dYdX Community Forum

Summary This proposal seeks to wind down and move the following 21 markets to final settlement: IO‑USD PI‑USD W‑USD MOVE‑USD USUAL‑USD SPX‑USD MANA‑USD 2Z‑USD SNX‑USD GRT‑USD MORPHO‑USD EUR‑USD BLAST‑USD TSLAX‑USD ZK‑USD VVV‑USD AXL‑USD STX‑USD MNT‑USD CRO‑USD ETHFI‑USD These markets fail liquidity-tests (a tiny market order of $100 incurred > 5% slippage) and they also show almost no trading volume in August. Rationale The selected markets exhibit weak market activity and limited effective liquidity. All 21 markets failed the liquidity‑test, where a $100 market order incurred more than 5% slippage , indicating insufficient depth for safe trading. Additionally, most markets had minimal cumulative volume in August , with several showing near‑zero open interest and persistently wide bid‑ask spreads . Market details: IO‑USD: $0.00 August cumulative volume, $0.00 open interest, 7.17% bid‑ask spread PI‑USD: $5.28 August cumulative volume, $0.93 open interest, 6.12% bid‑ask spread EUR‑USD: $5,059.26 August cumulative volume, $3,194.77 open interest, 1.40% bid‑ask spread TSLAX‑USD: $7,570.63 August cumulative volume, $21.12 open interest, 1.00% bid‑ask spread VVV‑USD: $11,501.20 August cumulative volume, $0.00 open interest, 5.19% bid‑ask spread W‑USD: $5.55 August cumulative volume, $5,007.19 open interest, 5.32% bid‑ask spread MOVE‑USD: $164.06 August cumulative volume, $71.21 open interest, 12.08% bid‑ask spread USUAL‑USD: $194.18 August cumulative volume, $2,237.73 open interest

Summary This proposal seeks to wind down and move the following 21 markets to final settlement: IO‑USD PI‑USD W‑USD MOVE‑USD USUAL‑USD SPX‑USD MANA‑USD 2Z‑USD SNX‑USD GRT‑USD MORPHO‑USD EUR‑USD BLAST‑USD TSLAX‑USD ZK‑USD VVV‑USD AXL‑USD STX‑USD MNT‑USD CRO‑USD ETHFI‑USD These markets fail liquidity-tests (a tiny market order of $100 incurred > 5% slippage) and they also show almost no trading volume in August. Rationale The selected markets exhibit weak market activity and limited effective liquidity. All 21 markets failed the liquidity‑test, where a $100 market order incurred more than 5% slippage , indicating insufficient depth for safe trading. Additionally, most markets had minimal cumulative volume in August , with several showing near‑zero open interest and persistently wide bid‑ask spreads . Market details: IO‑USD: $0.00 August cumulative volume, $0.00 open interest, 7.17% bid‑ask spread PI‑USD: $5.28 August cumulative volume, $0.93 open interest, 6.12% bid‑ask spread EUR‑USD: $5,059.26 August cumulative volume, $3,194.77 open interest, 1.40% bid‑ask spread TSLAX‑USD: $7,570.63 August cumulative volume, $21.12 open interest, 1.00% bid‑ask spread VVV‑USD: $11,501.20 August cumulative volume, $0.00 open interest, 5.19% bid‑ask spread W‑USD: $5.55 August cumulative volume, $5,007.19 open interest, 5.32% bid‑ask spread MOVE‑USD: $164.06 August cumulative volume, $71.21 open interest, 12.08% bid‑ask spread USUAL‑USD: $194.18 August cumulative volume, $2,237.73 open interest

Following up on the review above, and on our commitment to provide a final accounting alongside the Season 15 distribution. Of the 6,223,732.81 DYDX requested from the Community Treasury for this program, 3,047,555.31 DYDX — 49.0% — was distributed to traders, and the remaining 51.0% has gone back to the Community Treasury. Every Community Treasury request and every outflow from the two distribution addresses has been matched to an on-chain transaction and categorized. The breakdown follows. What was requested DYDX Loss & liquidation rebate budget 4,807,066.15 Trading competition budget 1,416,666.66 Total requested from Community Treasury (9 proposals) 6,223,732.81 Separately, 2,348,484.85 DYDX was received on 2026-01-09 to fund the League program ( 5CF2867F… ). It was held in the same two addresses, so it is accounted for below alongside the rebate funds. What was distributed DYDX Loss & liquidation rebates claimed 1,653,110.88 Trading competitions (March 833,333.33 + April 561,111.10) 1,394,444.43 Total, this program 3,047,555.31 League program (from the separate inflow) 693,939.39 Across the nine distributions, 4,807,066.17 DYDX in rebates was made available to eligible traders and 1,653,110.88 DYDX was claimed — a claim rate of 34.4% . Unclaimed rebates were never sent out and are included in the balance returned. On the competition side, 1,394,444.43 DYDX of the 1,416,666.66 DYDX budget was paid out and the unused 22,222.22 DYDX was returned. What was returned Date Amoun

Disclosure first: I’m part of the team behind Sentralis, a cryptocurrency portfolio risk and scenario analysis solution, which produced this analysis. Nobody at dYdX Trading, the dYdX Foundation, the Treasury SubDAO or kpk asked or paid for it, and none of it is advice. It takes no position on any live proposal or vote. In July I posted a short version of these numbers in the June update thread and promised a full write-up; this is it, later than intended and re-based to the July report and the H1 update above. Everything below is built from public data: the July 2026 report’s position table, on-chain balances, delegations and staking parameters read on August 17, and the governance record (data basis and limitations at the end). If anything in the data basis is wrong, please say so and it will be corrected. TL;DR : The July report’s $16.04M book comes to about $14.85M at August 17 prices. Same positions, same units; the whole difference is DYDX repricing from the report’s $0.1137 mark to ~$0.1006. The book changed shape in July, and mostly in the direction these numbers favor. The $3.5M USDY deployment took the own-token share from 77% of the June book to 64% of the July one. Both sides of that trade are priced in §1 and §3. Market depth under the DYDX position collapsed while that was happening. The venue-limited daily volume we track fell from ~23M to ~5M DYDX over five weeks, and all-venue aggregates show a similar decline. The staked 90.0M-token position now stands near

KPK is pleased to present the dYdX Treasury SubDAO’s H1 2026 Community Update, highlighting key developments and initiatives for the last 6 months. In our 2025 Review & 2026 Outlook we set out three goals for 2026: expanding buyback activity under the distribution framework introduced by Proposal #313 , continuing the periodic review cadence of the Staking Programme, and pursuing onchain liquidity management on Osmosis. This update reports progress against each of them and covers one material development we did not anticipate at the time — the Treasury SubDAO’s first external DeFi deployment, funded by a governance proposal that put idle Insurance Fund capital to work. TL;DR H1 2026 was a half of uninterrupted execution plus one structural change: for the first time, the Treasury SubDAO put treasury stablecoins to work outside staking. Buyback Programme: 8.61 M DYDX repurchased for USDC 1.09 M across 20,906 orders, taking cumulative repurchases past 22 M DYDX since the April 2025 launch. Every repurchased token is staked. Staking Programme: 88.10 M DYDX — effectively 100% of the treasury’s DYDX — remained staked across 31 validators, generating approximately USDC 44 k. First external DeFi deployment: Proposal #372 released idle Insurance Fund capital, and on 13 May 2026, the treasury deposited 500,000 USDC into the KPK USDC Prime Core vault on Morpho at approximately 3.7% net APY. Financials: USDC 1.17 M received as working capital to deploy, against USDC 51 k of revenue gene

KPK is pleased to present the dYdX Treasury SubDAO’s H1 2026 Community Update, highlighting key developments and initiatives for the last 6 months. In our 2025 Review & 2026 Outlook we set out three goals for 2026: expanding buyback activity under the distribution framework introduced by Proposal #313 , continuing the periodic review cadence of the Staking Programme, and pursuing onchain liquidity management on Osmosis. This update reports progress against each of them and covers one material development we did not anticipate at the time — the Treasury SubDAO’s first external DeFi deployment, funded by a governance proposal that put idle Insurance Fund capital to work. TL;DR H1 2026 was a half of uninterrupted execution plus one structural change: for the first time, the Treasury SubDAO put treasury stablecoins to work outside staking. Buyback Programme: 8.61 M DYDX repurchased for USDC 1.09 M across 20,906 orders, taking cumulative repurchases past 22 M DYDX since the April 2025 launch. Every repurchased token is staked. Staking Programme: 88.10 M DYDX — effectively 100% of the treasury’s DYDX — remained staked across 31 validators, generating approximately USDC 44 k. First external DeFi deployment: Proposal #372 released idle Insurance Fund capital, and on 13 May 2026, the treasury deposited 500,000 USDC into the KPK USDC Prime Core vault on Morpho at approximately 3.7% net APY. Financials: USDC 1.17 M received as working capital to deploy, against USDC 51 k of revenue gene

Summary KPK is pleased to present the dYdX Treasury SubDAO’s July Community Update, which outlines recent developments, DYDX metrics, and programme execution. This update is accompanied by KPK’s July Treasury Report , which provides a detailed review of treasury performance and strategy. Market Update July 2026 was a fragile recovery month for digital asset markets. BTC and ETH recovered from June’s drawdown, but the rebound remained uneven as renewed US-Iran tensions, higher oil prices and a higher-for-longer rates backdrop continued to constrain risk appetite. Ether outperformed materially, while the broader altcoin market remained under pressure. Market Performance BTC opened July at approximately $60,415 and closed at approximately $62,905, up 4.1% month on month. It reached a monthly high near $66,264 on 21 July before easing into month-end. ETH outperformed, moving from approximately $1,621 to $1,861, a 14.8% monthly gain , and reached a monthly high near $1,949 on 26 July. The divergence reflected a selective recovery concentrated in the two largest assets rather than broad-based risk-on positioning. Institutional Flows Institutional flows remained mixed. ETF demand began to recover early in the month : $265.7M of net inflows into US-listed spot bitcoin ETFs on 6 July after $221.7M on 2 July. The recovery remained uneven as markets continued to assess the Fed outlook and geopolitical risk. Market Structure & Dominance Market structure continued to favour majors. BTC re

Summary KPK is pleased to present the dYdX Treasury SubDAO’s July Community Update, which outlines recent developments, DYDX metrics, and programme execution. This update is accompanied by KPK’s July Treasury Report , which provides a detailed review of treasury performance and strategy. Market Update July 2026 was a fragile recovery month for digital asset markets. BTC and ETH recovered from June’s drawdown, but the rebound remained uneven as renewed US-Iran tensions, higher oil prices and a higher-for-longer rates backdrop continued to constrain risk appetite. Ether outperformed materially, while the broader altcoin market remained under pressure. Market Performance BTC opened July at approximately $60,415 and closed at approximately $62,905, up 4.1% month on month. It reached a monthly high near $66,264 on 21 July before easing into month-end. ETH outperformed, moving from approximately $1,621 to $1,861, a 14.8% monthly gain , and reached a monthly high near $1,949 on 26 July. The divergence reflected a selective recovery concentrated in the two largest assets rather than broad-based risk-on positioning. Institutional Flows Institutional flows remained mixed. ETF demand began to recover early in the month : $265.7M of net inflows into US-listed spot bitcoin ETFs on 6 July after $221.7M on 2 July. The recovery remained uneven as markets continued to assess the Fed outlook and geopolitical risk. Market Structure & Dominance Market structure continued to favour majors. BTC re

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