dYdX unveils buyback program for native token
The post dYdX unveils buyback program for native token appeared on BitcoinEthereumNews.com.
DeFi platform dYdX has launched its first ever buyback program for native token DYDX. 25% of fee revenue will cater for the DYDX repurchases. The remaining will have 10% go to Treasury SubDAO, 25% to MegaVault and 40% to staking rewards. Decentralized finance platform dYdX has announced the launch of its first-ever buyback program for the native token DYDX. dYdX will now see 25% of network fees go into a DYDX buy back program, with repurchases happening every month and on the open market. “Starting today, 25% of net protocol fees will be allocated to monthly buybacks, systematically acquiring $DYDX from the open market and staking it to enhance network security,” the dYdX Foundation wrote in a blog post. The first-ever $DYDX Buyback Program is here 🚨 Starting today, 25% of dYdX net protocol fees will be used to buy back DYDX tokens from the open market every month—reinforcing long-term commitment to the ecosystem. More products. More growth. More value. pic.twitter.com/1XsD1uyb34 — dYdX (@dYdX) March 24, 2025 The DeFi protocol’s initiative follows a community vote, which passed a governance process with over 90% of votes in support. According to on-chain details, 40 out of 60 active validators and 587 accounts participated in the voting. Buyback to boost DYDX tokenomics dYdX Foundation, which supports the community-led development of the dYdX protocol, shared further details of the buyback program. Other than the staking of repurchased DYDX with dYdX Chain validators, the program will help bolster network security. The initiative will also be crucial to the network generating USDC reserves for the Treasury SubDAO. According to the dYdX Foundation other DeFi projects, including Aave and Jupiter, have also adopted similar token buyback mechanisms. These efforts stabilize prices and act as key boosters of community confidence. dYdX’s repurchase initiative will net approximately 1.55% of…
Filed under: News - @ March 24, 2025 1:29 pm