dYdX To Launch More SubDAOs Ahead Of Its V4 Upgrade
Key Points:
According to a post by Fox Labs Digital, an Australian marketing company, duties for monitoring should be divided among multiple smaller decentralized autonomous organizations (DAOs). According to a blog post, the objective is to build the protocol, a completely decentralized version of the protocol.
In the near future, the dYdX DAO will most likely be composed of multiple autonomous subDAOs, each of which will focus on essential functional areas of the protocol and will eventually be answerable to the community.
The protocol has now opened two SubDAOs, one for its reward program and one for its operational activity. The SubDAO utilized for operations will expire on June 19, according to a governance post published by the dYdX Foundation.
The notion of expanding beyond the existing two subDAOS (one for dYdX’s awards program and the other for its operational operations) comes as the protocol’s community prepares to upgrade to the fourth edition (v4) of the Cosmos blockchain.
In the governance post, Fox Labs stated:
“The Growth subDAO is a key strategic component of dYdX’s decentralized ecosystem. Its primary focus is on developing and executing strategies to drive user growth, increase platform adoption, and expand the platform’s reach and influence within the broader DeFi and crypto markets… This is not just about shaping the future of dYdX but also about building a model for how a decentralized trading platform can operate effectively and inclusively.”
Each SubDAO is said to operate in the fundamental functional areas of the dYdX protocol and is ultimately accountable to the community. Running any SubDAO will need soliciting community feedback and adhering to a proposal lifecycle.
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