The Dydx Foundation announced this week that the Dydx Chain Community Treasury had granted them a $30 million donation. This funding is intended to give the foundation an extra three years of operating capability, which will make it easier to carry out the project’s strategic plan.
The Dydx Foundation for Improved Ecosystem Innovation Receives $30 Million from Community Treasury
With its headquarters located in Switzerland, the Dydx Foundation is in charge of the decentralized finance (defi) and derivatives-oriented decentralized application (dapp) Dydx. The foundation recently disclosed that it has obtained $30 million from the community treasury. Following a vote in which 86.4% of voters participated and 98% of them supported the idea, the decision to disburse these money was made.
With this expenditure, the Dydx Foundation will be able to accomplish its strategic objectives by adding three more years to its operational timetable. These goals include accelerating the Dydx Chain’s governance and influence, encouraging the creation of DAOs, and ensuring strong technological and strategic integrations for the infrastructure and services it provides.
Charles d’Haussy, the CEO of Dydx, said in a statement sent to Bitcoin.com News that “The Foundation has played an important role in the Dydx Ecosystem, helping to foster innovation, drive governance, and grow adoption of the Dydx protocol.” The Foundation is able to carry out its strategic plan thanks to the Community Treasury’s support. The community’s overwhelming support has us happy, and we can’t wait to keep making significant contributions and having an impact on the Dydx Ecosystem,” the CEO continued on behalf of the foundation.
The announcement comes after the end of last month, when the Dydx chain added functionality for liquid staking for the native coin dydx (DYDX). The update makes it possible for users to stake the Dydx Chain with a liquid staked Dydx token that can be instantaneously exchanged or used as leverage on other Dapps. Over the last two weeks, the project’s native token, DYDX, has increased by 14.3% and 7.3%, respectively.
How do you feel about the community treasury giving $30 million to the Dydx Foundation? Please feel free to discuss this topic in the comments area below.