The dYdX Foundation, which supports decentralized crypto exchange dYdX, has requested a budget of $30 million from the decentralized autonomous organization (DAO) managing the project.
dYdX Foundation Requests a Budget of 30 Million Dollars
The funds, planned to be used over the next three years, aim to provide an operational work area at least until mid-2026.
Headquartered in Switzerland, the dYdX Foundation offers legal, R&D, marketing and technical support to the crypto trading project.
The project involves a perpetual futures contract exchange and a private blockchain in the Cosmos and Ethereum ecosystems. The aim of the foundation is to make dYdX the exchange layer of the internet.
While the budget request is significant, if approved by dYdX token holders, the DAO's voters, it would give the Foundation 4% of the DAO's current treasury.
The three-year duration of the budget will also exempt the dYdX Foundation from submitting annual budgets for review and approval, a common practice among other DAOs and foundations.
Approximately half of the requested budget was allocated to payroll, while 18% was allocated to marketing and growth, 14% to various legal payments, and 5.5% to contractors, among other expenses.
The foundation plans to diversify some of the funds raised into fiat and stablecoins and invest in expanding its staking operation, which currently generates staking returns on 2.5 million dYdX tokens.
The $30 million budget, consisting of 10.5 million DYDX tokens, will extend the Foundation's operating period beyond 18 months.
