dYdX Treasury SubDAO Initiates $1M Token Buyback

dYdX has initiated its first $1M buyback of tokens under Proposal #372, using USDC funds allocated by the Treasury SubDAO. The buyback is part of a larger plan to purchase up to $5M in tokens on the open market over coming months.

The Treasury SubDAO continues to allocate 75% of daily protocol revenue toward buying DYDX tokens on weekdays, adding 1.08M tokens to its holdings in September alone.

The ongoing buybacks and token purchases have led some models to factor in structural demand for DYDX, which could tighten supply over the next quarter.