kpk is pleased to share the dYdX Treasury SubDAO’s April Community Update with the broader dYdX community. This report highlights the SubDAO’s key activities from April and is complemented by kpk’s April Treasury Report.
DYDX Buyback Program
Following the approvals of Proposal #225 and Proposal #231, the DYDX Buyback Program officially started on April 23rd.
- 158,570.80 $DYDX tokens were purchased through the Buyback Program from April 23rd to April 30th at an average price of $0.6416285.
- Proposal #239 was also passed, expanding the scope of the Buyback Program to include OTC purchases. This expansion enables the Treasury SubDAO to support dYdX service providers such as the Operations SubDAO and will help improve dYdX DAO’s cash flow management capabilities.
- Purchased DYDX tokens will be periodically withdrawn to the Treasury Sub DAO Buyback Account and staked with dYdX Chain validators under the Treasury SubDAO’s Staking Program.
For ongoing transparency, a community-built Buyback Tracker dashboard is available to monitor the Buyback Program and related activity across the broader dYdX ecosystem.
Staking Program Updates
The Treasury SubDAO has completed its re-delegation, following its second periodic review. The re-delegation was prompted by two main factors:
-
Changes to the dYdX Foundation’s Stake Delegation Criteria; and
-
Increased DYDX tokens under Treasury SubDAO Management (temporary transfer of 14M DYDX tokens from Operations SubDAO, permanent transfer of 21.7M DYDX tokens from Stride Recall).
In April, 14M DYDX tokens from the Operations SubDAO, held in a separate Ops SubDAO Account, were delegated. The Treasury SubDAO will transfer staking rewards to the Operations SubDAO every month.
In line with the dYdX Foundation’s recent update on Stake Delegation Criteria, the Treasury SubDAO also engaged with multiple staking providers to ensure compliance of their validation setup with the updated standards. Additional delegations were made to ecosystem service providers to support their continued participation and contributions.
Current delegations are summarised in the tables below.
Delegation rebalancing:
| Validator | Delegation |
|---|---|
| Provalidator | -1,070,845.20 |
| P2P.ORG - P2P Validator | -1,049,174.47 |
AutoStake  Slash Protected |
106,295.81 |
| Allnodes | 305,208.81 |
Smart Stake   |
305,209.02 |
| Cosmostation | 331,144.20 |
| Imperator.co | 331,144.20 |
| Nansen | 331,144.41 |
| Crypto Learning Club dYdX Validator | 331,144.41 |
DragonStake  |
331,144.41 |
| Cosmic Validator 100% Uptime | 331,144.41 |
| Chorus One | 353,531.29 |
| Informal Systems | 357,079.59 |
| Stakecito | 357,079.59 |
| Silk Nodes | 357,079.80 |
| TTT VN | 357,079.80 |
| RHINO | 357,079.80 |
| strangelove | 357,079.80 |
| Nocturnal Labs | 357,079.80 |
| Citadel.one | 439,424.44 |
| Luganodes | 491,295.22 |
| DELIGHT | 491,295.22 |
| Kahuna | 491,295.22 |
Interstellar Lounge  |
491,295.22 |
| OWALLET | 491,295.22 |
| InfStones | 491,295.22 |
| Blockdaemon | 491,295.99 |
| Nodeplus | 770,532.91 |
| polkachu.com | 996,819.60 |
Kingnodes  |
1,022,754.99 |
| CryptoCrew X Defi Dojo | 1,195,733.58 |
| Enigma | 1,247,603.59 |
| Crosnest | 1,247,604.15 |
| Validation Cloud | 1,443,566.09 |
| Ledger by Meria | 1,867,348.21 |
| PRO Delegators | 1,867,348.21 |
| Meria | 1,867,348.21 |
ECO Stake  REStake.app |
1,893,283.60 |
coinhall.org  |
1,893,283.60 |
| Nodes.Guru | 1,919,218.99 |
Lavender.Five Nodes  |
2,059,742.99 |
As of April 30, the Treasury SubDAO reached a total value of $53.83M in assets comprising:
- 80.84M DYDX tokens (96.4%) and 1.94M USDC tokens (3.6%).
- Staking Results: 115.06k USDC generated by the Staking Program.
- Marked-to-market (“MTM”): Treasury SubDAO assets benfited from an increase in market value of $1.33M in MTM, due to an increase in the DYDX token price from $0.624 to $0.64 for the month of April.
- Megavault Results: since the deployment of $300k USDC to Megavault on February 13th, the Megavault performance has been generating $2.9k, totaling a ~6.15% return on investment annualised.
Token Allocation %
Other Updates
- Proposal #238 was approved. It ratifies dYdX Treasury SubDAO’s Articles of Association and updates the composition of Class B Directors within the Foundation. One Director has been replaced to align with organisational changes within kpk and ensure operational continuity.
Next Steps for May
- dYdX Treasury SubDAO Staking Program: Adjust DYDX token delegations from the Treasury SubDAO Buyback Account
- Buyback Program: Continue DYDX buybacks via both CEX and OTC channels
- OTC Facilitation: Enable strategic OTC transactions with key dYdX ecosystem service providers