Most AutoFarm’s community has voted against a proposal that sought to incorporate AUTO Token Burn.
The Community Overrules
The community-centered decentralized yield aggregation protocol, AutoFarm, has just rejected a governance proposal. The proposal was set to determine how the revenue collection from the single AUTO Vault would be allocated between token burn and staking rewards.
AutoFarm has gone to their community before in hopes of making a similar change. This time, in a tweet on August 24, AutoFarm had called on its community to exercise its governance rights:
“On 26 Aug, cast your votes and decide the % allocations to AUTO burns & revenue!”
Voting commenced on Thursday, August 26, at 10:30 UTC, and ended on Saturday, August 28 at 10:30 UTC.
Details About The Proposal
Before the vote, burns had 0% while staking revenue had 2.5%. The proposal put forth the following:
0% burn, 2.5% revenue (unchanged)
0.5% burn, 2% revenue
1% burn, 1.5% revenue
1.5% burn, 1% revenue
2% burn, 0.5% revenue
If the community votes for the burn to have more percentage, AUTO will acquire deflationary properties, likely pushing AUTO’s value upwards. On the other hand, if votes tilt towards revenue, the vault APY will increase, leading to more rewards for stakers.
The Verdict
At the close of voting, the majority, 49%, voted for ‘0% burn, 2.5% revenue.’ In other words, the majority preferred that stakers receive the maximum possible staking rewards.
The Beauty Of Decentralization
Decentralization ensures that there is no central authority that arbitrarily takes decisions. It gives power to the people and helps secure the interest of the majority of the community rather than a few centralized interests.
Information from AutoFarm’s voting page shows that this would be the third time the community has voted on the same proposal. The majority voted for the allocation to remain unchanged at 0% burn and 2.5% revenue in each case. It shows that the community so far does not want the vault rewards to be altered.
About AutoFarm
AutoFarm is a yield-optimizing and aggregating platform. It was initially built on Binance Smart Chain but is now cross-chain, having expanded to HECO and Polygon networks.
AutoFarm automates the yield generation and compounding process. AutoFarm’s vaults are simple enough that even users without deep knowledge about decentralized finance can participate and earn income through passive investment.
Visit AutoFarm’s official media links for more information about the platform:
Source : bsc.news
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