dYdX Foundation Receives $30 Million in Community Funds

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Bittime  -  The dYdX Foundation, a non-profit organization that aims to support the growth of the dYdX platform ecosystem, recently secured $30 million in funding in the form of dYdX tokens from the dYdX community treasury. 

These funds were obtained after the latest voting was carried out. The aim of the foundation is to engage in community and developer development and engagement, while maintaining decentralized governance. The newly raised funds will be used by the foundation to recruit and retain needed talent, while expanding the dYdX network.

According to David Gogel, vice president of strategy and operations at the dYdX Foundation, this fundraising was carried out after the foundation had been operating for two and a half years. Gogel stated that previously, the foundation only had six months left to operate, and the aim of this fundraising was to extend the operational period of the foundation and continue to support the development of the dYdX protocol.

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The amount of assistance is quite significant

Since its founding, the dYdX foundation has been awarded 8.7 million dYdX tokens to support its sustainability. Although the number of tokens is smaller compared to other foundations in the crypto ecosystem, the dYdX foundation is focused on making a positive impact with its existing capital. 

Therefore, the funding request of $30 million is considered significant enough to provide greater room for the foundation to support dYdX's growth. 

This fundraising process involved the participation of 86.4% of all DYDX governance token holders, with the majority of voters (98%) voting in favor of the proposal. The funds collected will be allocated for various purposes, including salaries, bonuses and employee benefits. 

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Use of Budget Money

Apart from that, part of the budget will also be used for marketing, business development and legal activities. Of course, this step shows the commitment of the dYdX foundation to continue developing its ecosystem and providing maximum benefits for users and developers. 

With greater financial support, it is hoped that the foundation can carry out its mission more effectively and have a positive impact on dYdX's growth in the future.

Regarding the increase in funds obtained by the dYdX Foundation, this step is in line with the growing trend of fundraising in the crypto ecosystem. Many crypto projects and organizations rely on support from their own communities to obtain the resources necessary for growth and development. 

By involving the community in the decision-making process, projects like dYdX can ensure that the decisions taken reflect the needs and aspirations of token holders and protocol users.

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Form of Trust from Token Holders

Apart from that, this fundraising also reflects the high confidence of DYDX token holders in the future of the dYdX platform. By providing significant financial support, token holders demonstrate their belief that dYdX has the potential to continue to grow and become one of the major players in the decentralized finance ecosystem.

The emphasis on using funds to recruit and retain talent also highlights the importance of human resources in blockchain project development. Quality talent is a valuable asset for any organization, and investing in a skilled and talented workforce can be the key to the long-term success of a project.

Thus, the $30 million fundraising by the dYdX Foundation not only helps strengthen dYdX's position in the crypto ecosystem, but is also a positive indication for the future growth and development of similar blockchain projects.

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