Make Velodrome the STG Hub on Optimism: Enhancing Stargate’s Mobility
On April 19th, it was reported that the Stargate DAO community has initiated the Make Velodrome the STG Hub on Optimism vote to increase Stargate\’s mobility on Optimism. The vote w
On April 19th, it was reported that the Stargate DAO community has initiated the Make Velodrome the STG Hub on Optimism vote to increase Stargate’s mobility on Optimism. The vote was effective with 2.2 million people and the deadline was 02:59 on April 22nd. Currently, 1.7 million people have participated in the voting, with a approval rate of 97.94%. Foresight News previously reported that on February 27th, the AMM protocol Velodome on Optimism launched the Make Velodome the STG Hub on Optimism proposal on Commonwealth.
Stargate DAO Community Initiates Make Velodome the STG Hub on Optimism Voting
Introduction
On April 19th, the Stargate DAO community initiated a vote to make Velodrome the STG Hub on Optimism. This decision aimed to enhance Stargate’s mobility on Optimism, a Layer-2 scaling solution for Ethereum. The voting process attracted 2.2 million people, and the deadline for voting was set for April 22nd, at 02:59. Currently, the approval rate stands at 97.94%, with 1.7 million people having already participated in the voting process.
What is Stargate DAO?
Before we dive into the details of the vote, let’s first understand what Stargate DAO is. Stargate DAO is a decentralized autonomous organization that governs the Stargate Protocol. The Stargate Protocol is a blockchain-agnostic system that allows for the transmission of data and assets across different blockchains. It achieves this through a decentralized bridge infrastructure and inter-blockchain communication protocol.
Layer-2 Scaling Solutions for Ethereum
The Ethereum blockchain has been plagued by scalability issues for a long time. This problem arises because of the limitations of the blockchain’s infrastructure. As a result, it’s challenging to run decentralized applications with high activity levels, leading to high gas fees.
Layer-2 scaling solutions, such as Optimism, aim to address these challenges. They provide a scaling solution that allows for faster and cheaper transactions. Optimism achieves this by taking transactions off-chain and only settling them on Ethereum’s mainnet when necessary.
What is Velodrome on Optimism?
Velodrome is an automated market maker (AMM) protocol built on Optimism. It provides liquidity for different assets and allows for trading without requiring the involvement of a central authority. Velodrome intends to offer the lowest fees, highest capital efficiency, and instantaneous settlement times to its users.
The Make Velodrome the STG Hub on Optimism Proposal
On February 27th, Velodrome launched the Make Velodrome the STG Hub on Optimism proposal on Commonwealth. The proposal had five main objectives:
1. To improve the user onboarding process on Optimism by making Stargate the main point of entry.
2. To leverage the unique features of the Stargate protocol to create seamless bridging infrastructure between L1 and L2.
3. To improve liquidity, asset accessibility, and trading experiences for both Stargate and Velodrome communities.
4. To enhance the security of Stargate by relying on the Optimism infrastructure.
5. To foster the growth of the Ethereum ecosystem and create value for its stakeholders.
The Voting Process
Stargate DAO community initiated a vote on April 19th, to support the Make Velodrome the STG Hub on Optimism proposal. The voting process was open to anyone holding STG tokens, the native token of Stargate. The voting period started on April 19th and concluded on April 22nd at 02:59. The voting process attracted 2.2 million people, with an approval rate of 97.94%.
Benefits of Making Velodrome the STG Hub on Optimism
The proposal to make Velodrome the STG Hub on Optimism aims to bring numerous benefits to Stargate DAO and Velodrome’s communities. These include:
1. Faster and cheaper transactions as Optimism is a Layer-2 scaling solution.
2. Seamless bridging infrastructure between L1 and L2, leveraging the unique features of the Stargate protocol.
3. Creating a more secure ecosystem for Stargate DAO by leveraging the Optimism infrastructure.
4. Enhancing liquidity and trading experiences for both communities.
5. Enhancing the growth of the Ethereum ecosystem through collaboration between Stargate DAO and Velodrome.
Conclusion
The recent decision to make Velodrome the STG Hub on Optimism is a significant step forward for Stargate DAO and Velodrome’s communities. This decision will enhance Stargate’s mobility on Optimism, providing faster, cheaper, and more secure transactions. It will also create opportunities for both communities to enhance liquidity, trading experiences, and foster the growth of the Ethereum ecosystem.
FAQ
1. What is Stargate DAO?
Stargate DAO is a decentralized autonomous organization that governs the Stargate Protocol. The Stargate Protocol is a blockchain-agnostic system that allows for the transmission of data and assets across different blockchains.
2. What is Velodrome on Optimism?
Velodrome is an automated market maker (AMM) protocol built on Optimism. It provides liquidity for different assets and allows for trading without requiring the involvement of a central authority.
3. What are Layer-2 scaling solutions for Ethereum?
Layer-2 scaling solutions, such as Optimism, provide a scaling solution that allows for faster and cheaper transactions by taking transactions off-chain and only settling them on Ethereum’s mainnet when necessary.
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