DYDX shoots up 10% as buybacks get a quarter of protocol revenue

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Coin Telegraph 4d ago

DYDX shoots up 10% as buybacks get a quarter of protocol revenue - Coin Telegraph

Quick Summary:

In a recent interview with Cointelegraph, dYdX Foundation CEO Charles d’Haussy predicted that the next significant DeFi boom would occur shortly after summer, potentially beginning as early as September and lasting “months and months.”dYdX existed in mid-2020 primarily as a DeFi platform for spot trading, lending, borrowing, and margin trading.

Under the new allocation model, 25% will be used for token buybacks, another 25% will fund its USDC liquidity provision program, MegaVault, 10% will be directed to its treasury, and the remaining 40% will continue as staking rewards.dYdX noted that the current allocation of 25% to token buybacks could increase, with ongoing community discussions potentially pushing this percentage to as high as 100% over time.

Decentralized finance (DeFi) trading platform dYdX announced its first-ever token buyback program on March 24, aiming to reinvest in its ecosystem to enhance security and governance.