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CDS Crypto News Increasing SubDAOs: DYdX Considering the Launch of More SubDAOs

Crypto News

Increasing SubDAOs: DYdX Considering the Launch of More SubDAOs

DYdX, the decentralized platform known for its perpetuals contracts, is now discussing the creation of more subDAOs to make management of the ecosystem even more decentralized.

Aziz KARTAL18/05/20231 Mins read499

The decentralized platform DYdX, renowned for its perpetuals contracts, is currently engaging in discussions regarding the establishment of additional subDAOs, aiming to enhance the decentralization of ecosystem management. A recent statement by Fox Labs Digital, an Australian marketing agency, proposed the distribution of oversight responsibilities among multiple smaller decentralized autonomous organizations (DAOs).

Increasing SubDAOs: DYdX Considering the Launch of More SubDAOs

DYdX, the decentralized platform recognized for its perpetual contracts, is presently engaged in discussions regarding the establishment of additional subDAOs to further decentralize ecosystem management.

A post from Fox Labs Digital, an Australian marketing agency, proposed the allocation of oversight responsibilities to multiple smaller decentralized autonomous organizations (DAOs).

The dialogue expands beyond the existing two subDAOs, which currently oversee dYdX’s grants program and operational activities. These talks coincide with the dYdX community’s preparations for the upgrade to its fourth version (v4) on the Cosmos blockchain. The objective is to transform dYdX into “a fully decentralized version of the protocol,” as highlighted in a blog post.

Furthermore, as mentioned in a governance post by the dYdX Foundation, an independent nonprofit organization dedicated to promoting decentralized governance, the operations subDAO is scheduled to expire on June 19.

With the upcoming launch of v4 and the approaching expiration of the operations subDAO, the dYdX ecosystem is reaching a critical turning point, according to the foundation’s statement.

This is not just about shaping the future of dYdX but also about building a model for how a decentralized trading platform can operate effectively and inclusively.
Fox Labs

As per the dYdX Foundation, Sub DAOs refer to collectives of contributors within the dYdX DAO who focus on specific functional aspects of the dYdX protocol and hold ultimate accountability to the dYdX community.

To access more crypto news: cryptodataspace.com

Sources:CoinDesk

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Aziz KARTAL

Aziz Kartal is 21 years old. He is a student at the Gazi University, Department of Electrical and Electronical Engineering. He works as content writer, researcher and social media manager. He generally research about Web3, Blockchain Security and Cybersecurity.