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DeFi Protocol dYdX Acquires Pocket Protector in Bold DeFi Expansion
In a significant move, decentralized derivatives exchange dYdX has acquired crypto social trading platform Pocket Protector. This acquisition marks the first-ever external purchase made by the Decentralized Finance (DeFi) protocol.
The acquisition of Pocket Protector suggests that dYdX’s performance has improved significantly, which is a stark contrast to the challenges it faced in the past year. To recall, in October 2024, dYdX cut its workforce by a staggering 35%, affecting both core team members and operations staff. At the time, the company was necessary to achieve its future vision, particularly in the crowded DeFi sector.
However, it seems that conditions have improved within the company, as dYdX has decided to launch a Developer Ecosystem Program (DEP) in December 2024. The program will run for 14 months and is expected to expire around February 2026. This decision was made possible after a community vote, showcasing once again the strength of its decentralized governance model.
In total, $4 million has been allocated from the platform’s treasury subDAO to fund the DEP, which includes grants and incentives for developers who contribute to the platform’s infrastructure and tools.
Source: www.coinspeaker.com
