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cointelegraph.com Mar 24, 2025 12:06

DYDX shoots up 10% as buybacks get a quarter of protocol revenue - 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 dYdY (DYDX) token on the open market.Following the announcement, DYDX surged over 10% and was trading at approximately $0.731 at the time of writing, according to CoinGecko. The token has gained more than 21% over the past two weeks.DYDX spikes on buyback news. Source: CoinGeckoRelated: dYdX explores sale of derivatives trading armNew dYdX distribution model Previously, dYdX distributed 100% of its platform revenue to ecosystem participants. Under the new allocation model, 25% will be used for token buybacks, another 25% will fund its USDC liquidity provision program, MegaVault, 10% will be directed to its treasury, and the remaining 40% will continue as staking rewards.dYdX noted that the current allocation of 25% to token buybacks could increase, with ongoing community discussions potentially pushing this percentage to as high as 100% over time.Related: DeFi market stages a comeback as derivatives surgeThe platform currently holds a total value locked (TVL) of $279 million, according to DefiLlama. It generated $1.29 million in revenue from fees in February and $1.09 million so far in March.Token buybacks get 25% of revenue, which has been dropping. Source: DefiLlama“DeFi festival” waits for summer to endThe DeFi industry commonly references the DeFi summer of 2020 as a benchmark, characterized by rapid user growth driven by yield farming and decentralized applications.In a recent interview with Cointelegraph, dYdX Foundation CEO Charles d’Haussy predicted that the next significant DeFi boom would occur shortly after summer, potentially beginning as early as September and lasting “months and months.”dYdX existed in mid-2020 primarily as a DeFi platform for spot trading, lending, borrowing, and margin trading. Its popularity popped in 2021 following the launch of its layer-2 perpetual futures exchange and the introduction of its native DYDX token.In its 2024 ecosystem report, dYdX projected that the decentralized derivatives market would expand to $3.48 trillion by 2025, up from $1.5 trillion in derivatives volume processed by decentralized exchanges (DEXs) in 2024.Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

FOMO: 85%
cointelegraph.com Mar 24, 2025 10:25

Bitcoin ETFs log first net inflows in weeks, while Ether outflows continue - Spot Bitcoin exchange-traded funds (ETFs) in the US snapped a five-week net outflow streak in the trading week ending March 21.Bitcoin (BTC) ETFs clocked a net inflow of $744.35 million — the highest tally in eight weeks — extending their daily inflow streak to six consecutive days, according to data from SoSoValue.US-based spot Bitcoin ETF net flows get back on track. Source: SoSoValueFive funds contributed to the inflows, with the bulk coming from BlackRock’s iShares Bitcoin Trust (IBIT), which recorded $537.5 million. Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed with $136.5 million.The renewed inflows come after a bearish period for both the crypto market and the broader global economy, marked by growing concerns over escalating trade tensions and rising recession concerns.Related: US recession would be a big catalyst for Bitcoin: BlackRockIn the weeks surrounding that date, Bitcoin ETFs recorded their largest net inflows of 2025: $1.96 billion in the week ending Jan. 17 and $1.76 billion the following week. Bitcoin (BTC) surged to an all-time high of $109,000 on Jan. 20, the inauguration day of US President Donald Trump.Bitcoin later dropped into the $78,000 range amid the broader market correction. With the latest inflows — the strongest since January — the price rebounded to $87,343 at the time of writing, according to CoinGecko.Bitcoin leaves Ethereum in the red zoneThe same can’t be said for Ether (ETH) ETFs, which extended their weekly net outflow streak to four weeks.Ethereum ETF net inflows continue slumping. Source: SoSoValueDuring the week ending March 21, Ethereum funds saw a net outflow of $102.89 million, with BlackRock’s iShares Ethereum Trust ETF (ETHA) accounting for $74 million of that total.Ether (ETH) was trading at $2,090 at the time of writing, up from below $2,000 — a level it fell beneath for the first time in over a year.Still, there’s a bright spot for Ethereum, as institutions continue to deepen their exposure to the asset.Related: Ethereum eyes 65% gains from cycle bottom as BlackRock ETH stash crosses $1BBlackRock’s BUIDL fund — which primarily invests in tokenized real-world assets (RWAs) — now holds a record $1.145 billion worth of Ether, up from approximately $990 million just a week earlier, according to Token Terminal. The fresh injection of ETH signals growing conviction from the world’s largest asset manager in Ethereum’s role as the leading infrastructure for real-world asset tokenization.Market sentiment improves but investors remain cautiousMarket sentiment on crypto has improved since the past week, with the Crypto Fear & Greed Index improving to 45% from 32 last week.However, Singapore-based investment firm QCP Capital advises caution regarding the likelihood of a sustained breakout.“Upcoming tariff escalations slated for 2 April could once again pressure risk assets,” QCP Cap said in a March 24 market analysis.Magazine: What are native rollups? Full guide to Ethereum’s latest innovation

FOMO: 85%