Recently, critical governance votes have come to the fore for many altcoin projects. In this article, we will talk about a few of them…
Aave introduces Gnosis voting
In a significant development, the Aave community’s proposal to enable Aave V3 on Gnosis has successfully passed the on-chain vote and will be implemented within the next 7 hours. This important milestone marks the completion of all governance procedures required for the expansion of Aave V3 to Gnosis. The offering allows Aave management to activate the Aave V3 Gnosis pool, which covers a range of assets such as WETH, wstETH, GNO, USDC, wXDAI, EURe and sDAI. These assets have been proposed in the governance forum (3.0.2) by service providers such as ACI, Gauntlet and Chaos Labs. This integration aims to expand the reach of Aave V3 by providing users with more options and liquidity.
Additionally, the Aave community is currently running an on-chain vote on the proposal to “disable the fixed lending rate” and the vote will end on November 8th. The main aim of the proposal is to eliminate fixed borrowing rates for all assets in all pools across various networks. It also aims to unfreeze assets previously locked by frozen administrators.
Voting for altcoin Venus with Curve
Curve Finance founder Michael Egorov has presented a proposal in the BSC ecological lending protocol Venus Protocol community. The proposal proposes deploying the Venus Protocol on the Ethereum mainnet and using Curve tokens crvUSD and CRV as collateral and loanable assets. This initiative will lead to the establishment of liquidity pools such as VAI/crvUSD, XVS/crvUSD and XVS/VAI on Curve on the Ethereum mainnet. Additionally, Curve plans to use 500,000 CRV in incentives, requiring Venus to match this incentive with XVS to obtain a 10% annual interest rate.
Prisma Finance proposes interest rate increase
On November 6, the Prisma Finance community launched the second improvement proposal, PIP 002. This proposal aims to increase the interest rate for all collateral loans on the platform from the current 1% to 2%. If approved, this arrangement is expected to increase revenue from the deal without significantly impacting the overall risk profile. The voting period for PIP 002 will end on November 9, and the current support rate stands at an impressive 99.04%.
Transaction fee recommendation for CoW Swap
CoW Swap’s core development team has released a draft proposal designed to introduce fees for a 6-month test period. The purpose of this testing is to determine the optimal revenue model for long-term adoption. Bringing together various decentralized exchanges (DEXs) and offering MEV resistance, CoW Swap aims to create reliable and sustainable income streams by experimenting with different fee models. These models include taking a percentage of the money users save compared to competitors and charging a flat fee for each transaction. The resulting fee income will be accumulated in the CoW DAO.
Altcoin LDO proposes staking router model
Additionally, Lido has proposed the staking router model to improve the Distributed Validator Technology (DVT) on its main network. DVT involves assigning responsibilities between multiple parties in the Blockchain, increasing security and reducing the risk of failure. If approved, this proposal would lead to the diversification of Lido Node Operators on the Ethereum network and further enhance the decentralized nature of the protocol.
New proposal for BRC-20 tokens
Finally, in a recent development in the Bitcoin Blockchain community, Domo, the creator of the BRC-20 token standard, introduced its “Fraction” proposal. This proposal aims to improve security for users by addressing vulnerabilities in the current BRC-20 framework. The proposal advocates strict transfer validity requirements in the BRC-20 code to protect users from potential abuse. The proposed protection measure aims to strengthen user protections and increase security.
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