Waves Association DAO launches votes for token verification
At a recent Waves Association general meeting, a new function in the Waves DAO was introduced, which will strengthen the association’s role in the ecosystem and broaden the range of members opportunities.
Now association members can vote for verification of the ecosystem’s projects’ tokens and verification will be supported in the interface of Waves.Exchange. A project that receives the majority’s support will be automatically verified on the exchange, which could also lead to verification on other services, such as CoinMarketCap.
The function was tested as part of a demo vote for the verification of the SIGN token. The token was supported by 5 out of 9 members of the Grants & Funding working group, which can be traced thanks to the transparency of vote via the Waves DAO smart contract. Based on the vote’s outcome, the token received a Verified status on Waves.Exchange, can be integrated into CoinMarketCap and is in the same category as the Waves ecosystem’s base assets.
Currently, the token verification process works as follows:
1: A project applies for token verification using this form.
2: The working group for Funding & Grants puts it to vote.
3: Association members vote for token verification.
4: If at least one half of the votes have been cast in favor of verification, the vote is considered to be successfully completed.
Thanks to the Waves.Exchange integration, which makes the Waves Association DAO a provider of information on verified tokens, an asset supported by association members obtains a “Verified” status, a description, a logo and additional data in the exchange’s interface.
This function enhances association members’ powers in the Waves Association DAO, which also include voting on grant applications as part of general meetings. Join the association to be able to contribute to the decision making process by filling out this form!
