Derivatives trading platform dYdX is launching a buyback program to strengthen network security while decreasing the number of tokens in circulation. The decentralized perpetuals exchange announced the changes in a blog post on March 24, revealing that 25% of the network’s net fees will be used to buy DYDX tokens on the open market and stake them. The project’s native DYDX token surged 10% on the announcement and is up 13% for the week, according to CoinGecko. At about $0.72, DYDX is up 40% from its March 11 all-time low of $0.51. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
