dYdX DYDX

Commentary versus actual token vesting

dYdX's token distribution and vesting have both been amended since genesis. The insider release schedule was extended and five of the six community reward programmes were reduced or terminated by governance. Every change is traceable to a dated instrument or a numbered proposal. 1) Investor and employee allocations: now fully released The transfer restriction applying to past investors, founders, employees, advisors and consultants was extended under an amendment to the Warrants announced on 25 January 2023 (https://www.dydx.foundation/blog/lock-up-extension). The amendment postponed the Initial Unlock Date by approximately ten months, from early February 2023 to 1 December 2023, and did not alter the staggered structure that followed it. As amended, the new unlock schedule are: - 30% initial unlock, 1 December 2023 - 40% linear over 6 month, 1 Jan 2024 – 1 Jun 2024 - 20% linear 12 month, 1 Jul 2024 – 1 Jun 2025 - 10% linear 12 month, 1 Jul 2025 – 1 Jun 2026 The schedule completed on 1 June 2026. 2) Community reward programmes: 5 of 6 amended or terminated Retroactive Mining Rewards. Originally 7.5% of supply, 75,000,000 DYDX, claimable after Epoch 0 against defined trading milestones on the Layer 2 protocol. 50,309,197 DYDX was claimed, 5.0% of supply. The unclaimed balance of 24,690,803 DYDX was transferred to the Community Treasury. Liquidity Module and Safety Module. Each originally allocated 2.5% of supply, 25,000,000 DYDX, emitting 383,562 DYDX per 28-day epoch. Liquidity Staking Pool rewards were set to zero on 29 September 2022 under DIP 14; Safety Staking Pool rewards on 28 November 2022 under DIP 17, with the Safety Module recorded as no longer active from that date. Actual emission was 5,779,608 and 5,289,939 DYDX respectively, 0.6% and 0.5% of supply. The undistributed balances of approximately 19,220,392 and 19,710,061 DYDX accrued to the Community Treasury. Trading Rewards. Originally 25% of supply, 250,000,000 DYDX, at 3,835,616 DYDX per epoch. DIP 16 reduced the per-epoch amount by 25% to 2,876,712 from Epoch 15. DIP 20 reduced it by a further 1,294,520. DIP 29 stepped it down across three epochs — 1,054,795 at Epoch 30, 527,398 at Epoch 31, and zero at Epoch 32. The current allocation stands at 144,693,506 DYDX, 14.5% of supply. Liquidity Provider Rewards. Originally 7.5% of supply, 75,000,000 DYDX, at 1,150,685 DYDX per epoch. DIP 24 halved this to 575,343, with the excess 575,342 per epoch accruing to the Rewards Treasury. DIP 29 stepped it down across the same three epochs — 383,562, 191,781, and zero. The current allocation stands at 32,794,525 DYDX, 3.3% of supply. Community Treasury. Originally 5.0% of supply, 50,000,000 DYDX. It is the recipient of every reduction above and now stands at 261,133,225 DYDX, 26.1% of supply. 3) The resulting new distribution The resulting distribution is shown on https://docs.dydx.community/dydx/start-here/dydx-token-allocation - Community Treasury: 26.1% - User Trading Rewards: 14.5% - Retroactive Rewards: 5.0% - Liquidity Provider Rewards: 3.3% - Liquidity Module: 0.6% - Safety Module: 0.5%