Summary
The dYdX Treasury SubDAO has completed its seventh periodic review of the Staking Program. This cycle follows Proposal #396, which reduced the active validator set from 31 to 21 on 17 September.
The review redeployed stake held with validators that left the active set and delegated DYDX purchased through the buyback programme for the first time.
A total of 25,873,915 DYDX was moved across 25 transactions. This includes 10,719,308 DYDX of new delegation, which raises the Treasury SubDAO’s total delegation from 90,041,355 DYDX to 100,760,663 DYDX. All movements of existing stake were executed as redelegations, so the stake continued earning throughout and never left the bonded state.
Background
The Treasury SubDAO periodically reassesses delegations to ensure that the validator set remains decentralised and resilient, operationally high-performing, economically sustainable, and actively contributing to governance, in alignment with the broader objectives of the dYdX community.
Following the reduction of the active set, approximately 8.34M DYDX of Treasury SubDAO delegation sat with validators outside the set and earned no rewards. This review applied two principles:
- Limit dependence on the Treasury SubDAO. Each validator’s share of stake coming from the Treasury SubDAO is capped, and new stake was distributed in inverse proportion to that share, so the least dependent validators received most.
- Weight governance participation. Active contribution to governance has always been one of the programme’s core criteria, and it carries more weight in this review. Governance decisions depend on validators casting a vote, so validators that abstained or did not vote on recent proposals received a reduced allocation.
Delegation update
For this review, we considered approximately 100.8M DYDX. This figure includes the 90.0M DYDX already delegated from the Staking address, the Buyback address and the Osmosis LP address, and 10.7M DYDX purchased through the buyback programme and not yet delegated.
The 25,873,915 DYDX redeployed came from two sources: 10,719,308 DYDX of new delegation from DYDX purchased through the buyback programme, and 15,154,607 DYDX redelegated from existing Treasury SubDAO positions.
Delegation adjustments
Below are the delegation changes executed in this review:
| Validator | Before | Change | After |
|---|---|---|---|
| AutoStake Slash Protected | 1,988,553 | +3,602,203 | 5,590,756 |
| Allnodes | 2,517,758 | +3,388,519 | 5,906,277 |
| CLC | 4,508,070 | +3,271,984 | 7,780,054 |
| TTT VN | 5,111,633 | +2,341,252 | 7,452,885 |
| Crosnest | 5,111,633 | +2,209,698 | 7,321,331 |
| Bitwise Onchain Solutions | 4,508,070 | +2,116,739 | 6,624,809 |
| Nodes.Guru | 3,015,270 | +1,129,838 | 4,145,108 |
| Enigma | 4,500,000 | +1,082,120 | 5,582,120 |
| Solva (CryptoCrew) X Defi Dojo | 5,111,633 | +1,006,027 | 6,117,660 |
| Kiln | 5,111,633 | +700,000 | 5,811,633 |
| PRO Delegators | 5,111,633 | +700,000 | 5,811,633 |
| RHINO | 5,111,633 | +700,000 | 5,811,633 |
| Kingnodes | 5,111,633 | +700,000 | 5,811,633 |
| Smart Stake | 1,330,838 | +635,175 | 1,966,013 |
| Ledger by Meria | 2,577,155 | +523,860 | 3,101,015 |
| DragonStake | 2,669,479 | +357,282 | 3,026,761 |
| Meria | 4,508,070 | −425,406 | 4,082,664 |
| Keplr | 5,111,633 | −4,344,884 | 766,749 |
| Interstellar | 1,965,510 | −1,965,510 | 0 |
| Luganodes | 1,965,510 | −1,965,510 | 0 |
| Silk Nodes | 1,741,859 | −1,741,859 | 0 |
| Citadel.one | 1,725,165 | −1,725,165 | 0 |
| DELIGHT | 1,577,055 | −1,577,055 | 0 |
Closing
We are committed to reviewing delegations at least quarterly to encourage continuous improvement and positive contributions. The Treasury SubDAO will continue to monitor discussions across dYdX and review delegations as needed.
All figures verified on-chain at block 110,578,640 (22 October 2026). Total Treasury SubDAO delegation across the three addresses is 100,760,663 DYDX.