The dYdX Foundation has repurchased 2.86 million DYDX tokens — valued at $1.87 million — since launching its monthly buyback program in March.
The initiative, funded by 25% of protocol transaction fees, is designed to support staking and enhance network security.
An additional 593,570 DYDX will be acquired in the next round, all of which will be staked.
The program, approved by community proposals #225 and #231, was initiated by the Treasury SubDAO to redistribute value to the ecosystem.
To date, the protocol has generated $5.05 million in fees, with 1.25 million buyback tokens already staked.
Total staked DYDX across the network now stands at over 295 million, offering an estimated annual yield of 3.08%.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is a person who always looks for the logic behind things. He is fluent in German and has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
Source: https://coindoo.com/dydx-buyback-program-surpasses-1-8m-adds-to-staking-pool/