The governance of large DeFi protocols is often concentrated in the hands of a few dozen key developers👥.
This directly contradicts the very essence of DeFi. The core idea of DeFi is decentralization. Transferring even partial control to the community via a DAO would significantly increase user trust and present decentralized finance in the right light🌐.
Participating in the DAO community of a DEX, for example, allows you to create and vote on proposals related to protocol updates, adding new networks, fee models, adding or removing tokens, etc 🗣️ .
Most often, in order to be part of the DAO community, you need to hold the project’s tokens or even freeze them for a certain period in staking🔒.
One of the first DeFi protocols to implement its own DAO is the Uniswap DEX. To become part of the DAO, you need to hold $UNI tokens in your wallet. For example, in February 2023, there was a vote regarding the deployment of Uniswap v3 on the BNB blockchain, where 66% of the DAO community voted in favor. On March 15, 2023, Uniswap officially launched its exchange services on the BNB blockchain🚀.
How will this be implemented on STON.fi?
STON.fi is also actively developing its own DAO community. To become part of the DAO, you will need to stake STON tokens on the STON.fi exchange. 🔗 The amount of STON tokens you stake and the duration of the staking will determine the strength of your vote. 📊 As proof of your participation, you will be issued an ARKENSTON NFT. Additionally, GEMSTON tokens are also awarded. 💎 While the DAO community is still under development, you can already stake your STON tokens⏳.
If you want to learn more about staking on STON.fi, I recommend reading my article. 📖
