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

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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 delega

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

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

| Heading | Subheading |
|————————|———————————————————–|
| Introduction | |
| Background | |
| The 1inch community’s proposal | Removal of st1INCH (v1) voting and delegation strategies |
| Change in st1INCH (v2) voting and delegation strategy | To use Unicorn Power instead of token balance |
| Weakening of v1INCH voting rights | Replacing v1INCH strategy with a strategy that simulates UnicornPower power decay |
| Comparison between voting rights of st1INCH and v1INCH | |
| Increase in the requirement for creating a snapshot proposal | From 25000 to 100000 voting weights |
| Benefits of the proposal | |
| Conclusion | |
| FAQs | |
# Table 2: Article
**According to Reports, The 1inch Community Has Voted to Modify The Governance Process of The 1inch DAO**

Introduction

As the cryptocurrency market continues to grow and evolve, more and more organizations are emerging to offer unique solutions to various challenges faced by investors. One such platform is 1inch, a decentralized exchange that offers low fees and high returns. The platform has seen massive growth in the past few years, with its community expanding rapidly. As a result, the 1inch community has voted to approve a proposal to modify the governance process of the 1inch DAO.

Background

1inch is a decentralized exchange aggregator that sources liquidity from various decentralized exchanges (DEXs) to provide the best possible rates for traders. It was founded in 2019 and has grown to become one of the most popular decentralized exchanges in the world. The 1inch protocol is governed by a decentralized autonomous organization (DAO). All decisions regarding the protocol are voted upon by token holders.

The 1inch community’s proposal

The recent proposal by the 1inch community aims to modify the governance process of the 1inch DAO. The proposal includes several changes to the current voting and delegation strategies of the platform. The following are the main changes proposed:
– Removal of st1INCH (v1) voting and delegation strategies from the 1inch snapshot space
– Change in 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, which 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 from 25000 to 100000 voting weights.

Change in st1INCH (v2) voting and delegation strategy

The first change proposed by the 1inch community is the modification of the st1INCH (v2) voting and delegation strategy. The proposal suggests using Unicorn Power instead of token balance. The idea behind this is to prevent vote farming by locking up tokens in st1INCH (v2). The new strategy will require voters to hold a certain amount of Unicorn Power, which represents the time-weighted voting power of the st1INCH (v2) token holders.

Weakening of v1INCH voting rights

The second change proposed by the 1inch community is the replacement of the existing v1INCH strategy with a strategy that simulates UnicornPower power decay. This will greatly weaken voting rights for fully owned and unclaimed v1INCH. The current strategy gives 20% weighted voting rights to v1INCH, which has been seen as unfair by many members of the community.

Comparison between voting rights of st1INCH and v1INCH

The 1inch community proposal has also shed light on the inequality that exists between st1INCH and v1INCH voting rights. The proposal states that, at the beginning of its ownership contract, v1INCH has a completely 1:1 voting equality with the st1INCH at the beginning of the two-year lock-in period.

Increase in the requirement for creating a snapshot proposal

The 1inch community also proposes increasing the requirement for creating a snapshot proposal from 25000 to 100000 voting weights. This is meant to prevent the platform from becoming easily manipulatable by whales.

Benefits of the proposal

The recent proposal by the 1inch community aims to create a fairer and more transparent governance process. The changes suggested will help prevent voter farming and ensure that all members of the community have an equal say in the decision-making process. They will also help to prevent the platform from being manipulated by larger token holders or “whales.” By creating a more fair and equitable governance process, the proposal will help to promote stability and increase investor confidence in the platform.

Conclusion

The recent 1inch community proposal to modify the governance process of the 1inch DAO is a significant step towards creating a more fair, transparent, and stable decentralized exchange. The proposal addresses several inequalities in the current voting and delegation strategies utilized by the platform. By eliminating vote farming, promoting transparency, and preventing whales from manipulating the platform, the proposal will benefit all members of the 1inch community.

FAQs

1. What is the 1inch DAO?
The 1inch DAO is a decentralized autonomous organization that governs the 1inch protocol. All decisions regarding the protocol are voted upon by token holders.
2. What changes are proposed in the recent 1inch community proposal?
The recent 1inch community proposal suggests several changes to the current voting and delegation strategies of the platform. These include the removal of st1INCH (v1) voting and delegation strategies from the 1inch snapshot space, the use of Unicorn Power instead of token balance in st1INCH (v2) voting and delegation strategy, and the replacement of the existing 20% weighted v1INCH strategy with a strategy that simulates UnicornPower power decay.
3. What is the benefit of the proposed change in the 1inch governance process?
The proposed changes will help to create a more fair and transparent governance process, prevent voter farming, and ensure that all members of the community have an equal say in the decision-making process. These changes will help to increase investor confidence in the platform and promote stability.

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