Quick Updates
- 11 new grants approved with up to $1.2M in funding
- Renewed our Market Maker engagement with Pulsar to support DYDX liquidity
- Rewarded community members with retroactive funding
- Extending engagements with Chaos Labs, Greave, and Nethermind as leading contributors to the dYdX protocol
New Grants
Below, we highlight some of our recent grant approvals. More details on each grant can be found here.
Surge Rewards Program - Chaos Labs
Chaos Labs is back with an improved version of the community-owned trading incentives program. After 18 months of leading protocol rewards, this new program brings refined strategies to drive user onboarding and boost volumes. It aims to make rewards simpler and more effective for everyone. As part of the grant, Chaos will continue to run the program while providing infrastructure and support.
Telegram Trading Bot - NodeFleet
This grant will support building a Telegram bot for the dYdX Chain, letting users trade directly from the app. The bot will include all core features: subaccounts, deposits, withdrawals, full trading capabilities, market data, and account statistics. NodeFleet is designing the bot to make trading easier and more fun, including social features like leaderboards and group chats.
Deposit Fee Subsidy Campaign - Interchain Labs
This grant will subsidize Skip Go Fast fees for dYdX users depositing over $100 from Ethereum and L2s, as part of a three month promotional campaign. We’re seeing two points of friction for users depositing: first, users dropping off before completing a deposit, and second, a large share opting for slower deposit methods. This suggests fees may be a barrier to entry for some users. We are running this campaign to further test the hypothesis and better understand user behavior.
dYdX Trading Arena v2 - CryptoLearningClub
Following the successful launch of the dYdX Arena, this new grant will fund further development and competition hosting for another six months with CryptoLearningClub. The Arena lets KOLs and community members run trading competitions, with the first competition generating $16M+ in volume and nearly 100 new users. This grant will add new features like leaderboard upgrades, customizable rules, and easier prize distribution.
MegaVault Operator Renewal - Greave
This grant renews Greave’s role as operator of the dYdX MegaVault, the protocol’s internal liquidity vault that helps sustain liquidity across all markets. After a successful initial term, Greave will continue managing vault parameters, optimizing allocations, and monitoring markets in real-time. New features include refined spread and skew adjustments, improved allocation strategies, and increased reporting. Monthly updates and ongoing research will keep the community informed of performance and developments.
Retroactive Community Rewards Program - Rishabh, Abdulsalam, and John Bryant
This program recognizes and rewards outstanding community contributors across governance, Discord, content creation, and broader ecosystem engagement. Rishabh, Abdulsalam, and John Bryant have been active community contributors, and are each now retroactively rewarded with a small grant and official dYdX merch. Our goal is to promote participation and engagement across all parts of the dYdX ecosystem.
Project Updates
Below, we share updates from ongoing projects, including milestones achieved and completed deliverables.
Yapper Leaderboard Campaign - Kaito
Kaito launched the dYdX community Yapper leaderboard, a dedicated leaderboard that tracks and scores X activity on the dYdX protocol. The launch sparked a lot of interest and engagement in dYdX. As part of this leaderboard, the DEP is hosting a three month community competition to reward users for the participation with up to $50K DYDX distributed across the top yappers.
DYDX Market Maker Initiative - Pulsar
Our existing Market Maker agreement with Pulsar expired in April. We have decided to renew our agreement for additional 12 months. Our goal with this agreement is to help maintain competitive liquidity and spreads on DYDX markets across popular centralized exchanges, improving token adoption and overall token health in the markets. With this renewal, Pulsar will be providing competitive liquidity on Binance, OKX, Bybit, and other exchanges with 25bps spreads and additional depth at various spreads to sustain liquidity.
Operational Updates
Financials
DYDX: 1,461,473.47
USDC: 2,736,993.45
Total USD Balance (at current DYDX Price): $3,686,950
Payables
Outstanding Funding Approved: $2,518,187
Outstanding Operational Budget: $700,000
Total Budget Remaining: $468,763.69
Expenses
Operational expenses (databases, hosting, admin, etc..): $2,061.94