Soteria has established detailed voting rules, ranging from how much the membership fee is to updating the entire governance process. The governance process aims to provide a guarantee when implementing proposals.
The governance system allows users to participate further and contribute to the future of the protocol. Members can log in to participate in the discussion on the Soteria governance forum, and they can also use the governance protocol to vote for the various proposals. Users can vote using SOTE on outcomes such as membership fees and new partners of Soteria.
The team at Soteria explains that “only members can participate in proposals and voting; however, Soteria implements a system that greatly reduces the threshold for user participation.” Although large token holders’ have greater voting weight, they is a cap to promote fairness. Proposals must require a broader consensus among members, and several big players cannot decide the final direction of the proposal.
Each member participating in the voting will equally share the governance rewards after the proposal is passed. This creates a unique incentive system that cherishes governance participation. The governance of Soteria relies on users, which fully demonstrates that Soteria is an organization governed by members.
More About Soteria
Soteria is mutual insurance that leverages blockchain technology to hedge the risks in DeFi. Soteria provides insurance for losses caused by vulnerabilities in smart contracts, offering risk protection for DeFi assets.
Soteria is also a community-governed insurance platform: through staking tokens, users are both beneficiaries and risk-takers. Together, SOTE holders can use the tokens to determine how much insurance a project can have and approve claims. On the premise of not losing the liquidity of their own assets, users pay a small premium to guarantee their transactions.
Soteria officially landed on the market on January 13, and the current member count has reached 16,333. On January 21, Soteria started its IFO, over-raising over 22.7 times, breaking PancakeSwap’s highest record. Subsequently, Soteria quickly covered the insurance business of various high-quality projects on BSC. Among them, PancakeSwap, BakerySwap, Blink, dForce, Autofarm, etc. have reached strategic partnerships with Soteria.
Source : bsc.news
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