On Monday morning, dYdX DAO approved a proposal to continue funding the activities of its Operations subDAO (“OPS subDAO”) for an additional 18 months. $6.6 million will be transferred from the dYdX community treasury to the dYdX Operations Trust (DOT) as part of the process.
Authored by DOT trustees Joanna and Callen, the proposal reveals that the current tenure of the OPS subDAO is going to expire on June 19, 2023. With just $87,077.50 left in the subDAO’s purse, there was a need for the dYdX community to decide on extending or terminating the tenure of the group. Interestingly, approximately 100% of the voters supported the proposal.
Snapshot data shows that the voting round received a total of 303 votes, with only 0.05% of members opposing the proposal.
DOT was created in December 2022, with an initial six-month term. The Guernsey non-charitable Purpose Trust received 225,000 DYDX tokens (valued at around $315,000) to kickstart operations, with “Reverie Reserves, LLC, Joanna Pope, and Callen Van Den Elst appointed as trustees and George Beall appointed as the enforcer.”
For the extended term, Reverie Reserves, LLC, and George Beall will be removed from the DOT 1.0 on June 19, 2023. Meanwhile, three new Trustees and one Enforcer will be appointed to join the subDAO.
Some of the functions of DOT in the second term will include “deploying an indexer in the potential future version of the dYdX protocol and engaging a third-party auditor to assess DOT’s finances and performance.”