Summary
The dYdX Treasury SubDAO has conducted its second periodic review. The Treasury SubDAO will conduct re-delegation operations shortly after the release of this update.
Background
Based on previously-established principles for delegation and validator scoring criteria, and community feedback on methodology and delegation, the Treasury SubDAO has conducted two rounds of delegations:
- Initial delegation on November 18, 2024
- First periodic review and re-delegation on February 4, 2025,
In light of recent developments in the DYDX ecosystem and the dYdX Treasury SubDAO accounts, the Treasury SubDAO deemed it appropriate to conduct a review of its delegation and re-delegate accordingly.
The developments are as follows:
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Changes to the dYdX Foundation’s Stake Delegation Criteria: we agree that recent changes to the protocol revenue distribution have made it challenging for some dYdX validators to remain profitable. The dYdX Treasury SubDAO Staking Program Principles and Criteria will be unchanged, but the weights of the various factors will be revised to be more equitable, and achieve a more even distribution of stake weight across dYdX’s validator set.
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Additional DYDX tokens under Treasury SubDAO management:
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The Treasury SubDAO recalled stDYDX tokens previously held in the dYdX Community Treasury. The stDYDX tokens (21.7M DYDX) will be unstaked between April 2, 2025 to April 6, 2025.
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The Operations SubDAO has sent a portion of its runway (14.0M DYDX tokens) to be managed by the Treasury SubDAO to increase capital utilisation.
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1.56M DYDX tokens previously delegated to Skycatcher have been unbonded.
Delegation Update
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DYDX tokens under Treasury SubDAO Management:
- Initial Treasury SubDAO Staking Program: 45M
- On behalf of Operations SubDAO: 14M
- From Stride Recall: 21.7M (still in the process of being unstaked)
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Accumulated USDC (before fees*): 1,107,735 (as of Feb 28, 2025)
Details on Delegation Rebalancing
Existing delegation
- Allnodes
- AutoStake
- Chorus One
- Cosmic Validator | 100% Uptime
- Cosmostation
- Crosnest
- Crypto Learning Club | dYdX Validator
- CryptoCrew X Defi Dojo
- DragonStake
- Enigma
- Figment
- Frens
- Imperator.co
- Informal Systems
- Keplr
- Kiln
- Kingnodes
- Lavender.Five Nodes
- Nansen
- Nocturnal Labs
- P2P.ORG - P2P Validator
- polkachu.com
- Provalidator
- RHINO
- Silk Nodes
- Skycatcher
- Smart Stake
- Stakecito
- strangelove
- TTT VN
New Delegation
- Allnodes
- AutoStake
- Blockdaemon
- Chorus One
- Citadel.one
- coinhall.org
- Cosmic Validator | 100% Uptime
- Cosmostation
- Crosnest
- Crypto Learning Club | dYdX Validator
- CryptoCrew X Defi Dojo
- DELIGHT
- DragonStake
- ECO Stake
- Enigma
- Imperator.co
- Informal Systems
- InfStones
- Interstellar Lounge
- Kahuna
- Kingnodes
- Lavender.Five Nodes
- Ledger by Meria
- Luganodes
- Meria
- Nansen
- Nocturnal Labs
- Nodeplus
- Nodes.Guru
- OWALLET
- polkachu.com
- PRO Delegators
- Provalidator
- RHINO
- Silk Nodes
- Smart Stake
- Stakecito
- strangelove
- TTT VN
- Validation Cloud
Long-term vision and next steps
The Treasury SubDAO will conduct re-delegation to the selected validators in two phases.
- The first phase will happen shortly after the release of this update, and will re-delegate DYDX tokens received from 1/ Operations SubDAO, and 2/ Skycatcher unbonding.
- The second phase will happen after the unstaking of stDYDX tokens, and will re-delegate DYDX tokens received from the unstaking.
We are committed to reviewing delegations at least quarterly, to encourage continuous improvement and positive contributions. The Treasury SubDAO will continue to monitor various discussions arising in dYdX and review delegations as needed.
Helpful Links
- Treasury SubDAO Account Mintscan
- Operations SubDAO Account (managed by Treasury SubDAO) Mintscan
- Fees on ongoing-basis include 1/ community signer fees ($500/signer/month) and 2/ karpatkey fees