Update: USDX Minting Rewards for BNB — Proposal Did Not Pass, New Vote Issued.

Brian Kerr
Jun 30, 2020 · 1 min read

As many of you might have seen, the recent governance proposal #10 to enable USDX rewards for BNB has failed to pass. Kava Labs amongst others voted against proposal 10 after discovering an issue that limits the increase of BNB deposits on the Kava’s network. A fix to the BNB deposit limit issue is already underway.

With the current BNB limits maxed out by a low number of accounts, the passing of this proposal would have unfairly distributed rewards to only those accounts, leaving no opportunity for new participants to become USDX minters. For this reason we have voted against proposal 10 so that we can first apply the fix so BNB limits can be increased and then enable USDX rewards by a new governance vote.

We will initiate a new vote in favor of enabling USDX rewards for BNB users at 14:00UTC July 1st. If it passes, the first #CryptoPayDay can then begin 14:00UTC July 15th.

Kava Labs Blog

This publication features news and articles from the Kava…

Kava Labs Blog

This publication features news and articles from the Kava Labs team. Kava Labs is a developer of the Kava blockchain, the first cross-blockchain DeFi platform.

Brian Kerr

Written by

Co-founder of Kava — Connecting All Things Crypto , a Tennis Enthusiast and Serial Entrepreneur.

Kava Labs Blog

This publication features news and articles from the Kava Labs team. Kava Labs is a developer of the Kava blockchain, the first cross-blockchain DeFi platform.