First-ever participants’ vote: Changes to the Monetary and Governance Model; and introducing Sögur
Between 2 and 6 September 2020, Saga held its first-ever participants' vote — exercising for the first time the project’s purpose-built democratic voting model.
The results of the vote — in favour of the changes outlined below — were made with immediate effect. These were approved by the majority vote, totaling 99.9% of the participating voting power.
- Monetary Model: The monetary model now departs from the reserve backing faster, exposing holders to carefully modelled volatility — using stabilisation mechanisms to temper risk in fast-changing and unpredictable market conditions, while creating an opportunity for sustainable intrinsic value growth, thanks to the bonding curve model. The previous monetary model was to depart from a reserve ratio of 100% once it achieved 20M’ SDR, however this market cap threshold has been lowered to 2M’ SDR, with the reserve ratio reaching 80% at a market cap of 12M’ SDR.
- Governance Model: The formation of the Participants Assembly will take place now rather than at the end of 2021, allowing token holders to take greater control of the project.
For more changes approved by the vote, please visit https://voting.saga.org/
These changes were proposed with the changing global landscape in mind, to enable Saga to continue on its mission to deliver a truly global and democratically governed currency against this new backdrop. These amendments not only represent the first instance of Saga delivering on its promise of a democratically governed currency, but also a new era of the project. And with this new, amended model, we are also excited to share that we have a new name, to carry us through this new era and beyond: Sögur.
Taken from the Old Norse for history, our new name is a nod to our history, and the history whose shoulders we stand upon when looking to build the future of currency.