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DYDX shoots up 10% as buybacks get a quarter of protocol revenue

Summary by Cointelegraph

Decentralized finance (DeFi) trading platform dYdX announced its first-ever token buyback program on March 24, aiming to reinvest in its ecosystem to enhance security and governance.According to the announcement, 25% of the protocol’s net fees will be dedicated to monthly buybacks of its native dYdX (DYDX) token on the open market.Following the announcement, DYDX surged over 10% and was trading at about $0.731 at the time of writing, according t…

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coinstats.app

CoinStats - Why buybacks won’t stem the Dydx token’s 72% ...

A version of this article appeared in our The Decentralised newsletter on March 25. Sign up here.GM, Tim here.Dydx, a perpetual futures trading platform, announced on Monday plans to use 25% of its profits to buy back its governance token.The protocol says the scheme will “further align protocol success with the $DYDX token.” The DYDX token has fallen some 73% since the crypto market’s all-time high in December.The idea is that buybacks — paid f…

4 days ago

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investincryptonews.com

dYdX CEO Charles d’Haussy on Buybacks, Staking & Ecosystem - Invest In Crypto News

dYdX has announced its first-ever buyback program, committing 25% of protocol fees to buy DYDX on the open market. Based on last year’s revenue numbers, that could amount to over 11M in DYDX purchased per year. In an exclusive interview, Charles d’Haussy, CEO of the dYdX Foundation, provided his view on the community initiative and shed light on exciting developments coming to the dYdX ecosystem, such as Wallet Integrations and the potential fo…

4 days ago

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Crypto Breaking News

DYDX surges 10% with buybacks accounting for a quarter of protocol revenue

The decentralized exchange platform dYdX has experienced a significant 10% increase in its token value following the announcement that a quarter of the protocol’s revenue will be used for buybacks. This strategic move aims to provide additional incentives for token holders and investors, leading to a surge in demand and consequently driving up the price of the dYdX token. By allocating a portion of the platform’s revenue towards buybacks, dYdX a…

4 days ago

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Tron Weekly Journal

DYdX Price Surges After The Introduction Of Buy Back Program

dYdX has introduced a Buyback Program, that would allocate 25% of the money made from fees monthly to buy and stake its tokens, with the goal of enhancing security and the token utility. 86% of dYdX tokens are available on dYdX Chain, with discussions coming up on banning Ethereum-based ethDYDX by June 2025. dYdX, a decentralized exchange platform, has launched a buyback plan set out to improve the security of the token and further increase its…

4 days ago

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The Defiant

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Cryptocurrency News | Cryptocurrency Prices | Market Cap

DYDX Surges 9% After Derivatives Exchange Unveils Buyback Program

Derivatives trading platform dYdX is launching a buyback program to strengthen network security while decreasing the number of tokens in circulation.The decentralized perpetuals exchange announced the changes in a blog post on March 24, revealing that 25% of the network’s net fees will be used to buy DYDX tokens on the open market and stake them.The project’s native DYDX token surged 10% on the announcement and is up 13% for the week, according …

4 days ago

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Bitcoin World

Strategic dYdX Token Buyback: Will it Boost DYDX Value?

Exciting news for dYdX (DYDX) holders! The popular decentralized crypto exchange has just unveiled a compelling strategy to enhance its ecosystem and potentially drive up the value of its native token. Are you ready to dive into the details of the dYdX token buyback program and understand what it means for the future of DYDX and the broader DeFi landscape? What’s the Buzz About the dYdX Token Buyback? In a move that has caught the attention of t…

4 days ago

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