What is DAO on DEX 🧐? #education
DAO is a Decentralized Autonomous Organization 👥 that makes decisions about the development of an exchange.
⚡How does it work in practice?⚡
For example, on the #1 DEX on TON, STONfi, a governance DAO is planned. Decisions regarding adding new blockchains to the exchange, listing or delisting tokens, and so on will be made through voting among DAO members😃.
To become a member of the STONfi DAO, you need to stake STON tokens on the STONfi exchange📊. STON is the native token of the exchange. Depending on the amount of tokens🔝and the duration of their lock-up🔒, the strength of your vote is determined.
⚡Why does a DEX need a DAO?⚡
Since DEX is a decentralized exchange, it would be strange and incorrect for its governance to be entirely centralized. Additionally, having its own DAO increases trust among users😊.