- SundaeSwap announced the launch of its governance portal.
- It also announced its custom Layer-2 Validium solution.
SundaeSwap, a Decentralized Trading Protocol on Cardano, has announced a significant governance milestone. In a tweet, it was made known that the first on-chain SundaeSwap governance vote is now live.
It also stated that it prioritized governance as its first major product release for 2023 because it sees it as a critical component in cementing the SundaeSwap DEX as a fully decentralized project.
With the launch of the solution, SundaeSwap mentioned it is enabling a goal it has had since the launch of the DEX protocol last January: to give SUNDAE token holders the capability to propose and vote on key decisions related to the future of the DEX protocol.
The first on-chain SundaeSwap governance vote
According to SundaeSwap Decentralized Governance Process and Procedures, “The votes and voting results will be collected from off- and on-chain voting, audited by a committee (which membership may be changed by DAO vote), and verifiable on the Cardano blockchain. The initial members of the vote audit committee are Smaug pool, Eternl, cexplorer.io, and DripDropz.”
It further included that “the committee will review all proposal votes and report a separate tally for each proposal; if they identify any discrepancies that indicate a bug in the tallying process, the committee will work together to resolve the bug and produce a more accurate tally or, under extreme circumstances of a clearly manipulated vote, invalidate the vote and return the proposal for a new vote.”
“Moderators will be selected by a vote of the Members. The number of Moderators will be three; the number of Moderators can be changed by a vote of the Members. Each Moderator will provide a Cardano wallet address and will be listed publicly as a confirmed SundaeSwap DAO Moderator,” SundaeSwap further added.
In July 2022, the Cardano DEX launched its first public instance of its off-chain Validium — an inspired secure governance solution on Cardano — by taking a vote for the best ice cream flavor.
As last year’s report, Cardano entered the Voltaire-age of governance, Cardano founder Charles Hoskinson revealed the first CIP for the Age of Voltaire, CIP 1694. The Voltaire era, often known as the age of governance, is what the Cardano Improvement Proposal (CIP) 1694 aims to attain.
The acceptance and vote on it in November 2022 were proposed by Jared Corduan — a software engineering lead at Input Output Global, Cardano’s builder. Cardano’s roadmap states, the Voltaire era seeks to give the final pieces required for the Cardano network to become a self-sustaining system.
With the introduction of a voting and treasury system, network participants will be able to use their stake and voting rights to influence the future development of the network.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.