Modification Proposal of the 1inch DAO Governance Process Approved by the 1inch Community

According to reports, the 1inch community has voted to approve a proposal to modify the governance process of the 1inch DAO, proposing the removal of st1INCH (v1) voting and delegation strategies from the 1inch snapshot space; Change the st1INCH (v2) voting and delegation strategy to use Unicorn Power instead of token balance; Replacing the existing 20% weighted v1INCH strategy with a strategy that simulates UnicornPower power decay will greatly weaken voting rights for fully owned and unclaimed v1INCH; The v1INCH at the beginning of its ownership contract has a completely 1:1 voting equality with the st1INCH at the beginning of the two-year lock-in period; Increase the requirement for creating a snapshot proposal to 100000 voting weights (currently 25000).

1 inch community voted to approve the proposal to modify the 1 inch DAO governance process

Outline

– Introduction
– Background Information on 1inch and the 1inch DAO
– Proposals for Modification of the 1inch DAO Governance Process
* Removal of st1INCH (v1) Voting and Delegation Strategies from 1inch Snapshot Space
* Change in st1INCH (v2) Voting and Delegation Strategy to Use Unicorn Power Instead of Token Balance
* Replacement of the Existing 20% Weighted v1INCH Strategy with One that Simulates Unicorn Power Decay
* Weakening of Voting Rights for Fully Owned and Unclaimed v1INCH
* Increase the Requirement for Creating Snapshot Proposal to 100000 Voting Weights
– Insights on the Voted Proposal
– Conclusion
– FAQs

Article

The 1inch community has recently voted to approve a proposal that will modify the governance process of the 1inch DAO. The 1inch DAO is a decentralized autonomous organization that governs the 1inch Network. It is responsible for making significant decisions that affect various aspects of the network, such as protocol upgrades, treasury management, and more.
The proposal that has been approved by the 1inch community aims to improve the governance process of the 1inch DAO by proposing the removal of st1INCH (v1) voting and delegation strategies from the 1inch snapshot space. The snapshot space is a decentralized platform that allows token holders to vote on proposals that affect the 1inch protocol.
Moreover, the proposal suggests replacing the existing st1INCH (v2) voting and delegation strategy to use Unicorn Power instead of token balance. Unicorn Power is a metric that represents a token holder’s stake in the 1inch network. This change is expected to make the voting and delegation process more transparent and better align the interests of the network participants.
In addition, the proposal suggests replacing the existing 20% weighted v1INCH strategy with a strategy that simulates UnicornPower power decay. This modification will result in weaker voting rights for fully owned and unclaimed v1INCH. As a result, the voting power of the 1inch DAO will be distributed evenly and prevent any single entity from dominating the voting process.
It is important to note that the v1INCH, at the beginning of its ownership contract, had a completely 1:1 voting equality with the st1INCH at the beginning of the two-year lock-in period. However, with the modification proposal, this will change.
Another notable proposal is the increase in the requirement for creating a snapshot proposal to 100000 voting weights from the current 25000. This will further secure the governance process and prevent small groups of holders from dominating the decision-making process.
It is essential to understand that the proposed modifications aim to create a more equitable and transparent governance process. The changes will ensure that decision-making rights are distributed among all participants and prevent any single entity from dominating the process.
In conclusion, the approved proposal of modifying the governance process of the 1inch DAO is a significant step forward in creating a more transparent and equitable process for all participants. With the changes, the voting power of the 1inch DAO will be more evenly distributed, resulting in better decision-making outcomes for the 1inch protocol.

FAQs

1. What is 1inch DAO?
> 1inch DAO stands for the 1inch Decentralized Autonomous Organization, which governs the 1inch Network.
2. What is Unicorn Power?
> Unicorn Power is a metric that represents a token holder’s stake in the 1inch network.
3. What is the significance of the modification proposal for the 1inch DAO?
> The modification proposal aims to create a more equitable and transparent governance process by distributing decision-making rights among all participants and preventing any single entity from dominating the process.