According to PANews, the dYdX Foundation announced on the X platform that the dYdX community has voted in favor of transforming the dYdX Operational Trust Fund into a Cayman Islands Foundation Company, with a 93.1% approval rate. The next steps in the process are as follows:
1. Establish the dYdX Operational Foundation (DOF) as a foundation company in the Cayman Islands and appoint key personnel.
2. Draft the memorandum and articles of association for the DOF, and grant effective control to the dYdX community through dYdX consensus.
3. Terminate the trust period, thereby ending the DOT.
4. The trustee must perform the relevant transfer operations, such as multi-signature, domain, account, and contract.
This transformation aims to provide a more stable and transparent structure for the dYdX community and its operations.