This week marks the first anniversary of the @dydx Treasury SubDAO’s commencement 🥳
Over the last 12 months, the SubDAO has gone from strength to strength, deploying assets, supporting staking and accruing value to tokenholders.
Let’s take a look back:
2/ To empower the SubDAO, we formed a Cayman foundation. It holds treasury assets & contracts with counterparties.
This enables access to banking, brokerage accounts, and major TradFi integrations.
It also clearly establishes the SubDAO’s obligations and liability.
4/ In February, we began deploying treasury assets to generate passive yield for the DAO.
Our first strategy was to provide liquidity to dYdX’s own MegaVault, to support the protocol’s perp markets.
This has since yielded ~13.8% annualised yield on the DAO’s USDC holdings.
5/ We proposed a new buyback & stake programme, redirecting 25% of net protocol revenue to DYDX repurchases.
Over 5.32 million DYDX has been bought and staked so far, driving value to validators.
This adds buy pressure for DYDX, leading to value accrual for tokenholders.
7/ @dydx’s Treasury SubDAO is a textbook example of mature DAOs using sophisticated asset management to accelerate growth without compromising decentralisation.
We’re honoured to contribute to this success, and deliver lots more exciting things in the next year! 👀
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