[DRC] Bridging the Community and Rewards Treasuries

dYdX Chain
15

The DIP to wind down dYdX v3 rewards and bridge the Community and Rewards treasuries was successfully executed:

  • 39,788,639 ethDYDX has been bridged from the Community Treasury on Ethereum to the Community Treasury account on dYdX Chain*.
  • 40,703,630 ethDYDX has been bridged from the Rewards Treasury on Ethereum to the Community Treasury account on dYdX Chain.
    • Approximately 12.4M ethDYDX remains in the Rewards Treasury as of November 20th, 2023. This includes the ethDYDX required to service rewards for Epochs 29, 30, and 31.
  • Rewards for Epoch 30 will be reduced by 1/3 on November 21st, 2023 at 15:00 UTC. Rewards reductions for Epochs 31 and 32 will follow the schedule in the DIP specification.
  • The recipients for the Community Treasury Vester and Rewards Treasury Vester have both been set to burner addresses.

*The community treasury address on dYdX Chain is dydx15ztc7xy42tn2ukkc0qjthkucw9ac63pgp70urn.

Next Steps

A separate proposal on dYdX Chain will be required to:

  1. Credit the burnt/unvested ethDYDX to the vester accounts on dYdX Chain.
  2. Set the Trading Rewards parameters (set to 0 at Genesis).
  3. Seed the liquidation insurance fund.
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