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DYDX COMMUNITY LIKELY TO APPROVE FOUNDATION’S $30 MILLION FUNDING PROPOSAL

Hongji Feng
Last updated: January 30, 2024 03:56 EST | 1 min read


Source: DALL·E

The dYdX tokenholders are voting on the $30 million fundraising request proposed
by the dYdX Foundation, which is likely to get approved.

The Foundation published a on Jan. 25 detailing its fundraising proposal.

This proposal, if approved, will grant the Foundation $30 million in DYDX from
the (DAO) treasury.

According to the blog, this funding is aimed at supporting a range of strategic
initiatives for the next three years, including enhancing the governance
velocity of the dYdX Chain, fostering DAO enablement, and scaling the adoption
of the dYdX Chain.

“The dYdX Foundation does not charge fees or have a profit-making purpose, and
does not seek any profits in general,” wrote the proposal.

> “The funds will be used to hire and retain the best talent, to help scale the
> adoption of the dYdX Chain, and to continue further decentralizing the dYdX
> ecosystem such that it can propel itself forward.”

The Foundation elaborated on the history of the community, the construction of
its up-to-date , its missions, responsibilities, and the role played advancing
DAO forward.


DYDX CONTRIBUTORS SUPPORT FOUNDATION’S PROPOSAL


After the Foundation published the blog, numerous community members have voiced
their support for the fundraising, and the response has been overwhelmingly
positive.



“We are in support of this proposal,” said a member of the chain validator
Chorus One. “Since the announcement of dYdX v4, the foundation has played a very
key role in managing relationships and communication with all DYDX
stakeholders.”

“Our experience with the foundation has been incredibly positive and inspiring
where we have witnessed the positive impact of their initiatives,” said another
validator Imperator.co.

“The transparency and accountability demonstrated by the dYdX Foundation in its
operations and financial management are commendable,” said Imperator.co.


FUNDRAISING LIKELY TO GET APPROVED


The community’s on the proposal just kicked off on Jan. 29, and 96.4% of the
tokenholders voted “YES” for the funding grant, with 3.6% choosing “Abstain” and
less than 0.1% voting “NO.”

The vote will remain open until February 2 and will be considered valid only if
it reaches the required quorum of 33.4%. As of this writing, the turnout has
already reached 25.3% within the first 24 hours of voting.






--------------------------------------------------------------------------------




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