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DXdao hits pause on DXD bonding curve

Community votes to disable minting of new DXD, capping token supply at 148,976

DXdao passed a proposal Thursday night to halt the DXD bonding curve by setting the minimum investment parameters to an extremely high number, effectively preventing any further DXD minting from ETH investments.

Changes to the bonding curve have long been discussed in the community. A signal proposal to pause the curve failed in September, but a similar proposal ultimately was passed by DXdao’s REP holders in December after a lengthy debate.

With the proposal passage, DXD effectively becomes a fixed-supply token with 148,976 DXD in total supply, 100k DXD pre-mint releasing from a lockup contract to DXdao’s treasury over three years along with 48,976 DXD minted from the bonding curve.


DXdao launched the bonding curve in May of last year to raise funds for product development. Reputation (REP) holders have governed DXdao since its inception, but REP is non-transferable and cannot be sold. The DXD token and bonding curve were launched to create a token that represented the liquid financial value of DXdao.

The bonding curve was based on the Fairmint bonding curve contracts and was designed to be a continuous fundraiser, where investors could buy (or mint) DXD from the curve by depositing ETH. The amount of DXD per ETH increased linearly as more DXD was minted. Revenue from DXdao products, meanwhile, is deposited into the bonding curve as a buyback reserve for DXD holders to sell their DXD for ETH.

Moving forward

Ultimately, the community felt that increasing the supply of DXD was unnecessary. The continuous fundraiser was a huge success with more than 25k ETH sent to the bonding curve to mint DXD. With ETH’s appreciation, the value of the treasury has ballooned to $50m, more than enough to fund development across DXdao’s products.

The proposal executes two different changes. First, it sets the minimum ETH investment on the bonding curve to the maximum value for an unsigned integer, making it impossible to mint new DXD. Second, the proposal changes the ENS record for DXtrust.eth to a new IPFS hash where the UI will prohibit buys.

The proposal passage is coming on the heels of the 1 year anniversary of the DXD token and a myriad of DXdao product releases on multiple chains. With the change to the bonding curve structure, the community is exploring new models of value accrual for DXD. The bonding curve pause follows the community’s agreement to the Governance 2.0 upgrade, which will incorporate DXD holders in treasury governance and management. Recent community discussions have also floated the possibility of a non-algorithmic DXD buyback.

About DXdao: DXdao is a decentralized collective that builds and governs DeFi products. DXdao was spawned in May 2019 through a collaboration between Gnosis and DAOstack. Reputation (REP) is voting power in DXdao, and DXD is the financial token with a claim on profit from DXdao products.

DXdao products include Omen (prediction markets), Mesa (batch auction DEX), and Swapr (governance-enabled AMM).
DXdao believes in governance and decentralization.

Connect with us: Discord, DXdao Twitter, Telegram, Keybase, DAOtalk Forum




The DXdao is a decentralized organization. It develops, governs, and grows DeFi protocols and products. Owned and operated by the community, the DXdao has the potential to significantly scale its membership.

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The DXdao is a decentralized organization, owned and operated by the community. It develops, governs, and grows DeFi protocols and products.

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