The dYdX Foundation, the entity that supports the development and growth of the decentralized cryptocurrency exchange dYdX, has submitted a proposal to the project’s decentralized autonomous organization (DAO) to request $30 million in funding. The funds are intended to be used over the next three years to help dYdX achieve its vision of becoming “the exchange layer of the internet”. Meanwhile, InQubeta, a new project that offers an alternative to Chainlink’s oracle network, has gained traction among investors and raised over $8.9 million in its presale.
dYdX Foundation Asks for $30M Budget from DAO
The dYdX Foundation is a Switzerland-based non-profit organization that provides legal, research, marketing, and technical support to the dYdX project, which is one of the leading decentralized exchanges (DEXs) on Ethereum. dYdX allows users to trade spot, margin, and perpetual contracts with zero gas fees, lower trading fees, and reduced minimum trade sizes, thanks to its migration to a layer-2 solution powered by StarkWare.
The Foundation has recently asked the dYdX DAO, which is the governing body of the project composed of dYdX token holders, to approve a $30 million budget for the next three years. The budget request is equivalent to 4% of the DAO’s current treasury and aims to ensure an 18-month runway for the Foundation through at least mid-2026.
According to the Foundation’s forum post, the budget will be allocated as follows:
- 47% for payroll
- 18% for marketing and growth
- 14% for legal expenses
- 5.5% for contractors
- 5% for grants
- 4.5% for operations
- 3% for security audits
- 2% for travel and events
- 1.5% for contingency
The Foundation also pledged to issue annual and semi-annual reports on its spending and to diversify some of the funds into fiat and stablecoins to reduce risk and preserve capital. Additionally, the Foundation plans to invest in expanding its staking operation, which currently earns staking yield on 2.5 million dYdX tokens.
The budget proposal has received positive feedback from the dYdX community, including validators, delegates, and core contributors. The proposal will now go to a vote that will run until February 2.
InQubeta Emerges as a Chainlink AI Alternative
InQubeta is a new project that aims to democratize the artificial intelligence (AI) investment market by enabling investors to collaborate with AI companies using QUBE tokens and NFTs. QUBE is the native token of the InQubeta ecosystem, which grants holders access to all of the project’s features, including reward and equity-based NFTs that represent investment opportunities in AI startups.
InQubeta has attracted significant interest from investors because of its novel concept and low entry point. As one of the new ICOs, it has raised over $8.9 million in its presale and sold over 743 million QUBE tokens. The presale is currently in its seventh stage, and the QUBE token is available at a price of $0.0224, which is set to increase in the next stage.
InQubeta is also seen as an alternative to Chainlink, the leading oracle network that connects smart contracts to real-world data. Chainlink has been widely adopted by many DeFi and blockchain projects, but it also faces some challenges, such as scalability, security, and cost. InQubeta aims to overcome these issues by using a hybrid approach that combines centralized and decentralized oracles, as well as AI and machine learning techniques, to provide accurate and reliable data feeds for smart contracts.
InQubeta’s vision is to create a mutually beneficial partnership between investors and AI companies, where both parties can share the profits and risks of the AI market. By using QUBE tokens and NFTs, investors can gain exposure to the AI industry without having to meet the high requirements of traditional investing avenues. Moreover, by using InQubeta’s oracle network, AI companies can access the benefits of blockchain technology, such as transparency, security, and automation.
Leo Frost, the visionary founder and senior content writer at Crypto Quill, brings a wealth of expertise and creativity to the world of cryptocurrency. With a passion for blockchain technology and digital assets, Leo’s insightful articles captivate readers, offering valuable insights into the evolving landscape of crypto. As a seasoned writer and industry pioneer, Leo is committed to delivering engaging content that educates and inspires audiences worldwide.