dYdX Launches First Buyback Program for DYDX Tokens
dYdX, a well-known altcoin in the crypto space, has unveiled its inaugural buyback program for DYDX tokens.
Beginning immediately, the project will allocate 25% of its monthly net protocol fees towards purchasing DYDX tokens directly from the open market. This move is part of dYDX’s strategy to solidify its long-term commitment to the ecosystem and enhance the stability and value of the token.
The program aims to build trust and support for the token by reducing supply in the market while reinforcing its role within the broader ecosystem.
By utilizing the funds for buybacks, dYdX also plans to stake the tokens acquired, contributing to greater network security. The announcement had an immediate impact on the market, with the price of DYDX seeing a noticeable increase following the news.
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Kosta Gushterov
