1inch Foundation upgrades governance framework
The 1inch Network’s governance framework will have many of the hallmarks of Ethereum-based projects in a move that prioritizes user experience and broader network participation.
1inch Foundation, the non-profit arm of the 1inch decentralized exchange aggregator, has introduced important changes to its governance framework intended to streamline the proposal process.
On Wednesday, the Foundation announced the creation of the 1inch Network Governance, which complements the “instant governance” framework the protocol launched back in December 2020. Instant governance gave 1inch token stakers the ability to vote on changes to protocol parameters.
1inch Network Governance is described as “a system similar to that of many other leading Ethereum-based projects,” including a user-friendly process for proposing protocol improvements.
“Unlike instant governance, which is focused on protocol parameters, the 1inch Network Governance will be focused on major improvements that would make a difference for the entire 1inch ecosystem and, possibly, for the DeFi space at large,” the Foundation said.
Users can participate in the governance process by visiting the 1inch public forum and selecting a subcategory for their proposal. The proposal process consists of three stages: Discussion, formalization and snapshot. It’s during the snapshot stage that off-chain voting for the proposal will be completed. All 1INCH token holders, and not just stakers, will be able to participate.
The 1inch Network has emerged as one of the top decentralized exchange aggregators, putting it in prime position to capitalize on the continued DeFi boom. Over the past 24 hours, the 1inch Network has processed more than $251 million in trade volumes, behind only Curve, PancakeSwap, Mdex and Uniswap.
As Cointelegraph reported, 1inch has been actively increasing its liquidity sources to provide users with more swapping options. At the request of its community members, the aggregator officially expanded to Polygon in May.
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Author: Sam Bourgi