DYDX（DYDX）推出回購計劃，以將價值恢復到生態系統

DYDX已有85％的DYDX令牌已經解鎖，將推出回購程序，以將價值恢復到生態系統中。

Decentralized exchange dYdX is rolling out a buyback program and dedicating a portion of net protocol fees toward monthly buybacks of DYDX tokens, beginning Monday.

從周一開始，分散的交易所DYDX正在推出回購計劃，並將部分協議費用的一部分用於每月回購DYDX代幣的回購。

The move is designed to pump value back into the ecosystem and will see 25% of net protocol fees go toward the initiative. The funds will be used to buy DYDX from the open market and stake them to help secure the network, according to a March 24 blog announcement from the company.

此舉旨在將價值恢復到生態系統中，並將看到25％的淨協議費用用於該計劃。根據該公司3月24日的博客公告，這些資金將用於從公開市場購買DYDX，並將其存儲起來以幫助確保網絡。

Until now, all of dYdX’s protocol revenue went straight to ecosystem participants. But with the new buyback program, things are being split up a bit differently:

到目前為止，DYDX的所有協議收入都直接歸根結底。但是，隨著新的回購計劃，情況的分歧有所不同：

According to the dYdX team, the setup ensures that protocol revenue is “strategically reinvested into the ecosystem, strengthening network security, governance, and long-term sustainability.” While the initial allocation dedicates 24% of net protocol fees to buybacks, ongoing community discussions are exploring the possibility of increasing the percentage up to 100% over time.

根據DYDX團隊的說法，該設置確保協議收入“從戰略上重新投資到生態系統，增強網絡安全，治理和長期可持續性”。雖然最初的分配將淨協議費用的24％用於回購，但正在進行的社區討論正在探索將百分比提高到100％的可能性。

Founded in 2017 by Antonio Juliano, dYdX is a decentralized exchange that lets users trade crypto, margin trade, and lend — all without needing a middleman. The exchange launched on Ethereum in May 2021, and later moved to its own dedicated layer-1 chain in 2023.

Dydx由Antonio Juliano於2017年成立，是一種分散的交易所，使用戶可以交易加密貨幣，保證金貿易和貸款，而無需中間人。該交易所於2021年5月在以太坊上推出，後來在2023年搬到了自己的專用Layer-1鏈。

The exchange went through a period of upheaval earlier in 2024, as several team members, including core team members, left the company. In March, CEO Antonio Juliano announced layoffs affecting 35% of the core team as part of a major restructuring.

該交易所於2024年初經歷了一段劇變的時期，包括核心團隊成員在內的幾個團隊成員離開了公司。 3月，首席執行官安東尼奧·朱利安諾（Antonio Juliano）宣布，作為重大重組的一部分，裁員影響了35％的核心團隊。

In a blog post, Juliano explained that the company needed to evolve as “the company we’ve built is different from the company dYdX must be.”

朱利安諾（Juliano）在博客文章中解釋說，該公司需要發展，因為“我們建立的公司與DYDX必須不同。”

“The decision to let go was a realization that the company we’ve built is different from the company dYdX must be. We will move forward with clarity and renewed passion. We will create amazing things.”

“放手的決定意識到我們建立的公司與DYDX公司必須不同。我們將以清晰和重新激情的熱情前進。我們將創造出驚人的事情。”

Juliano had initially stepped down as CEO earlier in May, shifting into a chairman and president role at dYdX Trading. In his place, former operating partner Ivo Crnkovic-Rubsamen took over as CEO.

朱利安諾（Juliano）最初於5月初辭去首席執行官的辭職，轉變為DYDX Trading的董事長兼總統角色。前經營夥伴Ivo Crnkovic-Rubsamen取而代之的是他擔任首席執行官。

In 2024 alone, dYdX has chalked up $270 billion in trading volume and pulled in $46 million in net protocol fees across 150 markets. Since launching in 2021, its total trading volume has surpassed $1.46 trillion, according to company data.

僅在2024年，DYDX就耗資2700億美元的交易量，並在150個市場上收取了4,600萬美元的淨協議費用。根據公司數據，自2021年推出以來，其總交易量超過了1.4.6萬億美元。

The new buyback plan comes as dYdX is also adjusting its token emission schedule. As of March, around 85% of DYDX tokens have reportedly been unlocked.

新的回購計劃是因為DYDX還在調整其令牌排放時間表。截至3月，據報導，大約85％的DYDX令牌已被解鎖。

It’s expected that emissions will decrease by approximately 50% in June, with all token unlocks potentially wrapping up by June 2026. On top of that, the dYdX Community Treasury holds approximately 190 million DYDX tokens, representing nearly 20% of the total supply, reserved for future community-driven initiatives.

預計6月份的排放量將減少約50％，所有令牌都可能在2026年6月之前解鎖。除此之外，DYDX社區財政部持有約1.9億個DYDX代幣，佔總供應的近20％，保留了未來社區驅動的倡議。

“This ensures that resources remain available to further develop and scale the protocol.”

“這確保了資源可以進一步開發和擴展協議。”

The buyback plan also comes after dYdX moved from Ethereum to its own dedicated layer-1 chain in 2023. As of press time, approximately 86% of DYDX tokens are on dYdX Chain, while the remaining 14% still exist on Ethereum as ethDYDX.

回購計劃還達到了DyDX從以太坊轉移到2023年的專用層鏈中。截至發稿時，大約86％的DyDX令牌屬於DYDX鏈，而其餘的14％仍然存在於以太坊上作為Ethdydx。

Following the migration, the dYdX community is now considering cutting support for the cross-chain bridge by June, which would remove any unbridged ethDYDX tokens from circulation on dYdX Chain.

遷移之後，DYDX社區現在正在考慮在6月之前削減對跨鏈橋樑的支撐，這將消除DyDX鏈上的循環中的任何未觸及的Ethdydx令牌。

The crypto exchange team notes that if the allocation were to increase to 100% of net protocol fees, it could “significantly accelerate the reduction of tokens in circulation while further strengthening network security and validator incentives.” It remains to be seen if the dYdX community will back such a bold move, which could drastically alter the protocol’s long-term economics.

加密交流團隊指出，如果分配要增加到淨協議費的100％，它可以“顯著加速流通中令牌的減少，同時進一步加強網絡安全和驗證者的激勵措施”。 DYDX社區是否會支持如此大膽的舉動，這可能會大大改變協議的長期經濟學，還有待觀察。

“As the program takes effect, discussions are already underway about the possibility of expanding it further.”

“隨著該計劃的生效，討論已經在進行進一步擴展的可能性。”