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Overview of the TreasuryBridge Smart Contract

🌉 TreasuryBridge Smart Contract

Community Treasury Allocation

The Community Treasury was initially allocated 5.0% of the token supply, with 766,703 ethDYDX vesting in the treasury each epoch. However, as a result of several governance proposals, this allocation gradually increased to 26.1% over time.

In DIP 29, the dYdX community voted to reduce Trading & Liquidity Provider Rewards on dYdX v3 by 1/3 for Epoch 30-31. After Epoch 31, there are no Trading & Liquidity Provider Rewards on dYdX v3.

On November 18, 2023, the dYdX community voted to bridge the ethDYDX balance accrued in the Community Treasury from Ethereum to dYdX Chain. Once bridged, the DYDX can be used by the dYdX community with a governance vote on dYdX Chain.

More information about the dYdX Chain Community Treasury is available here.

TreasuryBridge Contract

Since the TreasuryVester Smart Contract is immutable, an updated Treasury Smart Contract, TreasuryBridge Smart Contract was developed. The TreasuryBridge Smart Contract, was deployed for each of the community treasury and rewards treasury. The TreasuryBridge Smart Contract:

  • One time: rejects new vesting from the TreasuryVester Smart Contract by calling the setRecipient function on this contract to set the recipient to a burn address, and
  • Ongoing Basis: allows governance to bridge any amount of existing tokens in the community treasury or the rewards treasury (the current Treasury Smart Contract only allows transfer() and approve()).

Note, the TreasuryBridge smart contract is similar to the current corresponding Treasury Smart Contract except for the two differences referenced above.

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