DYDX 全力以赴：協議費用推動大規模代幣回購

DYDX 社區投票決定將 75% 的協議費用用於代幣回購，這表明了信心並旨在促進代幣經濟。這就是 DeFi 的未來嗎？

DYDX Goes All-In: Protocol Fees Fuel Massive Token Buyback

DYDX 全力以赴：協議費用推動大規模代幣回購

The DYDX community just made a power move, voting to pump a whopping 75% of protocol fees into buying back DYDX tokens. This ain't your grandma's tokenomics, folks. Let's dive into what this means and why it's turning heads in the DeFi space.

DYDX 社區剛剛做出了一項重大舉措，投票決定將高達 75% 的協議費用用於回購 DYDX 代幣。伙計們，這不是你們祖母的代幣經濟學。讓我們深入探討這意味著什麼以及它為何在 DeFi 領域引起關注。

What's the Deal with DYDX Buybacks?

DYDX 回購是怎麼回事？

So, here's the lowdown. On November 13, 2025, the DYDX community gave the green light to proposal #313, upping the buyback allocation from 25% to a hefty 75%. This decision, backed by nearly 60% of the community, aims to inject some serious buying pressure into the DYDX market. The idea? Shore up the token price and reward loyal holders.

所以，這就是真相。 2025 年 11 月 13 日，DYDX 社區批准了提案 #313，將回購分配從 25% 提高到了 75%。這一決定得到了近 60% 社區的支持，旨在給 DYDX 市場注入一些嚴重的購買壓力。這個想法？支撐代幣價格並獎勵忠實持有者。

Nethermind Research, which got a grant from dYdX to look at how incentives were working, said that MegaVault wasn't doing so hot, with negative returns. So, they figured that putting more money into buybacks would be a good move. They said that the protocol could buy back up to 5% of all the tokens out there each year at the current prices. They also pointed out that when other DeFi protocols have announced buybacks, their tokens have usually done better, going up by an average of 13.9%.

Nethermind Research 獲得了 dYdX 的資助來研究激勵措施的運作方式，該公司表示，MegaVault 的表現並不那麼火爆，回報率為負。因此，他們認為投入更多資金進行回購將是一個不錯的舉措。他們表示，該協議每年可以按當前價格回購最多 5% 的代幣。他們還指出，當其他 DeFi 協議宣布回購時，它們的代幣通常表現更好，平均上漲 13.9%。

The Nitty-Gritty: How It Works

本質：它是如何運作的

Under the new plan, a large chunk of the protocol revenue – 75% – will be used to repurchase DYDX on the open market. Previously, only 25% was allocated this way. The remaining protocol revenue will be shared, with 5% going to the Treasury SubDAO and 5% allocated to the MegaVault. This reallocation is a strategic shift, aiming to directly tie token incentives to the platform's performance.

根據新計劃，協議收入的很大一部分（75%）將用於在公開市場上回購 DYDX。此前，只有 25% 是通過這種方式分配的。剩餘的協議收入將被分享，其中 5% 將分配給 Treasury SubDAO，5% 將分配給 MegaVault。這種重新分配是一種戰略轉變，旨在將代幣激勵直接與平台的績效掛鉤。

Is This Just a Trend?

這只是一種趨勢嗎？

DYDX isn't alone in this buyback bonanza. Other DeFi players like ether.fi and Aave are also experimenting with similar strategies. Even Uniswap is getting in on the action with its fee switch proposal, aiming to reward UNI holders. It seems like everyone's trying to figure out how to best align incentives and boost token value.

DYDX 並不是唯一參與這次回購熱潮的公司。 ether.fi 和 Aave 等其他 DeFi 參與者也在嘗試類似的策略。甚至 Uniswap 也提出了費用轉換提案，旨在獎勵 UNI 持有者。似乎每個人都在試圖找出如何最好地調整激勵措施並提高代幣價值。

The Million-Dollar Question: Burn or Hold?

百萬美元的問題：燒錢還是持有？

There's one burning question on everyone's mind: What happens to the tokens after the buyback? Will they be burned, reducing the overall supply and potentially driving up the price? Or will they be held in a treasury account for future use? The community's still waiting for a definitive answer.

每個人心中都有一個緊迫的問題：回購後代幣會怎樣？它們會被燒毀，從而減少總體供應並可能推高價格嗎？或者將它們保存在國庫賬戶中以供將來使用？社區仍在等待明確的答案。

My Take: A Bold Move with Potential

我的看法：具有潛力的大膽舉措

Look, I think this is a pretty interesting move by DYDX. According to CoinMarketCap, DYDX trades at $0.32, down 75% year-over-year but up 4% in the last 24 hours. This buyback program, if executed effectively, could be a game-changer. If the protocol keeps making around $20 million a year, analysts think the buyback could help ease the pressure from the token's inflation. It's a signal of confidence in the platform's future, and that's something the crypto world could always use more of.

聽著，我認為 DYDX 的這一舉措非常有趣。根據 CoinMarketCap 的數據，DYDX 交易價格為 0.32 美元，同比下跌 75%，但在過去 24 小時內上漲 4%。該回購計劃如果有效執行，可能會改變遊戲規則。如果該協議保持每年約 2000 萬美元的收入，分析師認為回購可能有助於緩解代幣通脹的壓力。這是對平台未來充滿信心的信號，而加密世界總是可以更多地利用這一點。

Wrapping Up

總結

DYDX is betting big on buybacks, and it's fascinating to watch. Will it pay off? Only time will tell. But one thing's for sure: the DeFi space is getting more interesting by the day. So, keep your eyes peeled, folks. This could be the start of something big.

DYDX 在回購上下了大注，這一點值得一看。它會得到回報嗎？只有時間才能證明一切。但有一件事是肯定的：DeFi 領域正變得越來越有趣。所以，各位，請擦亮眼睛。這可能是一件大事的開始。