The decentralized exchange aggregator has taken a new step to update its community participation in key network elements
New Network Governance
1inch is not coming out with just any old governance proposal. Building off their instant governance, the growing platform came out with a network governance proposal on June 30, through their official channels. One of the most efficient swapping exchanges across all platforms has now taken a big step to becoming more democratic and hopefully safer and more efficient.
Following a common strategy employed by many projects on DeFi, 1inch has created what they call 1inch Network Governance. The 1inch community pioneered governance early in 2020, with instant governance that focused on protocol parameters. This new process will focus on significant improvements within the protocol. The new governance style will follow that of a Decentralized Autonomous Organization (DAO) to promote community engagement.
The 1inch team acknowledges the active participation that thrives in Decentralized Finance (DeFi) and hopes to foster a creative community to benefit the 1inch community. Whereas the instant governance votes are only eligible for 1inch stakers, the final network proposals will vote across different blockchains to all who hold 1inch tokens. The new governance is set to provide a straightforward and user-friendly process to propose and vote on protocol improvements.
How to Participate
First, interested users must go to the DAO category in the 1inch Forum and select the corresponding subcategory to their proposal: Aggregation Protocol, Liquidity Protocol, Limit Order Protocol, or General proposals.
The 1inch team requires interested parties to complete a three-step process to submit proposals for a vote.
The first step will involve discussion of the post in the Forum. Discussion is then allowed to meet a natural end with no set limit of time. Members should engage proposals with comments and feedback to help formalize the idea for adoption. Proposals at this point are tagged “stage 1.”
The second stage is where proposals are officially formalized. The second stage requires an official 1inch Improvement Proposal to be completed. The proposal document requires six different sections, which allow the interested parties to provide full details like motivations, benefits, and summaries. Interested parties will need to have their proposal scrutinized from every angle.
The second stage is finalized with a five-day voting period. If a proposal reaches the final third, a “snapshot stage” will commence. Network governance proposals will be up for vote across both Ethereum or Binance Smart Chain (BSC) blockchain networks.
The final vote will last a week. Those in charge of the proposal must take snapshot polls and collect at least 4 million 1INCH tokens in votes. The proposal passed will hopefully focus on making major improvements to the benefit of the whole 1inch platform and all of DeFi.
What is 1inch?
1inch is a Decentralized Exchange (DEX) that provides the best rates by discovering the most efficient swapping routes across all leading DEXes. 1inch exists on both the Ethereum and Binance Smart Chain. Trading on 1inch utilizes liquidity across multiple exchanges to reduce slippage and provide users the best price available.
Source : bsc.news
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