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dYdX Community Approves the Use of 10 Million USDC Insurance Fund to Fund the DAO
ME News Report, April 2nd (UTC+8), the dYdX Foundation announced that #372 Community On-Chain Vote has passed, approving the use of the Insurance Fund to provide financial 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 operational 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.
The insurance fund currently holds about 17 million USDC, of which approximately 7 million USDC serves as a protocol security buffer. (Source: ChainCatcher)