The first on-chain governance idea is proposed by Cardano DEX SundaeSwap
If approved by token holders, the proposal specifies the terms, circumstances, and parameters of future proposals.
Developers announced Tuesday that prominent Cardano-based decentralised exchange (DEX) SundaeSwap has submitted its first on-chain governance proposal. The plan will be up for a vote until February 19th.
The proposal’s summary states, “Until recently, it has been unclear how precisely this governance should be carried out.” “SundaeSwap Labs suggests that such governance use auditable off-chain governance technologies as well as a set of rules and processes that allow ideas for the future of the decentralized protocol to be reviewed, voted on, and approved.”
Future suggestions on the SundaeSwap governance forum are governed by the proposal’s terms, conditions, and parameters. Any approved method may be modified in the future by a new governance proposal.
According to the plan, any wallet holding at least 10,000 SUNDAE may submit new suggestions to the SundaeSwap community after an initial “temperature check” — a preliminary testbed for new ideas. Once presented, proposals cannot be changed.
Governance moderators will be chosen by member vote in order to guarantee the neutrality of forum discussions. Each Moderator will provide a Cardano wallet address, be publicly recognized as a verified SundaeSwap DAO moderator, and serve for one year. However, the duration of the first three moderators will be six months, nine months, and twelve months, respectively.
In order to provide consumers with financial services, SundaeSwap, like other DEXs, depends on smart contracts and has approximately $8.7 million in locked value as of Wednesday. On-chain governance is a kind of strategic decision-making used by crypto projects, in which token holders propose and vote on proposed modifications.
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