This page will be dedicated to documenting the inner workings of the dYdX Operations Trust (hereinafter referred to as the ‘Trust’), so as to ensure that the settlors of the Trust (i.e. all dYdX Token Holders), are adequately and accurately updated in relation to how the funds endowed in the OpsSubDAO and entrusted to the Trustees are utilised.
Keeping settlors updated in a trust is crucial to maintaining transparency and ensuring their peace of mind. By regularly communicating with settlors, the Enforcer can provide timely information about the trust's performance, financial activities, and any significant changes. This includes sharing financial statements, internal policies, internal procedures, conflict of interest checks per transaction (where necessary), and other relevant documents to keep the settlors informed about the Trust’s progress. Clear and effective communication fosters trust (no pun intended) and allows settlors to actively participate in the management of their funds, enabling them to share their thoughts and provide their input in relation to any matters they deem fit.
OTC deal; implemented a best-execution policy approach wherein Trustees had to necessarily obtain at least 2/3 OTC quotes so as to ensure that we get the best trade possible and thus, the best possible value, in our OTC Transaction.
We proceeded with Wintermute because after obtaining 5 quotes from notable OTC desks within the industry, theirs ended up being the best one. Naturally, as you all know, Callen (a fellow Trustee), is employed with Wintermute and thus, he was not permitted to be a signatory to this particular transaction due to the conflict of interest present.
Transaction wherein the corresponding USDC was received:(https://etherscan.io/tx/0x7cd37919f588b3546703515754285040082bfee711a5cf1aff6bbaf7955ac7e3).
The Enforcer will be drafting a written best execution policy which will be published in the Trust’s notion in the coming weeks.
The legal documents in relation to the Trust have all been finalised (Trust deed and Trust amendment instrument). You may notice that the Trust's Multi-Sig made a payment to Reverie in this regard. This was due to the fact that Reverie was onboarded with Ogier (the firm used for the drafting of the Trust's legal documentation), already and for efficiency's sake, Reverie paid the legal fees, and was then reimbursed by the Operations Trust. I assure you that, moving forward, the Operations Trust will have its own account with all independent contract (of a legal nature or otherwise), and payments will be made directly from this Trust. This was a one-off which will not happen again.
As communicated by fellow Trustee Joanna Pope , the Trustees are now in the final stages of deciding upon the persons to undertake the respective roles currently being recruited for. From my end, there was no involvement in the interview process itself but rather, I assessed that the procedure undertaken for the candidates was consistent with all applicants. There will be some potential changes to the interview process (being discussed currently w/ Trustees). These changes will naturally be communicated and the interview process undertaken by Joanna and Callen will (following the finalisation of the hiring process), be made public for the community to assess and, hopefully, offer its insight in relation to improvements, optimisations and any iterations that would be ideal.