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dYdX Community Approves Use of $10 Million USDC Insurance Fund to Fund DAO
ME News update. On April 2 (UTC+8), the dYdX Foundation announced that #372 Community On-Chain Vote has passed, approving the use of the Insurance Fund to provide funding support for the DAO.
The proposal specifically involves transferring 10 million USDC from the dYdX Chain Insurance Fund to three different entities: 2.5 million USDC to the dYdX Operating Sub-DAO as operating funds, 5 million USDC to the dYdX Treasury Sub-DAO as discretionary reserves, and 2.5 million USDC to the dYdX Foundation for ecosystem development and governance support.
This Insurance Fund currently holds approximately 17 million USDC, of which about 7 million USDC serves as a protocol security buffer. (Source: ChainCatcher)