dYdX (DYDX) — Governance Rights Report

Vol. I, No. 1 Monday, August 31, 2026 dYdX — Governance Rights Report

Verdict

dYdX

DYDX — Governance Rights Report

Tier 1 S5 — Contract-Native Rights + Distribution Assessment as of 2026-10-01

GSA-1 pass GSA-2 pass GSA-3 pass GSA-4 fail GSA-5 near-miss GSA-6 fail GSA-7 near-miss GSA-8 fail

Why this rating: Cosmos AppChain governance with hard on-chain value accrual — Proposal #313 (Nov 2025) raised the buyback-and-stake share of net protocol revenue to 75% (5% Treasury SubDAO / 5% MegaVault), alongside trading+gas fees distributed to validators/delegators in USDC — one of only two DAOs (with Frax) holding both hard procedural and hard economic rights. Validator-set concentration is the latent capture vector (defense/veto in M&A models); ethDYDX bridge discontinued 2025 — migration effectively complete

Validator-set concentration is the latent capture vector (defense/veto in M&A models)
ethDYDX bridge discontinued 2025 — migration effectively complete

Where to Vote

Snapshot space: dydxgov.eth

Proposal History

Proposal	Title	Outcome	Closed
0x937e3d2c0a…	After a Successful DAO Vote, DYDX decided to Launch the 1 Phase of the $gDYDX Distribution ×5 identical copies in the space (same title and body, distinct proposal IDs) — collapsed; link points to the most-recent copy	Closed	March 4, 2024

History from the Institute scanner and the 2026-08-31 recheck pulls (Snapshot Hub GraphQL / OpenSquare). Outcomes marked from recheck determinations where the proposal is named; otherwise the recorded state is shown. Duplicate identical proposals are collapsed to one row each (source space contains proposal spam).

Metrics

Treasury	$250.0M (gross; curated estimate)
Treasury (liquid)	$152.5M
Revenue (annual)	$60.0M
Token incentives (annual)	$10.0M
Net earnings (annual)	$50.0M
Distribution enforcement	hard_conditional
Distribution mechanism	hard_to_stakers
Revenue path	Perp fees -> stakers via x/staking (Cosmos) + community pool
Recourse	CONDITIONAL-HARD — enforced but conditional (staked/locked).

Model and audit state reads as of 2026-10-06 (Institute governance model / distribution audit state files). Not a Token Terminal license; curated figures update quarterly.

Structure & History

Structure: S5 — Contract-Native Rights + Distribution.

S1-S5 protocol business structure taxonomy, as-of 2026-08-27 (structure taxonomy date); scores as-of 2026-10-01 (first scored 2026-07-23; quarterly recheck #2, cycle 2026-08-31 -> 2026-10-01)

2026-08-31 recheck — what changed

key_finding updated: '100% of trading+gas fees to validators/delegators' description replaced with Proposal #313 (2025-11-13) 75% buyback-and-stake share of net protocol revenue (GSA-3 pass unaffected — buyback+stake remains a hard on-chain distribution)

Source: https://www.coindesk.com/tech/2025/11/13/dydx-governance-approves-buyback-increase-to-75-of-protocol-revenue

First scored 2026-07-23; rechecked 2026-08-31.