DYDX, the token of decentralized derivatives exchange dYdX, jumped nearly 7% to $0.72 after the platform introduced a buyback program, dedicating 25% of its monthly protocol fees to purchasing tokens on the open market.
The move is part of a broader effort to reinforce the token’s role in the network’s security and economic model amid a prolonged downtrend for DYDX, which has lost more than 78% of its value in the last 12 months.
The buybacks mark a shift in how dYdX allocates its protocol revenue, with 40% going to stakers, 25% to the new program, 25% to its market-supporting MegaVault and 10% toward treasury initiatives.
The exchange reported $46 million in net protocol revenue in 2024 from over $270 billion in trading volume, according to a press release. Governance discussions are already exploring the possibility of increasing the buyback share to as much as 100% of protocol fees.
Tokens bought as part of the program are set to be staked for “an extended period of time to im

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