Dollars

Million

Foundation

Billion

Cosmos

The dYdX Foundation, which supports decentralized crypto exchange dYdX, has requested a budget of $30 million from the decentralized autonomous organization (DAO) managing the project.
<h2 id="dydx-foundation-requests-a-budget-of-30-million-dollars">dYdX Foundation Requests a Budget of 30 Million Dollars</h2>
The funds, planned to be used over the next three years, aim to provide an operational work area at least until mid-2026.
Headquartered in Switzerland, the dYdX Foundation offers legal, R&amp;D, marketing and technical support to the crypto trading project.
The project involves a perpetual futures contract exchange and a private blockchain in the Cosmos and Ethereum ecosystems. The aim of the foundation is to make dYdX the exchange layer of the internet.
Related News: <a href="https://en.bitcoinsistemi.com/andreessen-horowitz-executive-managing-7-6-billion-crypto-fund-talks-about-the-future-of-cryptocurrencies/" target="_blank" rel="noopener noreferrer nofollow">Andreessen Horowitz Executive Managing $7.6 Billion Crypto Fund Talks About the Future of Cryptocurrencies</a>
While the budget request is significant, if approved by dYdX token holders, the DAO's voters, it would give the Foundation 4% of the DAO's current treasury.
The three-year duration of the budget will also exempt the dYdX Foundation from submitting annual budgets for review and approval, a common practice among other DAOs and foundations.
Approximately half of the requested budget was allocated to payroll, while 18% was allocated to marketing and growth, 14% to various legal payments, and 5.5% to contractors, among other expenses.
The foundation plans to diversify some of the funds raised into fiat and stablecoins and invest in expanding its staking operation, which currently generates staking returns on 2.5 million dYdX tokens.
The $30 million budget, consisting of 10.5 million DYDX tokens, will extend the Foundation's operating period beyond 18 months.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/decentralized-crypto-exchange-requested-a-30-million-budget-from-the-board-of-directors-to-improve-its-staking-service/" rel="noopener noreferrer nofollow">Decentralized Crypto Exchange Requested a $30 Million Budget from the Board of Directors to Improve its Staking Service!</a>

Decentralized Crypto Exchange Requested a $30 Million Budget from the Board of Directors to Improve its Staking Service!

Table of Contents

Bitcoin Sistemi EN

Other articles published on Jan 30, 2024

Despite Bullish Trend on Solana (SOL) and SEI, Investors Tip Algotech (ALGT) as the Coin To Buy

XRP Ledger Makes Strategic Partnership To Integrate Smart Contracts

Coinbase to charge fees on USDC to USD conversions

Osmosis Rebounds Strongly: Can OSMO Crypto Maintain Its Momentum?

Stock market chills: S&P 500 defies gravity while Bitcoin remains in a precarious balance

Prominent Analyst Reveals the Date He Claims Altcoins Will Begin to Rebound

Join our free newsletter for daily crypto updates!