foundation/. Lastly, the dYdX Foundation owns 100% of the share capital in dYdX Grants Ltd., a Cayman Islands exempted company limited by shares the main corporate purpose of which is to operate the current version of the dYdX Grants Program.
There are no insider multi-sigs or similar insider control mechanisms holding emergency governance powers on the dYdX Chain. The dYdX Foundation does not hold or possess any special powers over DAO governance, community treasury actions, protocol-controlled resources, token administration or reward parameters. The dYdX Foundation does not directly participate in dYdX Chain governance by voting on community proposals.
dYdX Trading Inc and the dYdX Foundation are fully independent and autonomous entities from a corporate, legal, financial and managerial standpoint, with no common shareholders / members, directors, officers, finances or other resources. dYdX Trading Inc and the dYdX Foundation do not belong to the same corporate group and no entity controls or holds any corporate rights on the other.
There are no insider multi-sigs or similar insider control mechanisms with emergency governance powers on the dYdX Chain. There are no specific Foundation-controlled pause, upgrade or governance-executor authorities.
The dYdX Foundation raised funds from the dYdX DAO’s Community Treasury in January 2024; the fundraising was openly discussed in the community forum and approved by the dYdX DAO through an on-chain governance vote. The dYdX Foundation received 10,915,674 DYDX tokens from the dYdX community treasury after a successful community governance proposal. The dYdX Foundation does not pay any fees or otherwise compensate any external core team members for any advisory services or similar agreements. The dYdX Foundation is memberless and has no equityholders; future dYdX protocol revenue cannot be distributed to equityholders through dividend distributions or share repurchases at the Foundation. All dYdX protocol revenue accrues to dYdX traders, dYdX Affiliates, dYdX Chain validators and stakers, the MegaVault, and the dYdX Treasury subDAO.
Blockworks note: The Primary Foundation is the dYdX Foundation.
Question
Describe the Primary Developer Company, including entity details, IP ownership, governance or token powers, contract/admin powers, and economic arrangements. If it does not exist, state so explicitly.
Response
type and jurisdiction: dYdX Trading Inc. (d.b.a. dYdX Labs) is a Public Benefit Corporation (PBC) incorporated and based in the United States of America. It is not a non-profit organization.
dYdX Trading Inc. is the main developer of dYdX’s open-source software. dYdX Trading Inc.owns and controls the main dYdX GitHub repository. dYdX Trading Inc. is also the beneficiary of a broad, irrevocable, worldwide license over the DYDX mark granted by the dYdX Foundation. Further, dYdX Trading Inc. is the owner of 100% of the share capital in dYdX International Ltd., a Cayman Islands exempted company limited by shares.
There are no insider multi-sigs or similar insider control mechanisms holding emergency governance powers on the dYdX Chain. dYdX Trading Inc. and its affiliates do not hold or possess any special powers over DAO governance, community treasury actions, protocol-controlled resources, token administration or reward parameters. dYdX Trading Inc. and its affiliates do not participate in dYdX Chain governance by voting on community proposals.
dYdX Trading Inc. and the dYdX Foundation are fully independent and autonomous entities from a corporate, legal, financial and managerial standpoint, with no common shareholders / members, directors, officers, finances or other resources. dYdX Trading Inc. and the dYdX Foundation do not belong to the same corporate group and no entity controls or holds any corporate rights on the other.
There are no insider multi-sigs or similar insider control mechanisms with emergency governance powers on the dYdX Chain. There are no specific dYdX Trading Inc.-controlled pause, upgrade or governance-executor authorities.
dYdX Trading Inc. and its equityholders (who, as a result of equity investments in dYdX Trading Inc, were entitled to purchase DYDX tokens via Warrants to Purchase Tokens) don’t have any direct value-accrual rights with regard to the dYdX protocol’s revenue. Given that dYdX Trading Inc. does not have any direct value-accrual rights with regard to the dYdX protocol’s revenue, future dYdX protocol revenue cannot be distributed to dYdX Trading Inc. or its equityholders, including through dividend distributions or share repurchases. All dYdX protocol revenue accrues to dYdX traders, dYdX Affiliates, dYdX Chain validators and stakers, the MegaVault, and the dYdX Treasury subDAO.
Blockworks note: The Primary Developer Company is dYdX Trading Inc.
Question
Identify affiliated protocol contributors and explain their control, funding, or operational relationship to the project. If none exist, state so explicitly.
Response
dYdX Operations subDAO
dYdX subDAO made up of several entities. Funded by, and accountable to, the dYdX DAO. Its primary mandate is to operate key infrastructure components of the dYdX Chain protocol, including the dydx.trade user interface and a dYdX Chain indexer.
dYdX Treasury subDAO
dYdX subDAO; receives 75% of Net Protocol Revenue used towards the DYDX Buyback Program (buying back DYDX tokens in the open market and staking them to dYdX Chain validators), runs the Staking Program where it stakes ~85M DYDX to active dYdX Chain validators and receives staking rewards, it also receives 5% of Net Protocol Revenue used for DAO OPEX, financial planning and financial sustainability activities within the dYdX ecosystem.
the dYdX Operations subDAO does not hold any special control rights over the protocol’s parameters or functionality.
the dYdX Treasury subDAO does not hold any special control rights over the protocol’s parameters or functionality.
the dYdX Operations subDAO does not hold any special contractual or administrative powers over the dYdX Chain protocol.
the dYdX Treasury subDAO does not hold any special contractual or administrative powers over the dYdX Chain protocol.
the dYdX Operations subDAO is funded with community resources through transparent governance proposals on the dYdX Chain.
Automatic allocation of net protocol revenue, as described above.
Blockworks note: dYdX Chain Validators
Question
Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch. Include:
Response
A total of 1,000,000,000 ethDYDX were minted and programmed to become accessible over five (5) years, starting on August 3rd, 2021, at 15:00:00 UTC. The DYDX token was originally launched on 3 August 2021 on the Ethereum blockchain. Since the launch of the dYdX Chain, the original token on the Ethereum blockchain has been rebranded to ethDYDX (and the new canonical version of the token for the dYdX Chain protocol is now named DYDX and circulating on the dYdX Chain).
The initial five-year allocation of the total token supply was as follows:
The initial price for the ethDYDX token registered on CoinMarketCap was approximately USD11.7, on 15 September 2021. The live price of the current DYDX token can be tracked onCoinMarketCap here
DYDX (dYdX Chain native token) and ethDYDX (Ethereum-based token, formerly DYDX).
Total initial supply: 1,000,000,000. A maximum perpetual inflation rate of 2.00% per year would increase the supply of DYDX (now ethDYDX) beginning after five years, ensuring the community continues to have the resources to continue contributing to the Protocol. Such inflation has not been activated as at the date of this submission (April 2026).
Total supply became accessible over five (5) years, starting on August 3rd, 2021, at 15:00:00 UTC.
On 31 January 2023, the dYdX Foundation announced that dYdX Trading Inc., the dYdX Foundation, and certain parties to the Warrants to Purchase Tokens holding a number of ethDYDX tokens sufficient to amend the Warrants, signed an amendment whereby, among other things, the transfer restriction schedule applicable to ethDYDX Tokens issued in connection with the Warrants was extended, including by postponing the initial unlock date to 1 December 2023 for all investors that are a party to the Warrants. As a result of the amendment, the unlock schedule for locked ethDYDX and locked DYDX tokens is:
Question
If there are not post-TGE token compensation plans state explicitly they do not exist. If there are then state the:
Response
For post-TGE Foundation employees and team members, token vesting is handled off-chain for tax and operational reasons. Vesting generally happens at the beginning of each calendar month. 7.00% (70,000,000 DYDX) of the total supply was originally reserved for future employees and consultants of dYdX Trading Inc. or the dYdX Foundation. Unvested tokens awarded to post-TGE dYdX Foundation employees and team members represent 0.199% of DYDX’s total supply as of 22 April 2026. This data relates to the dYdX Foundation only, and does not take into account tokens awarded to employees and team members in other dYdX ecosystem entities.
The standard vesting schedule for initial token grants issued in favour of dYdX Trading Inc. and dYdX Foundation employees and team members includes a one (1) year cliff, 25% vesting on the one (1) year cliff, and linear monthly vesting of the remaining 75% of the tokens issued under the grant during the three (3) years following the cliff. Occasionally, bonus token grants can be issued to existing employees and team members (i.e., not new hires) based on their performance, which may have different vesting schedules (including no cliff and a shorter full vesting period of 2 or 3 years).
Question
Disclose token-based compensation for external advisors and service providers (e.g., legal, marketing, technical, growth) funded from the on-chain treasury or token reserves held by the Foundation, Labs/DevCo, or similar entities. You do not need to disclose individual names, roles, salaries, or any advisors receiving fiat-only compensation.
Provide:
Response
Question
Disclose ongoing KOL/influencer relationships that partially or fully received tokens for payment. Do not need to disclose KOL/influencers that do not receive tokens for payment. Use lettered sub-items:
Response
Question
Publicly label all wallets that hold Unissued Tokens (e.g., foundation, operations, treasury, investor reserve), keep each category in distinct wallets (a unique address per category), and disclose who controls each wallet (DAO multisig, foundation, labs/devco, operations, or contract controller + admin). Include one verification link per wallet (docs or explorer).
Definition: Unissued Supply = tokens authorized by the contract but not yet issued to any party; where they sit (treasury or mint authority) does not change that they are unissued. For instance: if a token has a total supply cap of 1B, and 400M tokens have been issued to investors, the team, and users (whether vested or unlocked), then those 400M count as issued supply. The remaining 600M are authorized but unissued supply, even if they are already minted into a DAO treasury wallet.
Response
Title | Primary Function | Chain | Address | Control Mechanism | Explorer Link |
|---|---|---|---|---|---|
Community Treasury Vester | Holds DYDX tokens that vest periodically and automatically into the Community Treasury module account (~2.04 DYDX/sec until 3 August 2026). | dYdX Chain | dydx1wxje320a n3karyc6mjw4z ghs300dmrjkwn 7xtk |
Question
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table:
If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.
Response
Blockworks note: As of the date of submission of this filing (April 2026), there are no agreements in place with market makers relating to the DYDX token or the token’s liquidity whereby the market makers received DYDX tokens or other consideration from the dYdX Foundation or dYdX Trading Inc. Without prejudice to the foregoing, the dYdX Grants Trust, a dYdX subDAO (now dissolved and wound down), entered into a Liquidity Consultancy Agreement with Pulsar using the industry-standard loan-option model. The Liquidity Consultancy Agreement with Pulsar was assigned to dYdX Grants Ltd. prior to the dissolution of the dYdX Grants subDAO.
Question
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit. If no native-token listing fees were paid, state that explicitly; cash/fiat fee amounts are not required for this item.
Response
Blockworks note: As of the date of submission of the source filing, and to the best of the dYdX Foundation’s knowledge, there are no agreements in place with centralised or decentralised exchanges relating to the DYDX token or the token’s liquidity whereby the exchanges received DYDX tokens or other consideration from the dYdX Foundation or dYdX Trading Inc.
Question
If a category does not exist or is not applicable, make that clear in plain language (no specific wording required).
Response
Question
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.")
Response
Blockworks note: Prior to the establishment of the dYdX Foundation, dYdX Trading Inc. engaged in four rounds of financing, which included sales of preferred stock and warrants to purchase future tokens. Each warrant allowed the investor to purchase a pro rata portion of DYDX tokens based on the investor’s equity ownership in dYdX Trading Inc. The details of dYdX Trading’s Seed, Series A, Series B and Series C rounds were publicly announced. The dYdX Foundation also distributed DYDX tokens to founders, employees, consultants and advisors of dYdX Trading Inc. and the dYdX Foundation pursuant to restricted token purchase agreements and restricted token unit agreements, which contain a vesting schedule and a lockup in line with the lockup on DYDX Tokens purchased by investors. The dYdX Foundation raised funds from the dYdX DAO’s Community Treasury in January 2024 and again from the dYdX Chain’s Insurance Fund in April 2026; both fundraisings were openly discussed in the community forum and approved by the dYdX DAO through on-chain governance votes. The dYdX Foundation received 10,915,674 DYDX tokens from the dYdX Chain Community Treasury pursuant to the January 2024 community fundraise, and 2,500,000 USDC tokens from the dYdX Chain Insurance Fund pursuant to the April 2026 community fundraise. Without prejudice to the foregoing, and to the best of the dYdX Foundation’s knowledge as of the date of this filing, there have been no material OTC sales of DYDX tokens by dYdX ecosystem entities to external investors or discounted sales of DYDX tokens to market makers.
Question
Provide a narrative description of the Project's material funding sources, economic flows, and operational provisioning, broken out by entity: Foundation, Lab/DevCo, and DAO. If an entity does not exist, state that explicitly. If an entity exists but does not pursue revenue-generating activity, state how it funds or provisions its operations.
Response
The dYdX Foundation, dYdX Trading Inc. (Lab/DevCo), and the dYdX DAO all exist.
dYdX DAO / protocol revenue: dYdX Chain revenue consists of trading and transaction fees paid by users of the protocol, which are predominantly denominated in USDC. Prior to distribution according to the revenue share allocations controlled by dYdX Chain governance, a portion of gross protocol fees are automatically sent by the protocol to (A) dYdX Affiliates, who automatically receive a portion of their referred users’ taker fees; and (B) dYdX users that qualify for Maker Rebates.
Gross Protocol Revenue = Trading Fees + Transaction Fees. Net Protocol Revenue = [Trading Fees + Transaction Fees] − [Affiliate Payments + Maker Rebates].
Net Protocol Revenue is distributed as follows: 15% to DYDX stakers (delegators) as staking rewards; 5% to the MegaVault; 75% to the dYdX Treasury subDAO for the DYDX Buyback Program; 5% to the dYdX Treasury subDAO for DAO OPEX, financial planning and financial sustainability activities.
Question
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
Response
The only significant example of a prior exploit or security incident that affected dYdX Chain protocol funds is the 10 October 2025 network outage, which resulted in $462,000 in reimbursements from the dYdX Chain Insurance Fund to affected users. The specific details of such chain outage and its implications are described below:
2025-10-10; temporary outage caused by a misordered process in collateral pool transfers during liquidations in isolated markets.
during a period of extreme market volatility, asset prices dropped sharply across most markets. While the dYdX v4 exchange software is designed to handle large-scale liquidations and deleveraging events, the unusual conditions triggered a rare edge case. In this scenario, the entire open interest of an isolated market was included in a single liquidation trade. This triggered logic to return remaining collateral from the isolated market's pool to the primary collateral pool, with the isolated market’s insurance fund or auto-deleveraging typically covering any shortfall between the liquidation price and the user's bankruptcy price. Due to an incorrect order of operations in this process, the collateral pool transfer communicated a negative balance despite the isolated market’s insurance fund having ample capital to cover the deficit. Because the insurance fund could cover the shortfall, auto-deleveraging did not trigger to net out the positions in the isolated market either. This collateral pool transfer failure triggered a protocol-level failsafe mechanism which is intended to force a chain halt to ensure that no additional funds can be minted within the system where there is a net deficit in the collateral pool (though in this instance there was no actual protocol solvency issue). As a result, the chain halted to maintain state integrity. While the chain was halted, all network activity, including oracle price updates and liquidations, was paused. When the chain restarted, some validators had not restarted the oracle sidecar service which provides price updates for markets, resulting in some transactions executing at uneconomic prices before normal oracle functionality was restored.
Question
Provide a single income statement, expense summary, or comparable operating statement for the primary Foundation or Developer Company. A consolidated or entity-level presentation is acceptable. Balance Sheet and Statement of Cash Flows may be included but are not required. This item is intended to provide transparency into offchain operating resources and expenditures only.
Response
Line Item | Amount |
|---|---|
Blockworks note: n/a |
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. dYdX is solely responsible for the content, accuracy, and legality of its disclosures.
Vest Module (automated; dYdX DAO can update vest entries via on-chain governance) |
Rewards Treasury Vester | Holds DYDX tokens that vest periodically and automatically into the Rewards Treasury module account (~0.64 DYDX/sec). | dYdX Chain | dydx1ltyc6y4sk clzafvpznpt2qjw mfwgsndp458r mp | Vest Module (automated; dYdX DAO can update vest entries via on-chain governance) |
Community Treasury | Holds DYDX tokens that can be used by the dYdX community through on-chain community spending governance proposals. | dYdX Chain | dydx15ztc7xy4 2tn2ukkc0qjthk ucw9ac63pgp7 0urn | dYdX DAO via on-chain governance |
Rewards Treasury | Distributes DYDX tokens to users who trade on dYdX on a per-block basis based on the Trading Rewards formula. | dYdX Chain | dydx16wrau2x4 tsg033xfrrdpae 6kxfn9kyuerr5jj p | dYdX DAO via on-chain governance |
Bridge Module Account | Mint DYDX on the dYdX Chain upon receiving a message from the Ethereum network that a transaction using the wethDYDX Smart Contract (the “Bridge”) has occurred. Holds the amount of DYDX tokens that have not been bridged from Ethereum (ethDYDX) to the dYdX Chain (DYDX). | dYdX Chain | dydx1zlefkpe3g 0vvm9a4h0jf90 00lmqutlh9jwjn sv | Bridge Module (automated; dYdX DAO can disable the bridge support on dYdX Chain via on-chain governance) |
Locked Insider Holdings | Locked DYDX tokens held by investors, ecosystem entities and team members, subject to the transfer restriction schedule described in Section 7(f). | dYdX Chain / Ethereum | Addresses cannot be disclosed publicly due to binding confidentiality obligations. | Held by investors, ecosystem entities and team members; lockup enforced contractually and via transfer restrictions. |
Blockworks note: A breakdown of DYDX tokens not in circulation (i.e., excluded from the circulating supply) is |
Current economic rights
All dYdX Chain protocol revenue accrues to dYdX traders, dYdX Affiliates, dYdX Chain validators and stakers, the MegaVault, and the dYdX Treasury subDAO, per the governance-controlled revenue share described above. dYdX Trading Inc and its equityholders have no direct value-accrual rights to protocol revenue and future protocol revenue cannot be distributed to them (including through dividends or share repurchases). The dYdX Foundation is a memberless not-for-profit with no equityholders.
The dYdX Foundation uses its resources towards its main responsibilities in a professional manner, including: DAO and governance support, ecosystem growth, grants, marketing and educational efforts, regulatory research and planning, IP and brand protection, and stakeholder relationships.
dYdX Trading Inc. allocates most of its resources towards the development of the dYdX open-source software and the development of other blockchain software, including through the retention of top-tier engineering talent.
The dYdX Treasury subDAO uses its 5% net protocol revenue allocation for DAO OPEX, financial planning and financial sustainability activities within the dYdX ecosystem, and its 75% net protocol revenue allocation for the DYDX Buyback Program.
The MegaVault uses its 5% net protocol revenue allocation as the dYdX Chain protocol’s automated liquidity engine.
approximately $462,000 in reimbursements were issued from the dYdX Chain’s Insurance Fund to users adversely impacted by stale oracle prices.
In addition to the reimbursement, dYdX Trading Inc.’s engineering team developed a patch to address the edge case that was the root cause of the chain halt and has worked with the dYdX Operations subDAO, validators and other stakeholders to strengthen incident response procedures.
resolved.
