# dYdX Treasury SubDAO Community Update - October 2026 **URL:** \ **Category:** subDAOs\ **Created:** [November 11, 2026, 4:32pm UTC](https://dydx.forum/t/dydx-treasury-subdao-community-update-october-2026/5291 "2026-11-11T16:32:25Z")\ **Posts on this page:** 1\ **Page:** 1
**Author:** ![KPK](https://dub1.discourse-cdn.com/flex013/user_avatar/dydx.forum/kpk/32/2775_2.png) [@KPK](https://dydx.forum/u/KPK)\ **Post date:** [November 11, 2026, 4:32pm UTC](https://dydx.forum/t/dydx-treasury-subdao-community-update-october-2026/5291/1 "2026-11-11T16:32:25Z")
## Summary [KPK](https://kpk.io) presents the dYdX Treasury SubDAO’s October Community Update, covering market developments, DYDX metrics and programme execution. The accompanying [KPK October Treasury Report](https://drive.google.com/drive/u/0/folders/1ntqSh8tzQaDy0AVJjehiXUj3ARSrG-rM) provides the detailed treasury balances, allocations and strategy results for the month. ## Market Update Crypto markets fell back in October. BTC and ETH both declined over the month, and the 29 October security incident at Binance, the exchange used for the Treasury SubDAO’s buyback execution, added to the late-month weakness. DYDX underperformed the majors, while HYPE was broadly flat. ### Market Performance BTC decreased from approximately $84,688 on 1 October to $77,499 on 31 October, an [8.5% decline](https://www.coingecko.com/en/coins/bitcoin/historical_data) between the first and last daily observations. ETH fell from approximately $2,702 to $2,253, recording a [16.6% decrease](https://www.coingecko.com/en/coins/ethereum/historical_data) over the same period. On 29 October Binance suffered a [hack](https://x.com/binance/status/2117626126214504729) of approximately $6.34B. More than $2.85B was frozen within hours, and by 4 November Binance reported that it had replenished approximately 98% of the impacted amount from its own resources, so that its users do not bear the loss. The dYdX protocol was not affected. At the time of writing, the Treasury SubDAO’s dYdX tokens held at Binance remains inaccessible as withdrawals are currently suspended, and we are continuously monitoring the situation. BTC closed at approximately $78,880 on 29 October and $76,872 on 30 October, from $80,809 on 27 October. On 28 October the Federal Reserve [held the target range for the federal funds rate](https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm) at 3.75-4.00%, by a 10-2 vote, with two members preferring a 25bp increase. The statement noted that inflation remains elevated. ### Institutional Flows US spot BTC ETFs recorded approximately $516M of net outflows in October, while US spot ETH ETFs recorded approximately $1.61B of net outflows, the largest monthly outflow for the product since launch. BTC ETF flows turned sharply negative at month-end, with approximately $643M of net outflows on 30 October, the largest single-day outflow since June. ### Market Structure & Dominance Total crypto market capitalisation fell from approximately $2.86T on 1 October to $2.60T on 1 November, a decline of about 9%, while BTC dominance rose from approximately 58.6% to 59.8%, as altcoins fell further than BTC. ## DYDX Token Update ![image](https://europe1.discourse-cdn.com/flex013/uploads/dydx/original/2X/5/5f9f8141fb2b9b2734bb55c161fa0e1f6dd060da.png) DYDX, BTC, ETH and HYPE performance in October 2026, indexed to 100 at 1 October. DYDX underperformed major crypto assets in October. The token declined from approximately $0.15061 on 1 October to $0.10605 on 31 October, recording a [29.6% decrease](https://www.coingecko.com/en/coins/dydx-chain/historical_data) between the first and last daily observations. Over the same period, BTC lost 8.5%, ETH lost 16.6%, and [HYPE gained 0.2%](https://www.coingecko.com/en/coins/hyperliquid/historical_data). DYDX’s daily series recorded a low of approximately $0.10605 on 31 October and a high of $0.15098 on 5 October, with the largest decline coming in the second half of the month. [Mintscan Analytics](https://www.mintscan.io/dydx/dydx-analytics) shows that, for 1 to 31 October (UTC), total platform volume on the dYdX perpetual venue was approximately $1.19B across 462,634 trades. Activity was led by ETH-USD, which generated approximately $894.5M in notional volume across 175,223 trades, accounting for 74.9% of total platform volume. BTC-USD ranked second with approximately $188.8M across 60,414 trades, representing 15.8% of activity, while SOL-USD was third at approximately $87.3M across 21,503 trades, equivalent to 7.3% of platform volume. Outside the top three pairs, activity remained fragmented. XRP-USD generated approximately $4.3M, TRX-USD recorded approximately $2.2M, BNB-USD recorded approximately $1.5M, and HYPE-USD recorded approximately $1.4M. The DYDX-USD market itself remained comparatively small, with approximately $78.6k in notional volume across 739 trades during the month. These figures match the [Mintscan Analytics](https://www.mintscan.io/dydx/dydx-analytics) Perpetuals view for the same period. ## Buyback Programme ![image](https://europe1.discourse-cdn.com/flex013/uploads/dydx/original/2X/f/f6677622ee0022774d393e88cb9d7c8680230597.png) Buyback programme summary, October 2026. [Open-market activity](https://drive.google.com/file/d/12U5jdMXExjSz7_-AywkQhP6sghZUCrKE/view) acquired 8,135,529 DYDX at an average price of $0.14058, executed across 12,726 orders, for a total executed notional of 1,143,722.52 USDT. Execution recorded favourable slippage of approximately $4,552.91, alongside $1,143.72 in exchange fees, indicating better aggregate execution than the recorded benchmark. Executed-notional-weighted participation stood at 31.618%. No OTC transactions were executed during October; all recorded DYDX purchases were made through the open market. The month’s buyback was front-loaded. Of the 1,143,722.52 USDT spent, 91.0% was spent between 1 and 8 October. [Proposal #372](https://www.mintscan.io/dydx/proposals/372) allocated 5M USDC from the dYdX Chain Insurance Fund to the Treasury SubDAO as discretionary reserves, and approximately $1.0M of these funds was used to buy back more DYDX. On 29 October, Binance suspended withdrawals following a security incident. The last buyback order of the month was executed at 14:21 UTC that day, and buybacks are suspended until the situation normalises. ## Staking Programme The Treasury SubDAO held approximately 100.76M DYDX staked at month-end across the [Staking address](https://www.mintscan.io/dydx/address/dydx1vx93pwuxf7j5c90tukj084ka26fclcjuqdmw2a), [Buyback address](https://www.mintscan.io/dydx/address/dydx1zc0jd76vfluauk6pc6rsq5dkwyjz9h8uqgppj6) and [Osmosis LP address](https://www.mintscan.io/dydx/address/dydx1lg5qugn9aler55adkkdkdmg7mrk33kddq7zlv9). The staking strategy generated $6,287 in October yield. On 19 and 22 October the Treasury SubDAO completed its [seventh periodic review of the Staking Programme](https://dydx.forum/t/staking-programme-periodic-review-7/5170), published on 23 October. It moved 25,873,915 DYDX across 25 transactions: 15,154,607 DYDX redelegated from existing positions and 10,719,308 DYDX held at the Buyback address (acquired through the buyback programme) and newly delegated. Total delegation rose from 90,041,355 to 100,760,663 DYDX. This is the redeployment of stake held with validators outside the active set that the September update said would follow [Proposal #396](https://www.mintscan.io/dydx/proposals/396). ## Asset Allocation As of 31 October 2026, the Treasury SubDAO’s total funds stood at approximately $15.73M. The portfolio consists of: - **$10.75M in DYDX (68.31%)**. - **$3.53M in RWA (22.45%)**. - **$1.45M in stablecoins (9.24%)**. ![image](https://europe1.discourse-cdn.com/flex013/uploads/dydx/original/2X/6/6bfa4429453a343d60fc4fd62e006d881f66b665.png) Treasury SubDAO funds by position as of 31 October 2026. Capital utilisation stood at 93.86%, with $14.76M allocated across DeFi positions and $0.97M held in wallet balances. The RWA sleeve consists of the $3.53M Ondo USDY position on Ethereum. By venue, approximately $11.54M was held on Cosmos dYdX (73.37%) and $4.04M on Ethereum (25.69%). Funds on Binance stood at approximately $0.15M at month-end (104,095 USDT and 404,315 DYDX), against approximately $1.19M at the end of September, as the buyback account was largely spent during the month. The DYDX is held at the exchange while token withdrawals are suspended. ### Yield Generation | Strategy | Month-end allocation | October yield | APY / annualised yield | | --- | --- | --- | --- | | dYdX Staking Programme | $10,722,776 | $6,287 | 0.69% annualised yield | | [Ondo USDY](https://ondo.finance/usdy) | $3,531,915 | $11,026 | [3.75%](https://defillama.com/yields/pool/ac61ee82-2fe4-4f9b-a9cd-7fb33f598859) | | [kpk USDC Prime Core V2 (Morpho)](https://app.morpho.org/ethereum/vault/0x1a1985F50352b58090eb36425AfdFacbaC7806F4) | $509,469 | $1,888 | 6.07% | | **Total** | **$14,764,160** | **$19,201** | - | DeFi strategies generated $19,201 during October. The [kpk USDC Prime Core V2 position on Morpho](https://app.morpho.org/ethereum/vault/0x1a1985F50352b58090eb36425AfdFacbaC7806F4) was approximately $0.51M at month-end and generated $1,888, with a trailing-24-hour net APY of 6.07% at the last available observation on 31 October. The [Ondo USDY](https://ondo.finance/usdy) position generated $11,026. Its [month-end APY was 3.75%](https://defillama.com/yields/pool/ac61ee82-2fe4-4f9b-a9cd-7fb33f598859). Staking yield of 0.69% annualised was higher than September’s 0.47%. ## Next Steps for November - **Buyback programme:** the programme has been paused since 29 October following the Binance incident. KPK is monitoring the situation, including the 404,315 DYDX shown at Binance in the October report, while token withdrawals are suspended, and will report on how purchases proceed. - **Staking programme:** monitor the new delegation set following the seventh periodic review and review delegations at least quarterly. - **Yield diversification:** monitor the USDY RWA sleeve and Morpho deployment, including yield, liquidity and risk exposure. - USDCn migration: We will bridge USDC to the Ethereum mainnet while the dYdX chain upgrades from USDCn to USDC.inj. This transaction is expected to happen in early November.