Quick Updates
- Five new grants approved with a total of $563,000 in funding.
- Experimenting with new market listings to improve market support velocity.
- New initiative to alert traders of liquidation and/or deleveraging risks.
New Grants
Below, we highlight a few of our recent grant approvals. More detailed information and a full list of approved grants can be found here.
Mintscan Advanced Support Continuation - Cosmostation
We are extending our existing grant with Cosmostation for continued feature support on Mintscan’s mainnet and testnet dYdX explorers. As dYdX evolves, new functionalities require custom integration on Mintscan – for example, recent support for MegaVault analytics. This ensures Mintscan delivers all the relevant and up-to-date information on the dYdX Chain.
dYdX MEV Committee Continuation - Jordi
We are also extending the MEV Committee for another six months after completing its second term in January. Led by Jordi, the committee has been instrumental in monitoring, reviewing, and reporting on-chain activity, uncovering key issues and patterns. The new term will maintain the current structure, providing monthly updates while continuing to track and analyze the chain for potential issues.
dYdX Chain Explorer and Alerting - Range
This grant retroactively funds dYdX Chain functionality on Range’s new explorer and provides 12 months of updates and maintenance. Improvements include customized views for dYdX-specific accounts (e.g. trading subaccounts), automated address labeling to classify wallet behavior, and detailed transaction insights. Users can also track cross-chain movements, monitoring deposit flows and user activity across bridge routes and counterparty chains. This will give the community better insight into deposit patterns and user preferences.
New Market Listing Assignment - Lattice Research Cayman
This grant funds the proactive launch of new markets on the dYdX Chain, accelerating protocol growth through timely listings. Permissionless listings require a 10,000 USDC deposit into the MegaVault with a 30-day lockup, ensuring liquidity and reducing spam. This requirement may slow listing velocity however. We are allocating up to 200,000 USDC to Lattice Research Cayman, former LP Vault tester, to improve the velocity with which new, important markets are listed on dYdX. This experiment aims to prove that a community-driven listing model can improve listing speed. If successful, we plan to refine the approach with community funding and grant-support contributors.
CoinMetrics dYdX Integration
We are onboarding the dYdX Chain on the CoinMetrics platform, a leading crypto data visualization tool. Through this grant, CoinMetrics will support comprehensive metrics, including metadata, trades, orderbooks, funding rates, and open interest on dYdX. The platform will also develop helpful trading data like candles, volumes. Our goal is to maximize accessibility to dYdX as a leading trading venue for both institutional and retail traders.
Project Updates
Below, we share updates from ongoing projects, including milestones achieved and completed deliverables.
Local Terminal and Copy Trading Bot – ErienceX
The ErienceX team have completed a preliminary version of their trading terminal, which can be deployed locally with direct access to a custom dYdX UI and support for bot trading functionalities includes Grid trading and Copy trading. We are still conducting tests on the terminal, but will be sharing more with the community soon to begin broader testing. Through this terminal, users can access a dYdX trading interface through their terminal with customizability.
New Initiatives
Below, we highlight new initiatives published that are open for applications. These RFPs (request for proposal) invite contributors to apply for specific projects and ideas that we think could have a positive impact on the protocol.
Liquidation and Deleverage Alerting Tool
We’re looking for a talented developer to build an alerting tool capable of warning dYdX traders of upcoming liquidations and auto deleveraging events. Our goal with this tool is to provide dYdX traders with more direct alerting of positions potentially at risk of being liquidated or closed due to market volatility.
Users should be able to submit a subaccount address, select a notification system (including telegram, text, pagerduty), and receive alerts when a position is within a given percentage price move away from being eligible for liquidation. The tool should also alert users when their position is being auto deleveraged, and ideally warn users of potential deleveraging risk by tracking reverse positions being liquidated repeatedly with risk of causing deleveraging (position size is greater than liquidations).
Operational Updates
Financials
Balance
DYDX: 1,453,481.98
USDC: 4,201,869.65
Total USDC Balance (at current DYDX price): $5,291,981.14
Payables/Receivables
Outstanding Funding Approved: $2,467,802.00
Outstanding Operational Budget: $1,137,500.00
Outstanding Receivables: $200,000
Total Budget Remaining: $1,886,679.13
Expenses
Operational expenses (databases, hosting, admin, etc…): $6,738.75
Conflict Disclosures
- Reverie abstained from recommending and participating in funding negotiations related to the Range grant due to a small investment in the company. Robo handled all grant discussions with the applicant.
Trust Updates
We have completed the legal change of Trustees, and the multisig owners for our Ethereum wallet holding ERC20 USDC. We are in the final stages of migrating our DYDX to a new multisig.
