dYdX、回购计划和社区：DeFi 新时代？

探索 dYdX 精致的代币经济学和社区驱动的举措，包括回购计划及其对 DeFi 格局的潜在影响。

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

dYdX、回购计划和社区：DeFi 新时代？

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 社区最近一直热闹非凡，尤其是围绕回购计划。最新消息表明 dYdX 的代币经济学方式发生了重大转变，旨在重振其在不断发展的 DeFi 生态系统中的地位。让我们深入了解吧！

Enhanced Buybacks: A Game Changer for dYdX?

增强回购：dYdX 的游戏规则改变者？

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，有关完善收入分成框架的讨论暗示 DYDX 回购可能会增加。社区对提案#313 进行了投票，高达 59.38% 的人支持将分配给 DYDX 回购的净费用份额从 25% 增加到 75%。这一重大变化得到了 dYdX 社区的批准，标志着提升代币价值的战略举措。

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.

修订后的回购计划自 2025 年 3 月首次启动以来不断演变，标志着减少 DYDX 流通供应和加强网络安全的承诺。现在四分之三的净收入专门用于回购，剩余部分分配给 Treasury SubDAO 和 MegaVault，以确保该协议的财务稳定性。

Tokenomics Refined: Balancing Liquidity, Value, and Security

精致的代币经济学：平衡流动性、价值和安全性

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 正在战略性地完善其代币经济。这涉及通过这些增强的回购来补充 2025 年 6 月计划的代币减排量。目标？在流动性、市场价值和网络安全之间取得平衡。社区正在密切关注这些资源如何分配以及平台与其投资者之间的激励措施如何协调。

Potential Impact on Token Price and Community Governance

对代币价格和社区治理的潜在影响

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.

通过公开市场回购增加 DYDX 需求可能会对代币的价值产生上行压力。质押将代币从流通中移除，进一步加剧了稀缺性。该计划还增强了社区治理，使用户能够影响有关代币经济和协议可持续性的关键决策。

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

个人看法：这对于 dYdX 来说是正确的举措吗？

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.

从我的角度来看，此举似乎很有希望。通过直接奖励参与和长期承诺，dYdX 正在促进协议的经济表现与其持有者的激励之间建立更紧密的联系。增加回购不仅是为了推高代币价格，也是对社区的承诺。与 Orderly Network 对其 ORDER 代币的做法类似，dYdX 正在对其自身的成功进行再投资，有可能为 DeFi 领域的代币经济设定新标准。

Looking Ahead: dYdX and the Future of DeFi

展望未来：dYdX 和 DeFi 的未来

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 旨在通过提供更强大的激励结构和面向平台增长的代币经济模型，重振其在 DeFi 生态系统中的地位和声誉。只有时间才能证明这一策略是否有效，但初步迹象令人鼓舞。

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!

那么，你觉得怎么样？ dYdX 的回购计划和以社区为中心的举措是否会为 DeFi 新时代铺平道路？请密切关注市场和 dYdX 社区以获取更多更新。请记住，在投入任何加密货币投资之前，请务必先进行自己的研究！