What Is DAO?
The term DAO stands for “decentralized autonomous organization” and can be described as an open-source blockchain protocol governed by a set of rules, created by its elected members, that autonomously execute certain actions without the need for intermediaries.
The DAO’s rules are embedded into computer code, which executes by itself based on the behavior of the protocol. There is no need to interpret these program rules as they are automatically implemented when the specified conditions occur.
Our Choice Is xDao
Launched in April 2021, the xDAO protocol is the first, and the only DAO-builder on the Binance Smart Chain (BSC). The protocol allows users to combine crypto assets from multiple DAO participants and manage them in a more efficient and secure way by using auto-generated smart contracts. A clear voting system also allows elected users to make collective decisions and be confident in their exact execution.
A significant advantage of the xDAO platform is the use of the BSC. The BSC’s utilization of Proof of Staked Authority (PoSA) consensus has the ability to provide the lowest transaction cost (only a few cents) at the highest speed, with stability and full support of all key tokens (including BTC, ETH and all BEP-20 tokens).
Token holders of the Lendefi organization created on the xDAO platform are able to determine the process for accepting new members to their DAO, manage the organization’s finances, establish rules for the issuance and sale of governance tokens, and much more. With xDAO, Lendefi has the ability to manage a wallet of cryptocurrencies and to make joint decisions about their usage.
Lendefi Governance Tokens
For Pilot Lendefi DAO, governance tokens will be pre-minted, using xDAO, and airdropped to the Pilot DAO participants. Every Pilot DAO participant has equal voting rights rather than weighted according to their token holding, meaning that each participant has one vote. Voting will not result in spending governance tokens, so the elected token holders may participate in proposals and voting.
“Pilot” DAO version
For the “Pilot” DAO version we are going to select a small group of people, applied and were found suitable candidates, to see how the process works and what we should take into consideration in the future integration of DAO to the Lendefi protocol.
All of the selected community members will be airdropped with governance tokens (this costs nothing, and is not a free money airdrop), and will be able to participate in voting, create new votings and get familiar with the process from the inside.
If you are a Lendefi token holder and are interested to participate in the Pilot DAO please fill out the following form:
The Lendefi protocol will deliver leveraged trading and secured lending to cryptocurrency markets. Utilizing an undercollateralized loan model, Lendefi facilitates a trustless relationship between lenders and borrowers, managed by the protocol to remove counterparty risk.