The dYdX Fund decided to distribute $2.3 million. Not to the poor. Not to veterans. Not even to the rescuers who took a cat down from a tree. But to 25 projects that, for some reason, believe that the crypto infrastructure is not overloaded enough.
"Grants for the benefit of the ecosystem"
They call it 'support for the ecosystem'. How sweet. We used to hear such words from those who would close your bank account if you decided to buy bitcoin in 2017. Now it's 'ecosystem'. And importantly, tools for traders. Like 'a tool that will warn you when you are liquidated at 95% later than it should have been.'
Maybe this is what we need? Of course. Who doesn't want another push notification screaming: 'Time to cash out, bro, but it's already too late.'
But the main thing is liquidation alerts. Apparently, you will now be liquidated not just quickly, but in a fun way. With animation. Maybe even with an NFT coffin.
And now, attention! Subsidiary
The dYdX Fund seems to be tired of working and decided to hand over the distribution of funds to another structure. Meet: dYdX Grants Ltd.. It’s not offshore, for now. But I assure you, the word 'Ltd.' in the name means: 'we are serious and we have lawyers.'
The fund is asking the community for another $8 million in DYDX tokens. To 'continue supporting developers.' Who are these developers? Where do they live? Why are all their products forks of something that is already poorly functioning?
And why is all this funding going to 'research', instead of making a proper 'cancel order' button that actually works?
Goal: complete decentralization, but only for their own
Oh right. This is Web3. Where every vote matters until you vote the wrong way. Where liquidity is 'community-driven', but the UI is designed by the same guys who did gov.uk in 2006. And of course, all this is for 'innovation'. Who could be against innovation?
I don't mind. I just want to understand why every time someone says 'innovation in DeFi', it ends either in liquidation or with you being asked to connect your wallet to a site that looks like a casino.
Output
The dYdX Fund is doing great. They have money, they disperse it on time. Grants, liquidations, subsidiaries, a whole ecosystem. Everything as it should be.
But if you're an ordinary trader, know this: when a liquidation alert appears on your position, it will be after the fund has financed a project that could have saved you, but didn’t in time because it was still in the whitepaper stage.
