Ren DAO has voted in favor of a proposal that sought to permit the minting of 180 million tokens. The tokens will fund the community’s improve to a brand new model.
Ren group has voted for minting 180M tokens that might be channeled to the protocol’s upcoming improve to a brand new model. The voting process was held on Snapshot.org and gave the Ren group 5 decisions.
The alternatives had been primarily based on the variety of cash the group needed for use to develop the brand new model. They ranged from 50M, 100M, 150M, and 200M tokens. The final alternative, ‘ Reject,’ additionally allowed stakeholders to say no the proposal to mint tokens for the community’s growth functions.
The voting, verification, and documentation had been to be carried out brazenly. The voting system was designed such that the weighted common of the voting energy between the choices could be the ultimate quantity of tokens to be minted and despatched to the Ren Basis.
As such, each vote solid was important sufficient to affect the end result of the method. It additionally implies that the ultimate quantity may have been a non-round quantity, like 124.54. Additionally, if over 50% of the weighted voting energy went with possibility E, the proposal would have been rejected.
The voting course of spanned from Dec. 14 to Dec. 21 to permit all members of the Ren group to be notified and take part. The ballot outcomes had been out there as quickly because the voting course of was achieved. Right here is how the group voted:
The ultimate tally tipped in favor of 200M. Nevertheless, not everybody voted for a similar; subsequently, solely 80.78% of 200M REN had been minted. The just-concluded course of is a giant step in Ren protocol’s governance after it said it will cease being centralized in November as a consequence of funding points.
Alameda Analysis acquired Ren in February 2021. Thus, the collapse of Alameda blew a gap in its accounts. The autumn of FTX has additionally accelerated the adoption of DeFi as DEXes have been recording file transaction volumes, in line with a Chainalysis report. Now, how properly Ren’s protocol will honest after Alameda’s leadership stays to be seen.