Governance mode activated
Voting power is now in the community’s hands. It’s one of the next important steps towards full decentralization, the main goal of Waves.Exchange this year.
Starting today, the Waves.Exchange community has an opportunity to influence the development of the platform by voting with gWX. The first voting mechanism applies to the token verification process. In addition to easily creating a token, users can now suggest it for verification by the community.
Verified tokens have several major advantages.
- They can have their own liquidity pool and receive WX emission
- Traders will see the token in verified mode
- They can have a market maker bot
- They are Included in the total value of the wallet
A procedure for suggesting a token
Token creators now have a simple mechanism of suggestion tokens for voting:
- go to the voting page
- click on ‘Suggest Token’
- select the token
- add the icon
- pay the fee for a blockchain transaction and 10 WX for voting services
- confirm.
The voting period is one week (~10,080 blocks). A suggested token becomes ‘Verified’ if it reaches a quorum, which is 500,000 gWX (at the moment of the first release of the voting functionality) and the number of votes for “No” is less than that for “Yes.” If the token doesn’t get the necessary number of positive votes, it participates in the next three voting periods automatically and after that is excluded from voting. But the creator can always offer their token for voting again.
The voting mechanism
On the other hand, the community, who stake their WX, can now, apart from passive income for staking, also use their gWX to decide which tokens will enjoy the advantages described above. We did our best to make the voting mechanism very clear.
- get gWX by locking your WX tokens
- go to the voting page
- choose tokens to vote for or against
- by pressing YES or NO you vote using all your gWX
- the same gWX can be used to vote for or against multiple tokens simultaneously
- you can cancel your vote and vote once again for or against a token.
What’s next?
Waves.Exchange is going to present a full development cycle for token creators. Creation and verification were only the initial steps. At later stages, you will be able to suggest new pools with your tokens and vote for pools to be added to the interface, as well as for receiving WX emission, changing pool APYs and multiple other parameters. Users will be able to add liquidity to those pools and make trading bots for pairs with verified tokens.
