The governance call to implement a modification on the trading fee redistribution is now live for the community to cast their votes and have their decision implemented.
The DIP-3 Proposal
In an official blog post made on June 10th, the DODO team announced plans to adjust the redistribution of the trading fees have been made known to the public. The fees collected will be utilized for two purposes:
Buyback DODO tokens from the DODO-USDT liquidity pool on DODO and redistribute them to all vDODO holders.
Establish a multi-purpose community treasury.
As the DODO platform witnesses increasing usage due to the platform’s integration on multiple chains, growth has been exponential while trading fees have soured. As a result, the team is looking at applying a modification to the redistribution of the fees, adding two more recipients taking the remaining 20% of the overall 100% distributed to LPs.
The revamping trading fee allocation percentage proposal will implement
80% for Liquidity Providers (LP)
15% used for buyback of DODO tokens to be redistributed to vDODO holders as vDODO
The remaining 5% to form a community treasury
According to the Core Team via the Blog Proposal, this new allocation plan is essential to “tie platform growth together with token value capture.”
Commencement of Vote
The vote is currently live on Snapshot for DODO and vDODO ETH chain holders.
Voting Period: June 15, 2021 at 1:00PM to June 18, 2021 1:00PM SGT
Voting Method: Users with both DODO tokens and vDODO tokens can vote via Snapshot. 1 DODO represents one vote, and 1 vDODO represents 100 votes. Gas fees do not apply to casted votes.
Vote for the proposal by clicking on the desired option. Users can also post thoughts and alternative suggestions to DODO’s community forum about the DIP-3.
If the total number of votes reaches at least 2 million and “Approve” receives a majority of the votes, the DODO team will implement the proposal.
Concluding Thoughts
The current vote for approval is around 1.38m votes; there are still three days left for the completion of 2 million votes for the DIP-3 to be implemented. If Approvals wins over Rejection, additional layers of utilities could be added to the DODO token. This could increase the token’s valuation over the long term. Governance calls allow for the community to feel invested in the future of a project. This in turn builds trust, bridging the gap between projects like DODO and the investors in their ecosystem.
Source : bsc.news
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