dYdX Boosts Revenue Buyback to 75% Ahead of US Launch
dYdX governance passed Proposal #313 on November 13, 2025 with 59.38% support, boosting the dYdX buyback rate from 25% to 75%, effective immediately. Under the new framework, 75% of net protocol fees from perpetuals and derivatives will drive open-market repurchases and immediate staking of DYDX tokens, while 5% goes to the Treasury SubDAO, 5% to MegaVault reserves, and 15% funds operations. This aggressive revenue buyback marks one of the highest ratios in DeFi, aiming to reduce circulating supply, stabilize prices, enhance staking yield (potentially above 10% APY), and deepen liquidity and governance participation. The move follows the initial March 2025 v4 mainnet buyback launch and June emission cuts. As dYdX prepares its US market expansion later this year with reduced spot fees of 0.50%–0.65% and new spot trading on Solana and other assets, traders should monitor the buyback’s impact on DYDX token value, liquidity, and governance incentives.
Bullish
The 75% revenue buyback significantly reduces circulating supply and links token value to protocol success, creating immediate buy pressure and supporting short-term price stability. Higher staking yields (potentially above 10% APY) and enhanced governance incentives attract long-term holders, while reduced US spot fees drive user growth. Together, these factors point to bullish momentum for DYDX.