In May 2020, REP holders voted to establish a bonding curve in order to raise funds for further product development and DXdao operations. In December 2020, REP holders voted through a signal proposal to begin the process of closing the bonding curve.
DXD is the DXdao native ERC20 token. DXD token holders own future access to a suite of services, premium features, and a portion of fees accrued in the decentralised applications that the DXdao community creates.
Currently, DXD holders do not have direct on-chain voting power over DXdao treasury decisions. However, DXdao is in the process of implementing a new governance regime that gives DXD holders voting rights equal to that of REP holders. For a full summary of DXdao’s new governance regime, see the Governance 2.0 upgrade article.
You can find the Governance 2.0 Signal Proposal here.