dYdX Trading has officially updated its charter to become a Public Benefit Corporation. In addition to all of our work on the v4 open source code, this further establishes our commitment to aligning with the builders, traders, and stakeholders in the web3 community.
This marks a historic moment for DeFi as this is the first time that a major DeFi corporation has moved to become a Public Benefit Corporation. We aim to be innovative not just through products and technology, but through legal and organizational structure as well. Below is a quote directly from our new charter, showing our effort to better align the Company’s corporate form with our goal of democratizing access to financial opportunity:
“The specific public benefit to be promoted by this corporation is building and supporting protocols that, and industry members who, promote and facilitate economic or technological advancement of the global community, including but not limited to the democratization of access to financial opportunity through open source and decentralized crypto asset exchanges and other technologies.”
With this change, it is now baked into our company charter that the company can balance the interests of many interested parties beyond shareholders alone, including stakeholders affected by dYdX Trading’s products/services and the Web3 community. As open source software developers, dYdX Trading will not own or control the operations, infrastructure, fees, growth, or development of any protocol using the v4 open source code.
We hope that you are as excited for the dYdX Chain as we are! Full steam ahead to the open source release!
About dYdX and Terms
Here at dYdX, our mission is to democratize access to financial opportunity. We believe that v4 software will represent notable progress in service of that mission. The events in the global economy that have transpired over the last year have only reinforced the need for open, transparent, and permissionless financial products. We’re excited for v4 software to better meet those needs.