TreasuryBridge Smart Contract
Overview of the TreasuryBridge Smart Contract
Since the
TreasuryVester Smart Contract is immutable, an updated Treasury Smart Contract, TreasuryBridge Smart Contract was developed. The TreasuryBridge Smart Contract, if deployed and if the dYdX community decided through dYdX governance, could -- One time: reject new vesting from the
TreasuryVester Smart Contractby calling thesetRecipientfunction on this contract to set the recipient to a burn address, and - Ongoing Basis: allow governance to bridge any amount of existing tokens in the community treasury or the rewards treasury (the current
Treasury Smart Contractonly allowstransfer()andapprove()).
Note, the
TreasuryBridge smart contract is similar to the current corresponding Treasury Smart Contract except for the two differences referenced above. Also note, for the dYdX community to effectively migrate
ethDYDX to the dYdX Chain through dYdX governance, two TreasuryBridge Smart Contracts will need need to be deployed - one for the community treasury and one for the rewards treasury.V3 Treasury Contracts
24.2% (241,735,862 $DYDX) of the token supply is allocated to the v3 community treasury for the dYdX community to use on an ongoing basis for contributor grants, community initiatives, liquidity mining, and other programs. Initially,5.0% of the token supply (50,000,000 ethDYDX) was allocated to the community treasury, and 766,703 ethDYDX vests in the community treasury each epoch. Currently, 3,787,251 ethDYDX vest in the community treasury because several governance proposals resulted in a 3,020,548 ethDYDX increase in the amount of ethDYDX available to the dYdX community each epoch:
Objectives
- Fund programs and initiatives that drive the growth of dYdX.
- Develop grant programs to fund community NFTs, hackathons, analytics dashboards, memes, swag, third-party tools, translations, and other projects.
- Develop a best-in-class governance system and incentivize robust governance.
The community treasury will retain
ethDYDX to use as ethDYDX holders decide, whether it be for grants, new liquidity mining pools, or any other program. ethDYDX will vest to the community treasury on a continuous basis over the course of five years. A governance vote will be required to spend any ethDYDX from the community treasury.If, after five years, governance decides to enact perpetual inflation (at a maximum annual inflation of
2%), any newly minted ethDYDX will be available to the community treasury.Every second, the Community Treasury Vester (see details here) vests
0.3169242627 ethDYDX to the Community Treasury. Once ethDYDX has been vested, calling the claim function on the Community Treasury Vester will transfer the vested ethDYDX to the Community Treasury. Any dYdX community member can call the claim function on Etherscan here (which would require some ETH for gas fees) to move the vested ethDYDX from the Community Treasury Vester to the Community Treasury.Please refer to the dYdX Foundation’s Terms of Use for further details on the control of the Community Treasury by the dYdX community.
dYdX community members can view the vested balance of the Community Treasury here.
Further, dYdX Foundation publishes for information only the vested balance of the Community Treasury in the Epoch Review at the end of each epoch. In addition to the vested
ethDYDX in the Community Treasury, the dYdX community can also access the ethDYDX accruing in the Rewards Treasury as a result of the votes to: Starting in Epoch 26, 3,595,890 ethDYDX will accrue in the Rewards Treasury each epoch and can be used by the dYdX community with a governance vote.
Any user with sufficient proposing power can submit proposals. A governance vote will be required to spend any
ethDYDX from the Community Treasury. To submit a proposal, please submit a dYdX Improvement Proposal (DIP) as laid out in the DIP Proposal Lifecycle.Reverie has put together a comprehensive, technical, step-by-step guide on how any dYdX community member with more than 5M
ethDYDX (proposal threshold for a short timelock vote) of proposal power can create a proposal to transfer ethDYDX from the Community Treasury to a destination address. Click here to access the technical guide.A community-managed treasury opens up a world of possibilities. We hope to see various experiments and initiatives, including ecosystem grants, which can foster the dYdX Layer 2 Protocol’s ecosystem growth.
Contract | Address |
|---|---|
Rewards Treasury | 0x639192D54431F8c816368D3FB4107Bc168d0E871 |
Rewards Treasury Vester | 0xb9431E19B29B952d9358025f680077C3Fd37292f |
Community Treasury | 0xE710CEd57456D3A16152c32835B5FB4E72D9eA5b |
Community Treasury Vester | 0x08a90Fe0741B7DeF03fB290cc7B273F1855767D8 |
Short Timelock Executor | 0x64c7d40c07EFAbec2AafdC243bF59eaF2195c6dc |
Merkle Distributor | 0x01d3348601968aB85b4bb028979006eac235a588 |
Safety Module | 0x65f7BA4Ec257AF7c55fd5854E5f6356bBd0fb8EC |
Liquidity Staking | 0x5Aa653A076c1dbB47cec8C1B4d152444CAD91941 |
DydxToken | 0x92D6C1e31e14520e676a687F0a93788B716BEff5 |
DydxGovernor | 0x7E9B1672616FF6D6629Ef2879419aaE79A9018D2 |
The Short Timelock can only execute governance-approved actions.
There are two vesting contracts, the Rewards Treasury Vester and the Community Treasury Vester. Each vester vests
ethDYDX to the respective treasury contract - Rewards Treasury Vester to the Rewards Treasury and Community Treasury Vester to the Community Treasury. dYdX governance under the Short Timelock Executor, controls the Rewards Treasury and the Community Treasury. As such, the dYdX community through dYdX governance can transfer funds in the Rewards Treasury and the Community Treasury to any address and/or approve any address to spend funds from either treasury.
Each treasury vester will vest tokens linearly over ~5 years (August 3rd 2021 - August 3rd 2026) to the corresponding treasury.