The liquidity aggregator from decentralized exchanges 1inch launched a new governance voting system for protocol settings, which will complement the token “instant governance”.
In the developers’ view, the 1inch Network Governance system will offer a more transparent and convenient way to propose changes to the ecosystem and vote on them.
It comprises three stages, with all initiatives divided into four categories: the aggregation protocol, the liquidity protocol, the limit-order protocol, and general proposals.
First, a user publishes a detailed description of the proposal for community discussion.
After successful completion of the first stage, the author formats the proposal in accordance with the standards of the 1inch Improvement Proposal (1IP) and initiates the voting process, which lasts five days. The proposal will move to the next stage if the majority votes in its favour.
In the third stage, an off-chain vote takes place. Participants may include not only 1INCH stakers, but also holders of the project’s tokens on the Ethereum or Binance Smart Chain networks.
For the proposal to be adopted at the final stage, it must accumulate at least 4 million 1INCH tokens within seven days. The authors of the 1IP are responsible for conducting the votes.
In April, the developers of the aggregator unveiled an ecosystem for safe and efficient operations of the 1inch Network. It is governed by a decentralised autonomous organisation, enabling users to vote on key protocol parameters and participate in network governance.
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