Below is draft text for a $1m extension of the buyback program. Some data on the buyback program in the next comment. Open for comments on things to add/subtract. Updated with DXvote links instead of Alchemy 
Background
The DXD Buyback Program was passed by REP holders in May of this year. Since then, 6,313 DXD have been purchased on mainnet and xDai for an average price of 0.152 ETH/DXD. Using the USD price at the time of purchase, $2.7m of DXD has been purchased. This is just over 10% of the DXD circulating supply.
The buyback program was updated in June to increase the slippage tolerance of trades as well as clarify the accounting measures. The buyback program was then extended for another $1m in August and then another $1m in September. The total amount of DXD purchased is quickly approaching the limit placed on it by the previous proposal and soft community consensus has demonstrated support for another $1m extension.
Accounting for the 6,313 DXD purchased and the 920 DXD that has been issued to contributors in vested contracts (461.4) and to LPs for Swapr farming rewards (458.6), the outstanding DXD supply (43,583) represents a market cap of $30m - still comfortably below the $64.5m in ETH and stables in the DXdao treasury and the $10m in the buyback reserve. The buyback program is intended to address this discrepancy and acquire an undervalued asset.
The proposed DXD token model that has been embraced by the community intends to upgrade the DXD bonding curve and shift to a different buyback method for DXD. While the community moves toward a new model, the methods outlined in the DXD Buyback Program and purchases through the GP Relayer on xDai and Mainnet enable DXdao to drive value to DXD holders now. There has also been discussion in the community about shifting the buyback program to Aqua or another relayer that could interact directly with Swapr.
Details
This proposal extends the DXD Buyback Program for another $1m to $4m total under the same conditions outlined in the original Buyback Program signal proposal, the parameter update and the first extension and second extension.
These and other DXD purchases through the Buyback Program have contributed to the community’s intention to use the buyback reserve to purchase DXD. ETH from DXdao’s general treasury can be used in lieu of the buyback reserve until the DXD token contract is upgraded and that ETH is recovered. In total, the buyback reserve has 2,499 ETH and so far, 958 ETH has been used to purchase 6,313 DXD through the buyback program.
Risks and considerations
The program will take place on xDai, a sidechain with less security properties than Ethereum. The Buyback Program has been running for four months with few problems; the GP Relayer has worked to complete the purchases at the market price. There is a concern that Gnosis Protocol v1 on xDai will have limited support, but DXdao community members are striving to maintain the network of solvers. The community is also exploring additional options
DXdao has already spent almost $2.6m repurchasing DXD. This has increased the price of DXD relative to ETH but it still falls below the book value of ETH in the treasury.
