Quick Updates
- Six new grants approved with a total of $326,000 in funding
- Nethermind returning to run a complete overhaul of existing API docs
- Partnering with TokenTerminal and CoinTelegraph to improve brand awareness
- A new vault integration to support third party trading strategy deployments
New Grants
Below, we highlight some of our recent grant approvals. More details on each grant approved can be found here.
Locust Trading Vault Framework - Margined
The Locust vault framework developed by Margined enables third parties to permissionlessly manage user deposited funds across trading strategies on supported protocols. Through this grant, Margined will open-source their framework and provide additional resources for external developers to launch their own strategies on dYdX. This will allow anyone interested to deploy a custom trading vault on the dYdX Chain. Our goal is to empower sophisticated traders and teams to use Locust vaults as a means of attracting user deposits to run more profitable strategies.
Buy & Stake Dashboard - Nabla
The Treasury subDAO recently introduced a community buy and stake program to accumulate DYDX and stake the token with validators. This initiative has the goal of reducing circulating supply while also generating staking yield and improving economic security. This grant will fund the development and maintenance of a dashboard to track the impact and performance of this buyback and stake initiative. The dashboard will display important metrics like USDC accumulated, DYDX purchased, DYDX staked, historical transactions, and revenue generated over time.
API Docs and Client Upgrades - Nethermind
Nethermind are leveraging their experience developing the Python and Rust trading clients to construct new and improved API documentation for the dYdX Chain. This new website will be modeled after the dYdX V3 docs, which were much more accessible for developers. We are hoping to improve the onboarding process for new traders wanting to integrate dYdX into their strategies.
Media Partnership - CoinTelegraph
With a lot of exciting new updates coming to dYdX, we are partnering with CoinTelegraph to improve awareness and engagement. The campaign will highlight major developments via dedicated news articles, newsletter promotions, and telegram posts. The partnership will be used strategically to promote big protocol changes and upgrades, including the buy and stake initiative and the new trading competition.
dYdX Chain Data Integration - TokenTerminal
Token Terminal is a leading on-chain data platform providing access to key protocol metrics and financial analysis. The platform is popular among financial analysts, researchers, and investors as a source of truth for on-chain protocol metrics. This grant will fund the integration of dYdX Chain data to provide real-time tracking on the protocol’s activity and financial metrics.
Project Upgrades
Below, we share updates from ongoing projects, including milestones achieved and completed deliverables.
Trading Competition Board - CryptoLearningClub
The CryptoLearningClub team has completed their first milestone to deliver a standalone community platform that supports the deployment and monitoring of trading competitions. The platform can be found here: https://dydxarena.com/. As part of the launch, the DEP is co-sponsoring an initial trading competition hosted by DEG, a Japan-based KOL and active dYdX trader. Over time, the platform will be opened to the public for permissionless trading competitions, giving community members the opportunity to host their own versions.
New Initiatives
Below, we highlight new initiatives and work being done to fund new developments. This includes both published RFPs (request for proposal) and discussions happening in the past month to explore grant opportunities.
Wallet Integrations
We are continuing to explore wallet integrations as a means of improving onboarding and trading activity. Through partnerships with browser-based wallets, users could trade perpetuals on dYdX from the wallet interface directly, improving the product’s accessibility to new users. We are reaching final stages of discussions with a few different wallet teams, and are preparing different grants to fund these integrations and co-sponsor engagement initiatives to onboard more users.
Telegram Trading Bots
The team has also been in discussion with different developers and organizations to explore the development of a dYdX specific telegram trading bot. The goal is to provide users with easier and more engaging methods of trading on the dYdX Chain, including socialized interactions and quicker onboarding. We are in the final stages of discussions with a team prepared to build this integration.
Operational Updates
Financials
Balance
DYDX: 1,461,472.47
USDC: 3,295,307.06
Total USDC Balance (at current DYDX price): $4,099,117.47
Payables
Outstanding Funding Approved: $2,132,491.26
Outstanding Operational Budget: $962,500.00
Total Budget Remaining: $1,004,126.20
Expenses
Operational expenses (databases, hosting, admin, etc…): $1,657.72