DYDX（DYDX）推出回购计划，以将价值恢复到生态系统

DYDX已有85％的DYDX令牌已经解锁，将推出回购程序，以将价值恢复到生态系统中。

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.

从周一开始，分散的交易所DYDX正在推出回购计划，并将部分协议费用的一部分用于每月回购DYDX代币的回购。

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.

此举旨在将价值恢复到生态系统中，并将看到25％的净协议费用用于该计划。根据该公司3月24日的博客公告，这些资金将用于从公开市场购买DYDX，并将其存储起来以帮助确保网络。

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:

到目前为止，DYDX的所有协议收入都直接归根结底。但是，随着新的回购计划，情况的分歧有所不同：

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.

根据DYDX团队的说法，该设置确保协议收入“从战略上重新投资到生态系统，增强网络安全，治理和长期可持续性”。虽然最初的分配将净协议费用的24％用于回购，但正在进行的社区讨论正在探索将百分比提高到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于2017年成立，是一种分散的交易所，使用户可以交易加密货币，保证金贸易和贷款，而无需中间人。该交易所于2021年5月在以太坊上推出，后来在2023年搬到了自己的专用Layer-1链。

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.

该交易所于2024年初经历了一段剧变的时期，包括核心团队成员在内的几个团队成员离开了公司。 3月，首席执行官安东尼奥·朱利安诺（Antonio Juliano）宣布，作为重大重组的一部分，裁员影响了35％的核心团队。

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.”

朱利安诺（Juliano）在博客文章中解释说，该公司需要发展，因为“我们建立的公司与DYDX必须不同。”

“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.”

“放手的决定意识到我们建立的公司与DYDX公司必须不同。我们将以清晰和重新激情的热情前进。我们将创造出惊人的事情。”

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.

朱利安诺（Juliano）最初于5月初辞去首席执行官的职务，转变为DYDX Trading的主席和总统职位。前经营伙伴Ivo Crnkovic-Rubsamen取而代之的是他担任首席执行官。

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.

仅在2024年，DYDX就耗资2700亿美元的交易量，并在150个市场上收取了4,600万美元的净协议费用。根据公司数据，自2021年推出以来，其总交易量超过了1.4.6万亿美元。

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.

新的回购计划是因为DYDX还在调整其令牌排放时间表。截至3月，据报道，大约85％的DYDX令牌已被解锁。

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.

预计6月份的排放量将减少约50％，所有令牌都可能在2026年6月之前解锁。除此之外，DYDX社区财政部持有约1.9亿个DYDX代币，占总供应的近20％，保留了未来社区驱动的倡议。

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

“这确保了资源可以进一步开发和扩展协议。”

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.

回购计划还达到了DyDX从以太坊转移到2023年的专用层链中。截至发稿时，大约86％的DyDX令牌属于DYDX链，而其余的14％仍然存在于以太坊上作为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.

迁移之后，DYDX社区现在正在考虑在6月之前削减对跨链桥梁的支撑，这将消除DyDX链上的循环中的任何未触及的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.

加密交流团队指出，如果分配要增加到净协议费的100％，它可以“显着加速流通中令牌的减少，同时进一步加强网络安全和验证者的激励措施”。 DYDX社区是否会支持如此大胆的举动，这可能会大大改变协议的长期经济学，还有待观察。

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

“随着该计划的生效，讨论已经在进行进一步扩展的可能性。”