0x Protocol Announces Decentralized Governance Plan
In a recent forum post, the team behind the decentralized finance (DeFi) protocol 0x has unveiled ambitious plans to decentralize governance, featuring a community-owned treasury that will be initially funded by 0x Labs. Talk about putting the power in the hands of the people!
A New Era of Community Ownership
The announcement states, “As we continue our mission to create a tokenized world where all value can flow freely, 0x Labs intends to experiment with seed-funding a community treasury managed by a DAO.” This initiative is set to engage a plethora of active community members by initially appointing a group of bootstrap delegates to facilitate the governance transition.
The Evolution of Decentralization
Theo Gonella, the product manager at 0x Labs, indicates that this move towards decentralization shouldn’t shock longtime followers. He reflects on the progressive decentralization vision shared back in 2017 when they introduced ZRX, the governance token. “We have always envisioned that ZRX holders would one day be in full control of all aspects of the project,” Gonella asserted, emphasizing that the community has been waiting for this moment.
Recent Developments Boosting the Project’s Momentum
Interestingly, this announcement comes as 0x experiences significant growth, evidenced by a v4 update to their mainnet that sent the ZRX token prices soaring. Last month, the token jumped over 300%, reaching $1.81. And just last week, 0x Labs sealed a hefty $15 million fundraising deal led by Pantera Capital, showcasing the faith the investment community has in their mission.
Looking Ahead: The Road to Full Governance
As thrilling as it is to watch this DeFi heavyweight plot its course, Gonella insists that governance will remain a priority alongside protocol progression. He noted, “Managing a community treasury is the natural first step,” allowing the ZRX holders a safe playground to learn the ropes of governance before tackling more complex issues later. The timeline for reaching full open governance? Gonella hints that it might happen “by the end of the year.”
Join the Movement
In joining the movement towards decentralized governance, 0x aligns itself with a broader trend in the DeFi landscape, where other protocols like 1inch and Balancer Labs are also transitioning towards community management. This shift towards community ownership reflects an exciting future in DeFi. As Gonella puts it: “We are collectively walking into the uncharted territory of human coordination.” Time to grab your ZRX tokens and get in the game!
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