Categories: DeFi

dYdX Community Supports Proposal Allocate $6.6 Million To Launch subDAO V2

Key Points:

The dYdX community’s proposal to begin dYdX operation subDAO V2 received 99.95% support.
The first period of the dYdX operational subDAO will end on June 19, according to the plan.
To administer the DOT over the next 18 months, the community intends to seek $6.6 million from the dYdX treasury to cover expenditures and contribution remuneration.

The Snapshot voting page shows that the dYdX community’s proposal on launching the operation subDAO V2 was voted through with a support rate of 99.95%.

Wintermute Governance’s voting authority is supporting this proposal on behalf of the dYdX Operational Trust (DOT).

DOT 2.0 will be in charge of the following:

Seeking an Operations Lead, a Technical Project Lead, and a Site Reliability Engineer to expand the Ops subDAO and give technical assistance to the dYdX DAO in order to prepare it for the future.
Finding an indexer operator and contributing to the deployment of an indexer in a future version of the protocol.
Contribute to the deployment of open-source software and the operation of an iOS app, Android app, and website (browser) front-ends for a hypothetical future version of the protocol.
Employ a third-party auditor to evaluate the Department of Transportation’s finances and performance and expand the number of trustees on the Department of Transportation’s multisig.
After the conclusion of the DOT 2.0 mandate, any leftover monies will be transferred to a community-controlled wallet at the option of the community.

According to the proposal, the initial term of the dYdX operating subDAO (OPS subDAO) will expire on June 19 (DOT 1.0), and in order to run the DOT within the next 18 months, the community plans to apply to the treasury $6.6 million to cover costs and contributor compensation.

Reverie Reserves, LLC and George Beall have agreed that they will no longer be active in the DOT as trustees and enforcers when the present term expires on June 19, 2023. The dYdX community is actively seeking additional trustees as well as a new enforcer.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.