Hello everyone, we are excited to officially launch our V1 of the DAO Governance. This will enable the holders of the $MOD token (starting on the Ethereum network, including those who are staking on Trustswap) to participate in Governance voting!
Standing by our promise of introducing a Governance protocol, this will be the beginning stages of creating a truly decentralized project. We feel it’s important for all the $MOD token holders to have a say in what direction the project moves, and be part of the major decision-making moving forward.
What is Blockchain Governance?
DAOs (Decentralized autonomous organizations) are internet-native organizations that are run and managed by communities through transparent decision-making processes.
Governance gives the ability for token holders to vote on specific changes within the project or ecosystem.
Changes to project/protocol are not routed through a core development community, which evaluates its merits and demerits. Instead, each member (holder) is given the opportunity to vote on the proposed change and can read about or discuss its benefits and drawbacks. It is decentralized because it relies on the community for collective decision-making.
It offers quicker turnaround times for changes and a wider consensus while creating more efficiency. Informal governance systems require time and effort between stakeholders in order to achieve consensus. On-chain governance achieves consensus regarding proposed changes in relatively less time among stakeholders.
How can I participate?
The first Governance proposal will be live starting on June 30th at 2AM UTC and run for 7 days. We will be voting on the next steps for $MOD staking. A snapshot has been taken of all Holders / Stakers balances on the Ethereum network. If you hold or stake $MOD tokens on Ethereum at Block #12730662 you are eligible to vote on the proposal.
The best part is voting is completely gas-less, which means you can participate without having to pay anything, including Ethereum gas fees.
Visit https://dao.modefi.io/ to vote
Think of this proposal as a trial run for our governance system. It’s not going to be perfect out of the gate and I’m sure some people may be happy or upset with the final outcome. It’s a learning experience for the future proposals that will have greater importance on the Modefi ecosystem. Proposal creations will be limited while we determine the finite details within the DAO to combat bad actors.
If you have any suggestions for future proposals please relay them to the Modefi team during this first phase.
There are currently 3 different networks where holders of $MOD can stake. Fantom, Binance Smart Chain, and Ethereum.
Staking on the Ethereum network is hosted by Trustswap and only allows for single asset $MOD staking, not LP. Both single asset $MOD and LP staking has been supported on Fantom and Binance Smart Chain.
Due to popular demand, we are considering the addition of Matic / Polygon $MOD staking. However, we would like to have the community voice their opinion on how we should proceed.
Modefi’s main objective for bringing users onto different chains is to help $MOD holders learn and experience using other platforms that we will soon be launching our products on.
Below are the options for the Staking Proposal
1) Keep staking on Fantom and BSC Networks as is
2) Keep staking on Fantom and add Matic / Polygon (removing BSC)
3) Keep staking on BSC and add Matic / Polygon (removing Fantom)
4) Add Matic / Polygon staking and reduce rewards across all networks
5) Only support staking on Fantom
6) Only support staking on BSC
7) Only support staking on Matic / Polygon
We encourage everyone to participate and discuss amongst each other to weigh the advantages/disadvantages of each outcome.
Please keep in mind supporting too many networks for LP staking may cause a dilution of liquidity across all platforms, we have added it as an option since we are leaving it up to the community to make the best decision for the majority.
Visit https://dao.modefi.io/ to vote
We want to take the time to thank everyone for being a part of our community, and look forward to the bright future of Modefi!
Modefi: An Oracle Solutions Platform
Modefi’s mission is to bring decentralized trustless Oracle solutions to developers and businesses. Using multi-chain solutions Modefi is building interoperability that will drive adoption and true power to the blockchain ecosystem.