The dYdX community has approved the use of 10 million USDC from the insurance fund to support the DAO.
Foresight News reported that the dYdX Foundation announced the approval of community on-chain vote #372, authorizing the use of the Insurance Fund to provide financial support to the DAO.
The proposal specifically involves transferring 10 million USDC from the dYdX chain Insurance Fund to three different entities: 2.5 million USDC to the dYdX Operations sub-DAO as operating funds, 5 million USDC to the dYdX Treasury sub-DAO as discretionary reserves, and 2.5 million USDC to the dYdX Foundation for ecosystem development and governance support. The Insurance Fund currently holds approximately 17 million USDC, with about 7 million USDC serving as protocol safety buffer.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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