DYDX shoots up 10% as buybacks get a quarter of protocol revenue

DeFi trading platform dYdX will allocate 25% of its revenue to monthly token buybacks.

Decentralized finance (DeFi) trading platform dYdX announced its first-ever token buyback program on March 24, aiming to reinvest in its ecosystem to enhance security and governance.

According to the announcement, 25% of the protocol’s net fees will be dedicated to monthly buybacks of its native dYdX (DYDX) token on the open market.

Following the announcement, DYDX surged over 10% and was trading at about $0.731 at the time of writing, according to CoinGecko. The token has gained more than 21% over the past two weeks.

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