Ops subDAO Finance Review Q2 2025

Overview of Expenditures

During the second quarter of 2025, the dYdX Operations subDAO incurred total expenditures of $1.35 million. This figure is nearly identical to Q1 2025 spending but reflects a downward trend in monthly costs, particularly in May and June. This reduction is primarily attributed to an extensive optimization of the Indexer software, which significantly enhanced performance while decreasing associated compute costs.

Key Expense Categories

The three largest expenditure categories for Q2 2025 were:

• 56% – Indexer
  
  
• 21% – Contributors
  
  
• 12% – IT Infrastructure
  
  

Spending Trends and Forecast

Although Q2 total spend remained steady relative to Q1, recent efficiency gains suggest that the subDAO is on track to sustain a reduced monthly expenditure of approximately $400,000 in Q3 2025. This forecast is based on current operating conditions and recent improvements in technical infrastructure.

Staking Program Update

As part of the funding for the 3rd Mandate, the dYdX Community allocated 16,671,500 DYDX to the dYdX Operations subDAO. In March, 14 million DYDX were transferred to the dYdX Treasury subDAO for staking. The resulting USDC yield is sent to the DOF dYdX Chain Multisig after the 20th of each month. The following staking yields have been received:

• April 24: 26,584.66 USDC
  
  
• May 19: 18,606.55 USDC
  
  
• June 26: 28,684.00 USDC
  
  

DYDX Token Sales

Of the total 16.7 million DYDX allocated for the 18-month duration of the 3rd Mandate, 1.5 million DYDX has been sold to date. These sales occurred in two transactions to the dYdX Treasury subDAO:

• May 12: 500,000 DYDX at $0.635 per token, for a total of $317,695.50 USDC
  
  
• June 3: 1,000,000 DYDX at $0.592 per token, for a total of $592,503.00 USDC
  
  

Current Balances (As of July 11, 2025)

The dYdX Operations subDAO holds a combined balance of approximately $8.94 million, with the majority in staked DYDX.

Detailed Breakdown

DOF Multisig:

• USDC: 134,000
  
  
• DYDX: 1.28 million
  
  
• Staked DYDX: 14 million
  
  
• Total Estimated Value: $8.7 million
  
  

DOS Multisig:

• USDC: 198,000
  
  
• DYDX: 13,000
  
  
• Credit Card Deposit: 37,000
  
  
• Total Estimated Value: $240,000
  
  

Runway and Budget Efficiency

Assuming a conservative monthly expenditure of $500,000, the current reserves are expected to support operations well beyond the originally scoped 18-month period for the 3rd Mandate. Current projections indicate a runway extension of 23 to 24 months, underscoring strong financial stewardship and operational efficiency.