The dYdX community’s proposal on “shifting from LP rewards to market maker rebates” has been approved with a support rate of 99.96%. The proposal decided to increase transaction fee rebates for market makers from 0.5bps to 0.85bps and reduce LP rewards by 50%. The community believes that the proposal will improve liquidity on exchanges at or near the top of the book; that the change is economically neutral for LPs; and that it will significantly reduce monthly DYDX releases. The proposal has now passed and reducing LP rewards requires an on-chain vote within a short timelock.