dYdX Treasury SubDAO Community Update - January 2025
karpatkey is pleased to present the dYdX Treasury SubDAO’s January Community Update to the broader dYdX Community. This report encapsulates the dYdX Treasury SubDAO’s activities in January.
Staking Program Updates
- The first periodic review and re-delegation of the Staking Program has been conducted. In total ~45M DYDX tokens have been re-delegated across 30 validators. The re-delegation exercise incorporated insights from the trailing 90-day validator performance and community feedback. Delegations can be viewed at the Treasury SubDAO’s address and in the table below.
| Name | Delegation |
| Allnodes | 1,562,139 |
| AutoStake 🛡️ Slash Protected | 1,786,988 |
| Chorus One | 1,254,361 |
| Cosmic Validator | 100% Uptime | 1,562,139 |
| Cosmostation | 1,562,139 |
| Crosnest | 1,562,139 |
| Crypto Learning Club | dYdX Validator | 1,562,139 |
| CryptoCrew X Defi Dojo | 1,562,139 |
| DragonStake 🐲 | 1,562,139 |
| Enigma | 1,562,139 |
| Figment | 1,049,175 |
| Frens (🤝,🤝) | 1,562,139 |
| Imperator.co | 1,562,139 |
| Informal Systems | 1,562,139 |
| Keplr | 1,562,139 |
| Kiln | 1,169,265 |
| Kingnodes 👑 | 1,786,988 |
| Lavender.Five Nodes 🐝 | 750,000 |
| Nansen | 1,562,139 |
| Nocturnal Labs | 1,562,139 |
| P2P.ORG - P2P Validator | 1,049,174 |
| polkachu.com | 1,786,988 |
| Provalidator | 1,562,139 |
| RHINO | 1,562,139 |
| Silk Nodes | 1,562,139 |
| Skycatcher | 1,562,139 |
| Smart Stake 📈📊 | 1,562,139 |
| Stakecito | 1,562,139 |
| strangelove | 1,562,139 |
| TTT VN | 1,562,139 |
- Asset allocation: the Treasury SubDAO reached a total value of $49.9M in assets at the end of January 2025, comprising ~45M DYDX tokens and 1.19M USDC tokens.
- Financial Results: 148k USDC generated by the Staking Program, and 217k USDC received from the protocol revenue share mechanism.
- Marked-to-market (“MTM”): Treasury SubDAO assets suffered from a decrease in market value of $17.3M in MTM, due to a decrease in the DYDX token price from $1.47 to $1.08 as of 31 January 2025.
Token Allocation %
Source of USDC (January 2025)
Operations Updates
- dYdX Monthly Treasury Reports are now available on karpatkey’s website. The report will complement the monthly dYdX Treasury SubDAO Community Update.
- We have concluded due diligence on MegaVault, which would generate attractive returns on USDC principal while contributing to the dYdX ecosystem by increasing liquidity across its markets. The Treasury SubDAO plans to gradually allocate to MegaVault, exercising its judgement on market conditions and the likely impact on performance.
Other Updates
- Financial planning: we have completed the process of indexing relevant financial information about the DAO within our internal databases. This will improve our ability to gain insights on performance and key goals, and to make strategic plans and decisions based on that information.
- Fees
- Community signer fees: we facilitated payment to the community signers of their agreed fees for November and December in January. This came to a total of $3,000, reflecting $500 per signer per month for the 3 signers.
- karpatkey fees: our fees for November, December and January will be paid in February. This amounts to a total of $75k, comprised of a monthly fee of $25k per month for each of the 3 months. These amounts reflect the minimum payment for the Treasury SubDAO, which was fixed at a total of $300k per annum. Previous blocker to karpatkey fees was the establishment of dYdX Monthly Treasury Report.
- Recall of Stride Liquid Staking Program: this recall expands and solidifies the Treasury SubDAO’s treasury management mandate, addresses relevant tax and legal considerations with respect to the Community Treasury, and minimises third-party fees.
Next Steps
- Deployment of USDC into MegaVault
- Consolidated management of DYDX tokens
- Evaluation of alternative DeFi strategies to diversify and improve the range of yield sources, followed by a proposal to the community to ratify any proposed additional strategies.