dYdX、回購計劃和社區：DeFi 新時代？

探索 dYdX 精緻的代幣經濟學和社區驅動的舉措，包括回購計劃及其對 DeFi 格局的潛在影響。

dYdX, Buyback Program, and Community: A New Era for DeFi?

dYdX、回購計劃和社區：DeFi 新時代？

The dYdX community has been buzzing with activity lately, especially around the buyback program. The latest news suggests a significant shift in how dYdX approaches its tokenomics, aiming to revitalize its position in the ever-evolving DeFi ecosystem. Let's dive in!

dYdX 社區最近一直熱鬧非凡，尤其是圍繞回購計劃。最新消息表明 dYdX 的代幣經濟學方式發生了重大轉變，旨在重振其在不斷發展的 DeFi 生態系統中的地位。讓我們深入了解吧！

Enhanced Buybacks: A Game Changer for dYdX?

增強回購：dYdX 的遊戲規則改變者？

In November 2025, discussions about a refined Revenue Share framework hinted at potentially increased DYDX buybacks. The community voted on Proposal #313, and a whopping 59.38% supported the move to increase the share of net fees allocated to DYDX buybacks from 25% to 75%. This major change was approved by the dYdX community, signaling a strategic move to boost the token's value.

2025 年 11 月，有關完善收入分成框架的討論暗示 DYDX 回購可能會增加。社區對提案#313 進行了投票，高達 59.38% 的人支持將分配給 DYDX 回購的淨費用份額從 25% 增加到 75%。這一重大變化得到了 dYdX 社區的批准，標誌著提升代幣價值的戰略舉措。

The revised buyback program, evolving from its initial launch in March 2025, signifies a commitment to reducing DYDX's circulating supply and strengthening network security. With three-fourths of net revenue now dedicated to buybacks, the remaining portion is allocated to the Treasury SubDAO and MegaVault, ensuring the protocol's financial stability.

修訂後的回購計劃自 2025 年 3 月首次啟動以來不斷演變，標誌著減少 DYDX 流通供應和加強網絡安全的承諾。現在四分之三的淨收入專門用於回購，剩餘部分分配給 Treasury SubDAO 和 MegaVault，以確保該協議的財務穩定性。

Tokenomics Refined: Balancing Liquidity, Value, and Security

精緻的代幣經濟學：平衡流動性、價值和安全性

dYdX is strategically refining its tokenomics. This involves complementing scheduled token emissions reductions in June 2025 with these enhanced buybacks. The goal? To strike a balance between liquidity, market value, and network security. The community is watching closely to see how these resources are distributed and how well the incentives align between the platform and its investors.

dYdX 正在戰略性地完善其代幣經濟。這涉及通過這些增強的回購來補充 2025 年 6 月計劃的代幣減排量。目標？在流動性、市場價值和網絡安全之間取得平衡。社區正在密切關注這些資源如何分配以及平台與其投資者之間的激勵措施如何協調。

Potential Impact on Token Price and Community Governance

對代幣價格和社區治理的潛在影響

Increasing DYDX demand through open market buybacks could exert upward pressure on the token's value. Staking, which removes tokens from circulation, further reinforces scarcity. This scheme also enhances community governance, empowering users to influence critical decisions about the token economy and protocol sustainability.

通過公開市場回購增加 DYDX 需求可能會對代幣的價值產生上行壓力。質押將代幣從流通中移除，進一步加劇了稀缺性。該計劃還增強了社區治理，使用戶能夠影響有關代幣經濟和協議可持續性的關鍵決策。

A Personal Take: Is This the Right Move for dYdX?

個人看法：這對於 dYdX 來說是正確的舉措嗎？

From my perspective, this move seems promising. By directly rewarding participation and long-term commitment, dYdX is fostering a stronger connection between the protocol's economic performance and its holders' incentives. The increased buybacks not only aim to drive up the token price but also demonstrate a commitment to the community. Similar to Orderly Network's approach with their ORDER token, dYdX is reinvesting in its own success, potentially setting a new standard for tokenomics in the DeFi space.

從我的角度來看，此舉似乎很有希望。通過直接獎勵參與和長期承諾，dYdX 正在促進協議的經濟表現與其持有者的激勵之間建立更緊密的聯繫。增加回購不僅是為了推高代幣價格，也是對社區的承諾。與 Orderly Network 對其 ORDER 代幣的做法類似，dYdX 正在對其自身的成功進行再投資，有可能為 DeFi 領域的代幣經濟設定新標準。

Looking Ahead: dYdX and the Future of DeFi

展望未來：dYdX 和 DeFi 的未來

dYdX aims to revitalize its position and reputation in the DeFi ecosystem by offering a stronger incentive structure and a tokenomics model geared toward platform growth. Only time will tell if this strategy pays off, but the initial signs are encouraging.

dYdX 旨在通過提供更強大的激勵結構和麵向平台增長的代幣經濟模型，重振其在 DeFi 生態系統中的地位和聲譽。只有時間才能證明這一策略是否有效，但初步跡象令人鼓舞。

So, what do you think? Will dYdX's buyback program and community-focused initiatives pave the way for a new era in DeFi? Keep an eye on the markets and the dYdX community for more updates. And remember, always do your own research before diving into any crypto venture!

那麼，你覺得怎麼樣？ dYdX 的回購計劃和以社區為中心的舉措是否會為 DeFi 新時代鋪平道路？請密切關注市場和 dYdX 社區以獲取更多更新。請記住，在投入任何加密貨幣投資之前，請務必先進行自己的研究！