kpk is pleased to present the dYdX Treasury SubDAO’s March Community Update to the broader dYdX Community. This report encapsulates the dYdX Treasury SubDAO’s activities in March, and is complemented by kpk’s dYdX March Treasury Report.
DYDX Buyback Program
- The two-stage Buyback Program proposal was passed successfully via Proposal #225 (Stage 1: directing 12.5% of Protocol Revenue towards the Treasury SubDAO Buyback Account) and Proposal #231, (Stage 2: directing 25.0% of Protocol Revenue towards the Treasury SubDAO Buyback Account).
- The dYdX Treasury SubDAO Foundation has successfully opened a Binance Account, and will be starting the Buyback Program shortly. Purchased DYDX tokens will be staked with dYdX Chain validators under the Treasury SubDAO’s staking program.
- The program aims to align token holders with dYdX’s growth while strengthening network security.
- This is just the start - future governance may be passed to increase the buyback program, or to introduce additional features to further align token holders alignment.
Staking Program Updates
- The Treasury SubDAO has received 14M DYDX tokens from the Operations SubDAO in a separate Ops SubDAO Account to be managed, increasing capital efficiency of the dYdX DAO. The DYDX tokens have since been delegated, and the Treasury SubDAO will be making a monthly transfer of the staking rewards to the Operations SubDAO.
Delegations for the Operations SubDAO’s 14M DYDX Account can be viewed at the following address, and the current delegations are summarised in the table below.
| Name | Delegation |
|---|---|
| Nodeplus | 1,148,686.08 |
| OWALLET | 1,427,923.77 |
| Provalidator | 1,427,923.77 |
| DELIGHT | 1,427,923.77 |
| Luganodes | 1,427,923.77 |
| Kahuna | 1,427,923.77 |
Interstellar Lounge  |
1,427,923.77 |
| Citadel.one | 1,427,923.77 |
| InfStones | 1,427,923.77 |
| Blockdaemon | 1,427,923.00 |
- Asset allocation: the Treasury SubDAO reached a total value of $52.28M in assets at the end of March 2025, comprising 96.6M worth of DYDX tokens (comprised of 59M DYDX tokens (70.4%) and 19.46M (26.2%) stDYDX tokens), and 1.80M USDC tokens (3.4%).
- Staking Results: 116k USDC generated by the Staking Program.
- Marked-to-market (“MTM”): Treasury SubDAO assets suffered from a decrease in market value of $5.39M in MTM, due to a decrease in the DYDX token price from $0.70 to $0.62 for the month of March.
- Megavault Results: since the deployment of $300k USDC to Megavault on February 13th, the Megavault performance has been choppy due to reduction in protocol revenue share and
Token Allocation %
Other Updates
- Recall of Stride Liquid Staking Program: following the approval of proposals 211 and 217, the Stride Recall was confirmed and is now being executed. This recalled 19.46 stDYDX tokens from Stride and moved them under the management of the dYdX Treasury SubDAO, which will employ them for the staking program. We expect this additional amount to be available for delegation by the first week of April.
Next Steps for April
- dYdX Treasury SubDAO Staking Program: finalizing re-delegation adjustments for DYDX tokens
- Buyback Program: start of the Buyback Program
- USDC Deployment: Continuous assessment and evaluation of alternative DeFi strategies to diversify from the MegaVault and improve the range of yield source
