The dYdX Treasury SubDAO would like to present 3 main items of update that will require dYdX community consent to be ratified.
- dYdX Treasury SubDAO Articles of Association (“Articles”): dYdX Treasury SubDAO Foundation’s Articles will be amended to better reflect how the Foundation operates. Similarly to the multi-sig, there should always be at least one director of each class for a board resolution to be valid. The draft Articles are hosted on IPFS. We would like to get dYdX community approval to ratify the dYdX Treasury SubDAO’s Articles. Following a successful text proposal, the Articles will be formally established.
- dYdX Treasury SubDAO Foundation Director Replacement: dYdX Treasury SubDAO Foundation is currently served by 6 directors, comprising of 3 community directors and 3 kpk signers. In light of organizational changes in kpk, we would like to get dYdX community approval to replace one of the kpk signers as Class B Director. Following a successful text proposal, the Director will be replaced in both legal and operational capacities as signers.
- Buyback Program Expansion of Buyback Venues: DYDX Buyback Program has been passed, allocating 25% of dYdX’s net protocol revenue to repurchase DYDX tokens in the open market. However, the broader dYdX community, such as Operations SubDAO, also uses DYDX tokens to fund its operations. We would like to get dYdX community approval to increase the scope of the Buyback Program to include OTC buyback. Through OTC buybacks, the dYdX Treasury SubDAO can help facilitate dYdX DAO’s cash flow management. This will also help save transaction costs related to DYDX trading. Following a successful text proposal, the DYDX Buyback Program’s scope will include OTC buybacks.
Next Steps
We will submit 2 separate text proposals:
- Proposal #1: proposal to ratify dYdX Treasury SubDAO Articles of Association and to replace one dYdX Treasury SubDAO Foundation Class B Director
- Proposal #2: proposal to expand the Buyback Program’s execution venues