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- 1 The crypto sector showed huge evolution with the inclusion of DAO and Memecoins.
- 2 The community-driven governance has enhanced the project’s adaptability and transparency.
The crypto field is progressing rapidly and a huge credit for this goes to the communities supporting the projects. Initially, it is regarded only as a decentralized money that can not be controlled by any authority. However, as time and the field progressed, other benefits of digital currency along with decentralization got highlighted.
The dedicated supporters or the community shape up the project by giving the undaunting assistance. There is a huge attraction and involvement of the crowd in the field due to meme coins. Dogecoin and Shiba Inu are some of the coins that have fascinated swarms in the industry. Memecoins are inspired by online jokes.
It brings entertainment to the field attracting packed full audiences and investors.
The fans of crypto play a huge role in the evolution of the sector and its projects. The common thing among them is their shared belief in crypto and that leads to increased adoption by others.
What Role Did DAO Play in the Evolution of Crypto?
With the emergence of DAO, crypto communities have become more organized. It provides a framework through which the community can make decisions. The supporters collectively can participate in the decision-making process for making important amendments related to the projects. It includes financial matters, new rules, initiatives, etc.
Thus, the involvement of DAO leads to the development of crypto. It makes the community of supporters powerful enough to make cooperative decisions through a proper framework. Anyone can submit proposals for the whole community to vote on in a Decentralized Autonomous Organization.
Votes on different topics like change of enabled feature, inclusion of further steps, and funds are held by the communities.
How Does the Community Shape Any Crypto Project?
The evolution of any project depends on many factors. One of them is through the community. The community-driven governance results in greater inclusivity and consideration of more vivid perspectives, which leads to development and innovation.
The Managing Director at Palm Foundation, Andrea Lerdo said that when the community feels genuinely involved with the project by taking part in decision-making processes, it develops a deeper sense of ownership and commitment to its success.
It is important to mention here that Palm Network has a growing community with more than 1 Million wallet addresses. Palm Foundation is a DAO that drives the development of Palm Network. It is powered by the $PALM network. The platform encourages the creation of more energy-efficient NFTs with lower gas fees.
Ledro also said that the participation of the community in the decision-making process leads to transparency, enhanced trust, and accountability. This openness will attract more participants.
However, Ledro also highlighted that factors like the complexity of issues, lack of incentives, and information overload can lead to lower participation rates. That leaves the important decision-making only to a small part of the community.
Summary
Community empowerment and DAO involvement are resulting in the evolution of Crypto. The industry is showing its growth as the community is taking part in making important decisions for the project. DAO is facilitating with proper frameworks empowering the supporters. This combination leads to enhanced transparency and accessibility, resulting in huge expansion and development of the industry.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
