dYdX Operations subDAO V2

Hello dYdX community, Joe here on behalf of r3gen.finance.

As an active member of the ecosystem, we’ve been closely watching the development of the dYdX Operations SubDAO. We believe this proposal’s intention to guide the community with best practices, manage expenses, and streamline communication channels will be critical to dYdX’s long term success.

We also believe in the modular thesis of web3. That’s why we as an organisation have submitted an application for the “Operations Lead” position, presenting an alternative to the conventional “one person, one role” approach.

We are specialists in web3 accounting, financial reporting, and operations and are all about providing high impact and cost-effective support.

We recognize that the decision on whether to utilize this modular approach to resourcing the subDAO sits with @Callen_Wintermute & @Joanna7459. However, we thought they might value the community’s input on these topics and perspectives on the relative benefits of Operations SubDAO engaging r3gen vs a sole employee.

We feel that working with r3gen as a service provider has the following advantages:

  • More heads are better than one. Diverse skill set, knowledge and network across all aspect of finance, operations and legal
  • Remove single person dependencies. Our team can provide full coverage, with minimal risk of disruption due holiday or unexpected leave. It also minimises the risk of knowledge loss if the on employee leaves permanently.
  • Demonstrated track record. We have provided outstanding services to leading DAOs including Aave, Index Coop and Treasure. We are a high impact team that knows crypto inside out.
  • We come with the tech. We’ve spent the last two years pulling together a leading financial reporting and accounting tech stack. Below I’ve included a few GIFs highlighting some of our financial reporting capabilities.

Live Finance Dashboard
2. Insights Dashboard

We believe in the mission of dYdX and are eager to contribute to its success. That’s why we thought the dYdX community would appreciate being given the chance to share their perspective…

Looking forward to your thoughts and insights, we welcome the opportunity to answer any questions you may have.

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Hello everyone.

Today, I am announcing my intention to serve as the Enforcer in Operations subDAO. In my view, this role is a critical bridge, a firewall if you will, between our vibrant community and the Ops subDAO.

It’s important to remember that the selection of the Enforcer, as well as the Trustees, is the responsibility of Joanna and Callen. They crafted this brilliant proposal with great forethought and I respect their decision-making process. Hence, consider this post as an expression of my intent to be a part of this transformation.

Why choose me? Well, it’s my commitment to keep a sharp eye on all Trustee actions, ensuring they stay true to their stated goals. But, there’s more to this role, as I see it. An Enforcer should actively gather feedback from community, effectively representing your voice and opinions to the Trustees and service providers.

As I see it one of the tasks of the Enforcer might be to conduct an internal audit, ensuring everything is in order. If you’ve been keeping an eye on the Grants subDAO, you’ll have seen my relentless efforts in bolstering transparency - a standard I promise to uphold in the future.

Our community thrives on support and collective action. If my candidacy resonates with you, please vouch for me with a like. Together, we can make our operations more transparent, more efficient, and ultimately, more beneficial for all of us.


Hi everyone,

Thank you to all those who reached out to Joanna and myself expressing interest in joining the dYdX Operations Trust as either a Trustee or Enforcer. It was fantastic to hear from all of you about your visions for the Trust, and it has been an extremely difficult decision given the highly talented and motivated community members who applied. Based on the interviews we conducted, we have now selected individuals who we believe strongly contribute to achieving 3 main goals:

1. Safeguarding DOT’s assets through established public reputation and past multisig experience

Given the large funding request of DOT 2.0, it’s imperative that both the Trustees and the dYdX community feel that the funds are in safe hands. Therefore, we considered the following factors in our decisionmaking.

  • Multisig experience: Individuals who have had experience working with multisigs specifically (Safe) to reduce the likelihood of error when sending/receiving funds.
  • Reputation: Individuals with an established reputation primarily throughout DeFi/crypto and secondarily throughout the dYdX ecosystem. This helps ensure that the cost of reputational damage from colluding and acting with malicious intent is more than the gain from stealing funds.

2. Fulfillment of DOT’s mandate through past DAO experience and contributions to dYdX

Trustees are responsible for making sure the mandate of DOT is fulfilled. As described in the proposal, this encompasses both technical and operational fields that are critical to ensuring the decentralization of V4. Therefore, Trustees who exhibit experience in either field in other DAOs and/or have demonstrated a good understanding of dYdX are in a great position to support the Operations Lead if needed, and are also able to evaluate the performance of the subDAO in executing its goals due to their knowledge and experience. To this end, we prioritized:

  • Crypto operations and/or DAO experience: Prior experience working in a crypto company and/or DAO setting and contributing to operational or technical domains.
  • dYdX Involvement: Having demonstrated a good understanding of dYdX and/or actively participated in discussions or proposals via dYdX community channels.

3. Geographical diversity for improved time zone coverage

Trustees are required to coordinate with the three contributors to the subDAO, who will be based in Europe, Asia or the Middle East and initiate and approve transactions in a timely manner. As a result, we have attempted to ensure the five trustees are based in timezones that align with, or share sufficient overlap with these three regions, while also avoiding concentrating trustees in one timezone. (This is also particularly important given that Joanna and Callen are both located in Australia, which is not the most convenient timezone to work with!)

While there is no perfect method of selecting individuals, ensuring individuals contributed to achieving the 3 goals mentioned above provided us with a guiding principle in this challenging decision. As always, we warmly welcome feedback on our choices below and encourage anyone with concerns to please raise them here so that we can better address them.

We are proposing to add the following individuals to the dYdX Operations Trust:


  1. Chaos Labs, LTD

Multisig experience: Chaos Labs has extensive experience with multi-sigs from their work across major DAOs.

Reputation: Chaos Labs is a well known economics security and risk management service provider that engages publicly with some of the largest DAOs in the space. Their reputation is directly tied to the services they provide.

Crypto operations and/or DAO experience: Chaos Labs’ customer base is primarily DAOs, providing services to major DAOs like Uniswap, Aave, Osmosis, BenQi, and GMX to name a few.

dYdX involvement: Chaos Labs has an extensive history contributing to dYdX through both the grants program, forum discussions, and proposals. Their most recent dYdX product was a parameter recommendation portal which focuses on optimizing dYdX risk parameters.

Timezone: IDT / UTC+3

  1. Francis Gowen (Fig) - Flipside Governance

Multisig Experience: Fig has extensive multi-sig experience from his work across major DAOs and internal operations.

Reputation: In addition to his own personal reputation in DeFi, Fig’s public reputation is linked to the public reputation of his employer of Flipside, a leading blockchain analytics, governance, and research firm.

Crypto operations and/or DAO experience: In addition to DeFi operational experience gained as part of the Flipside Team, Fig brings rich DAO experience and knowledge of best practices as a governance contributor to major protocols such as Aave, Optimism, Arbitrum, Osmosis, and Hop.

dYdX involvement: Fig recently launched his endorsed delegate profile and is an active contributor to discussion in the forums and endorsed delegate huddles.

Timezone: EST / UTC+4

  1. Christoph Sonn

Multisig experience: Chris has a deep understanding of multisig best practices as he leads Product at Safe, the same multisig wallet that DOT uses!

Reputation: In addition to his own personal reputation in DeFi, Chris’s public reputation is linked to the public reputation of his employer Safe, one of the most well-known crypto products.

Crypto operations and/or DAO experience: In his work at Safe, Chris has gained valuable and transferable operations experience in a DeFi context, including having previously established a legal entity similar to the structure used by DOT.

dYdX involvement: Chris is a long-time dYdX holder and a consistent and active voter in dYdX governance.

Timezone: CEST / UTC+2


  1. Joseph Axisa (ImmutableLawyer)

Unlike Trustees, the Enforcer is not on the multisig. As they must remain impartial, they will not collaborate closely with the contributors and Trustees as they carry out their duties. Instead, they are required to bring a high standard for oversight and accountability to the Trust from both an operations and legal perspective. For this reason, we prioritized previous professional experience and expertise in these areas.

Experience in Trusts: Joseph has previous experience advising clients in relation to Trusts and Trust management and has conducted continuous research in relation to using Trusts as the legal back-end structure for DeFi Protocols. This has naturally led to him attaining a clear understanding of the responsibilities that this role brings.

Crypto legal experience: Joseph is currently a Senior Legal Analyst at BCAS; a crypto-focused regulatory consultancy firm currently providing a myriad of services targeting centralized exchanges and decentralized protocols within the industry. Joseph has an outstanding level of expertise that will allow him to make informed and accurate assessments of the extent to which Trustees are acting in accordance with their mandate and upholding transparency with regard to their activities and any potential conflicts of interest.

dYdX involvement: Joseph is a well-known, active and dedicated contributor to dYdX who we believe is well-placed to represent the voice and interests of the community within DOT.

Timezone: CEST / UTC+2

Therefore, the full dYdX Operations Trust structure that we propose is:


  1. Joanna Pope
  2. Callen Van Den Elst
  3. Chaos Labs, LTD
  4. Francis Gowen
  5. Christoph Sonn


  1. Joseph Axisa

We would once again like to sincerely thank all community members who expressed interest in the Trustee and Enforcer roles and took the time to speak with us. It is clear that the dYdX community has a rich group of highly dedicated contributors who are all well-suited to acting as Trustees and Enforcers for any future subDAOs who opt for a similar structure to DOT.

We look forward to feedback from any and all community members on the chosen Trustees and Enforcers! Thank you in advance for your input.

Callen and Joanna


We would like to express our warmest congratulations to everyone who has secured a position within the dYdX Operations Trust. The process has clearly been comprehensive and we have no doubt that every decision has been made with meticulous attention to the overall good of the community.

We would like to give a special mention to Callen and Joanna for their exceptional effort in overseeing this process and ensuring everything was carried out to the highest standard. Your detailed presentation of the selection criteria and rationale behind the decisions shows your immense dedication and thoughtful approach.

Seeing the names of the Trustees and the Enforcer, we are confident that the future of the dYdX Operations Trust is in capable hands. Each individual’s experience, reputation, and demonstrated commitment to the dYdX community will surely foster a bright and productive future for all involved.

Finally, we eagerly look forward to seeing the progress and impact of the newly formed dYdX Operations Trust. We are certain it will mark an exciting new chapter in the dYdX ecosystem.


Hi Everyone,

I wanted to express my gratitude for considering me as a candidate for the dYdX Operations Trust. Although I wasn’t chosen, I understand and respect the decision. The selected candidates possess impressive qualifications that align closely with DOT’s goals.

While I believe my active involvement as an endorsed delegate could have brought value to the Trust by encouraging community participation, I am genuinely happy with the decision. I believe that the chosen individuals will act in the best interest of dYdX and the community.

Congratulations to the selected trustees and enforcer! I am sure that your expertise will contribute to the success of the ops subDAO. Thank you, Callen and Joanna, for your leadership and vision in this process.

Wishing you all the best for the future of the dYdX Operations Trust!


Congratulations to all the new Trustees and Enforcer.



Congrats team! Full support, well deserved. Please keep us updated on news and progress. Looking forward to new proposals.Good luck for all trustees it’ll be a busy year for dYdX.


We are grateful and excited to be chosen as a Trustee for the dYdX Operations Trust alongside the impressive list of individuals on this list. We truly appreciate the confidence shown in us and the recognition of our commitment to the vision of dYdX.
We are fully aware of the responsibilities this role entails and are prepared to contribute our expertise and experience, working closely with the dYdX community and the DOT towards the success and growth of the operations subDAO, and the dYdX protocol at large.


Who’s Fig and Chris? No one heard of them till last month here, Why was @Ax07 a known delegate not chosen?

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I’m supportive of the trustees and enforcer chosen for DOT 2.0 and believe they are well positioned to prepare dYdX for v4.

Although I applied for the Trustee role as well and believed that my active contributions through the Ambassador programme, research grants and forums were aligned with dYdX, I respect the decision made by the team and look forward to a successful DOT 2.0 in the near future.


Thanks, Callen and Joanna for your investment thus far in DOT - and this next iteration of the trust.

We’re honored to be selected as a Trustee role and are committed to best representing dYdX with around-the-clock coverage; distributing trustees across timezones is shrewd and progressive.

Callen, thanks for your kind words about me and Flipside. We’re excited to commit more resources to the DAO and deepen our relationship with dYdX.

Thanks for the community’s patience with triggering the on-chain vote. We are waiting on the entity name to list on the trustee agreement – please expect it shortly.


Hey everyone,

We are excited to announce that the on-chain vote is now live!

If you’d like to vote, you can do so here:


Callen & Joanna


This is how detailed proposal can be. Thanks a lot and i belive that DOT will be successful.


Woohoo! Ops DAO, congratulations on your fundraising efforts! :partying_face:

I just got the most wonderful news, and I couldn’t wait to stop over and give you all a big round of virtual high-five!

I recall the first time we discussed the DYDX vision and execution, and I was taken away by the passion and commitment. I felt the DYDX crew and community had something exceptional from that moment on. With this fundraising accomplishment, it’s apparent that others recognize the great potential as well.

The slow start, intriguing operations and subpar playbook ($) are behind us. The new staff is more varied and inspiring. This is only the beginning of an exciting trip ahead. I have no doubt that you will use these cash appropriately to propel DYDX forward.

All the best and loads of good vibes


First and foremost, we would like to extend our gratitude to Callen and Joanna for their exceptional efforts in overseeing this process and ensuring everything has been carried out to the highest standard.

We wholeheartedly congratulate the individuals who have secured a position within the dYdX Operations Trust. Upon reviewing the new team, we are confident that a proficient and positive decision has been made for the DOT 2.0 process. We foresee the team working in synergy, harnessing the benefits of their brilliant individual experiences to fulfill the DOT 2.0 process in a productive and robust manner. It’s evident that a successful team has been constructed with a focus on the stated three evaluation criteria. (Aside from the new appointees, we believe and wish to state that it is necessary for transparency’s sake to have knowledge of other individuals who were considered during the evaluation.)

Lastly, we eagerly look forward to observing the progress and impact of the newly formed dYdX Operations Trust during the 2.0 process. We are convinced that this process will bring tremendous contributions to the ecosystem and dYdX, and generate positive outcomes.


Absolutely incredible

Hi all,

We at Flipside would like to inform the community that we will unfortunately be resigning from the Operations subDAO.

Our team is in the midst of executing the proper channels to complete the process, and will remain active contributors to the dYdX ecosystem.

We’ve enjoyed working with you all and look forward to more opportunities in the future.



Can we hear more details.
What is the the reason?

Thankyou for your contributions @AVI :pray: - It was a pleasure!

Hello everyone,

Now that the Flipside team has resigned, the trustee position is open. Will this position be filled?

Maybe I would be interested in taking part.