[TheDefiant]
dYdX Trading Inc. announced it has transitioned into a Public Benefit Corporation (PBC). As part of the company's new charter, it won't generate trading fee revenue from dYdX v4.
Antonio Juliano, the founder of dYdX, emphasized the company's commitment to aligning with the community.
"As a Public Benefit Corporation, we will remain a for-profit company, however, this allows us and the board to act not only to maximize shareholder value but also to act in the public benefit. Alignment is a critical commitment we are dedicated to fulfilling," wrote Juliano on X.
The company's specific public benefits include building and supporting protocols that lead to the economic or technological advancement of the global community, according to the dYdX Trading charter.
This includes "promoting and facilitating democratized access to financial opportunity through open source and decentralized crypto asset exchanges and other technologies," dYdX Trading said on X, quoting the charter.
The company embracing a model that seeks to balance profitability with the broader societal interest. The announcement comes a day after Uniswap said it will charge a 0.15% fee via its website and wallet, for swaps of a select group of tokens.
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