pTokens Launches pNetwork DAO with PNT Staking

https://defirate.com/pnetwork-dao/

pTokens – a trustless bridge for interoperability – has summoned its DAO to handle all protocol governance using PNT tokens.

Built by Provable Things, pNetwork offers a platform to port assets to and from Ethereum using wrappers called pTokens. The most popular version of these wrappers is pBTC – an Ethereum-based version of Bitcoin similar to renBTC. Underpinning the pNetwork is a set of decentralized validators who post a bond in PNT governance tokens to operate a node on the network. Whereas this aspect was a great way for validators to have skin in the game, it’s largely limited to a technical audience.

Today, PNT rewards can be earned by any user by joining the newly launched pNetwork DAO and participating in governance. Built on Aragon, users stake PNT for governance-wrapped tokens called daoPNT. To encourage users to participate in voting, pNetwork is allocating up to 28.35M PNT (47.25% of the total supply) via governance reward inflation.

Similar to other governance-based rewards like KyberDAO and Nexus Mutual, PNT is only rewarded to active contributors. As illustrated in the DAO interworking post:

“A DAO member is considered active and only becomes eligible for rewards if they are daoPNT holders and the check confirms that they have voted on at least all proposals except one within the two week period.”

The rewards are projected to provide 42% APR in the first year followed by 21% in the second year. Stated another way, if you stake your PNT via the pNetwork DAO and vote on every proposal, you will earn a 42% return on your initial PNT contribution (denominated in PNT).

The pNetwork DAO features a 7 day cooldown period and is expected to kick off it’s genesis governance polls in the coming weeks!

DeFi DAOs Heat Up

The launch of the pNetwork DAO comes in tandem with a suite of other DeFi DAOs from projects like Kyber, Aave, Curve and bZx.

While Curve will also be built on Aragon, it’s interesting to recognize that many DeFi projects have opted in to building their own framework instead of using an out of the box solution like Aragon. Still, Aragon-based tooling offers much more flexibility in the future upgradability of these DAOs, and is quickly becoming the leading platform for large organizations to field future governance.

Backed by the recent ANT liquidity program, Aragon will also look to ship a native chain this year, allowing DAOs to port their governance to a low cost, real-time transaction relayer which harnesses all the benefits of Aragon in a scalable fashion.

Over the next few months, it will be super interesting to see the different levels of engagement each of these DAOs receives. While using liquidity mining to incentivize participation is a step in the right direction, the bigger conversation is around making governance interesting enough that tokenholders would participate with no rewards in mind.

If nothing else, it’s great to see governance taking center stage and is a trend that we at DeFi Rate are extremely excited to watch unfold.

To stay up with pTokens for all DAO related events, be sure to follow them on Twitter or join the conversation on Discord!

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Governance: What It Means to Blockchain Projects (Virtual Meetup)

https://medium.com/@helloiconworld/governance-what-it-means-to-blockchain-projects-virtual-meetup-fb5b5fb9338e?source=rss-97957d5f5ab2------2

Greetings ICONists,

On July 30th at 5pm (PST), we will host an online meetup with leading blockchain projects, MakerDAO and Tezos. Wilson Withiam, Research Analyst at Messari, will be the host for the panel discussion. Daeki Lee, Head of Ecosystem at ICON Foundation, Kevin Nielsen, Associate at TQ Tezos, and Charles St.Louis, Decentralized Governance Architect at Maker Foundation will participate in the panel discussion about governance.

Governance is an integral part of blockchain projects, yet there is still no proven approach while many blockchain projects continue experimenting with the governance of their ecosystem. As the ICON project went through decentralization last Fall, the team has learned many important lessons along the way and thought that it would be a good idea to share these lessons while learning from other blockchain projects that have gone through the decentralization process as well. With that in mind, we invited Tezos and Maker DAO, two blockchain projects that are well known in the industry for active governance of the ecosystem, to join us for a panel discussion on governance.

We hope to have a candid discussion about the latest status on the governance of each blockchain project and believe that this meetup will provide a good overview on various approaches to the governance of blockchain projects. As many defi platforms issue governance tokens, the governance topic is becoming increasingly more important. We hope that the lessons shared in this panel can inspire many who are interested in learning more about blockchain governance and in experimenting with a new governance approach.

Title

Governance: What It Means to Blockchain Projects

Date and time

Thursday, July 30, 2020 17:00–18:00 (PST)

Location

Virtual (https://www.airmeet.com/e/e7cc9240-c756-11ea-9bea-3146952c640d)

Profile of Speakers

Daeki Lee (ICON Foundation)

Daeki is the Head of Ecosystem at the ICON Foundation. He started his career as a venture capitalist at TransLink Capital, in which he led multiple early stage investments. He joined ICON Foundation and built ICX Station to foster the ICON ecosystem. At ICX Station, he is actively supporting projects on the ICON network, building necessary products for the ICON ecosystem, and leading the community growth. Daeki earned his B.S. in Business Administration from Haas School of Business.

Kevin Nielsen (Tezos)

Kevin Nielsen is an associate at TQ Tezos, a firm building assets and applications in the Tezos ecosystem, that helped build the Tezos Agora forum and governance dashboard. He also runs Boardroom, a monthly newsletter aiming to interpret the complex world of distributed network governance, politics, and power.

Charles St.Louis (Maker Foundation)

As the Decentralized Governance Architect at the Maker Foundation, Charles St. Louis is responsible for the initiative to further research, design and formalize Maker governance processes on behalf of the Maker Foundation, with a focus on the self-sustainability of the DAO. Charles is also an active contributor to Ethereum and the Ethereum Cat Herders, helping with improving the EIP process, advisor of Ethereum.org, project management, and working on Ethereum developer growth strategy initiative.

Wilson Withiam (Messari)

Wilson is a research analyst at Messari, primarily focusing on the design and market potential of smart contract platforms. Before Messari, Wilson was an analyst at Circle Research, where he was one half of the team focused on producing weekly updates and in-depth quarterly reports on crypto assets. He also helped launch an organization dedicated to educating blockchain application developers.

Thank you,

ICON

ICON official community

Homepage : https://icon.foundation

Medium (ENG) : https://medium.com/helloiconworld

Brunch (KOR) : https://brunch.co.kr/@helloiconworld

KakaoTalk (KOR) : https://open.kakao.com/o/gMAFhdS

Telegram (ENG) : https://t.me/hello_iconworld

Telegram (KOR) : https://t.me/iconkorea

Facebook : https://www.facebook.com/helloicon/

Reddit : https://www.reddit.com/r/helloicon/

Aave Announces Aavenomics Token and Governance Upgrade

https://defirate.com/aavenomics-upgrade/

Aave, the rising money markets protocol, announced its token and governance upgrade Aavenomics: a formalized path to the decentralization and self-sustainability of the network.

For those looking for a quick TLDR, check out the post’s sleek Flashpaper. For those looking to do a deep dive, the full interworking cans be found here.

Token Economics

The upgrade features a handful of key additions and changes to the growing lending protocol. First and foremost, Aave’s native token LEND will migrate to a new token AAVE at a rate of 100: 1 following approval from LEND holders via the Genesis Governance Poll. In turn, the total supply will shift down from 1.3B LEND down to 16M AAVE.

While 13 million AAVE will be claimable by LEND holders at the aforementioned rate, the remaining 3M AAVE will be allocated to the Aave Ecosystem Reserve – a bootstrapping fund for protocol incentives governed by AAVE tokenholders.  The protocol’s ecosystem reserve will be allocated between a handful of different incentives, including both the “Safety” and “Ecosystem” incentives. With that, the reserve’s Safety incentive allocation will be distributed to holders who deposit AAVE into the Safety Module (SM). The Safety Module acts as an insurance reserve for Aave users in the instance of a shortfall event and in return, will receive rewards along with a percentage of the protocol fees. With that, it’s important to note that Aave will be transitioning away from the current burn model in favor of this dividend-like token model.

What’s interesting about the Safety Module is that it not only features vanilla AAVE in the module but it also leverages a Balancer pool to incentivize market liquidity. Naturally, the Balancer pool will also accrue BAL rewards and trading fees for Safety Module Stakers on top of the protocol’s native incentives – showcasing DeFi’s composability at its finest.

The other piece to the incentive puzzle is the introduction of Ecosystem Incentives. In line with the current trends in DeFi, Aave will be implementing a liquidity mining mechanism into the protocol. Therefore, users who supply or borrow assets from Aave will earn rewards.

Lastly, Aave governance may also elect to allocate a portion of the Ecosystem Incentives to fund or bootstrap applications building on the Aave ecosystem.

Governance

With the introduction of the Aave Ecosystem Reserve along with the team’s dedication towards decentralization and self-sustainability, Aave Governance is a critical piece to the Aavenomics upgrade.

The driving force behind Aave Governance is the introduction of Aave Improvement Proposals (AIPs) which represent modifications to the protocol that are ratified on-chain by AAVE tokenholders. An interesting design piece to this is that users who holder AAVE in cold storage or even staked via the Safety Module can use their token weight to vote on AIPs. Passive tokenholders also have the option to delegate their voting power to Aave Protocol Politicians.

Aave tokenholders will also play a role in adjusting Aave Policies, a set of governance defined rules that control the parameters behind the protocol, and individual money markets. As such, there are two main types of policies available for governance changes.

The first is Protocol Policies which dictate the overarching behavior of the Aave Protocol including risks, improvements, and incentives. The second is Market Policies which define the context and parameters behind each market within the protocol, like the Uniswap Money Market or the TokenSet Money Market. Changes to Market Policies may include adding or removing supported assets, adjusting loan-to-value ratios, or modifying interest rate models.

Closing Thoughts

With Aave’s explosion into the DeFi ecosystem this year along with their ability to consistently innovate with new products, like credit delegation, the Aavenomics announcement is right on brand with what the team has built to date.

The protocol is not only introducing emerging trends prevalent in DeFi like yield farming but also leveraging the blooming composability available within Ethereum’s DeFi ecosystem. The introduction of the Aave Safety Module provides AAVE tokens with a claim on the protocol’s cash flows while also featuring a Balancer pool to maximize rewards.

While the exact timeline on the Aavenomics mainnet launch has been kept high-level, we can expect that this upgrade will serve as a driving catalyst for Aave’s next leg in growth similar to Kyber’s recent upgrade in early July or the announcement of Bancor V2.

At the time of the announcement, value locked in the Aave protocol is up 13.2% to $424M in total assets while LEND surges 16% to $0.31 valuing the protocol at $395M.

If you’re interested in staying up to date, make sure to follow Aave on Twitter. For those looking to get involved in the discussions surrounding Aavenomics, make sure to join the official Discord!

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MANA Approved by Maker Governance as Collateral Type in the Maker Protocol

https://blog.makerdao.com/mana-approved-by-maker-governance-as-collateral-type-in-the-maker-protocol/

As a result of an Executive Vote that ended today, MKR holders have accepted MANA (Decentraland) as a new collateral asset in the Maker Protocol. The token can now be used to open Maker Vaults in order to generate Dai. 

Prior to the vote, the Maker community discussed the merits of adding MANA, as well as the appropriate risk parameters for the tokens (listed below), in the Maker Governance Forum.

MANA Risk Parameters

  • Risk Premium: 12%
  • Liquidation Ratio: 175%
  • Debt Ceiling: 1 million
  • Auction Lot Size: 500,000
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 20 Dai

The flexibility of the Maker Protocol means that almost any kind of asset that can be tokenized can be added as collateral in the system, as long as it has appropriate risk parameters and is approved by Maker Governance. 

Adding MANA to the list of collateral types is an exciting step. Users can now connect their wallets to Oasis Borrow and lock either type in a Maker Vault to generate Dai.

The post MANA Approved by Maker Governance as Collateral Type in the Maker Protocol appeared first on Maker Blog.

Executive Vote: Approve Monthly Governance Cycle Bundle, Increase the ETH Debt Ceiling

https://blog.makerdao.com/executive-vote-july-27-2020/

The Governance Facilitators have placed an Executive Vote into the voting system which will enable the community to approve the following alterations to the protocol.

Monthly Governance Cycle Bundle

As per MIP3: Governance Cycle, this bundle consists of the proposals that have met the prior requirements to be included in the monthly MIPs executive. These proposals are as follows:

Maker Improvement Proposals

Sub-Proposals

Increase the ETH-A Debt Ceiling

Additionally, the Risk Team has requested that the ETH-A debt ceiling be raised as an emergency measure due to the recent bullishness of ETH (Ether) with the aim of maintaining the Dai peg.

The Risk Team has called for the ETH-A debt ceiling to be increased from 220 to 260 million.

Summary

Therefore, if this Executive passes the following will occur:

  • Move MIP16: The Weekly Governance Cycle to Accepted status.
  • Move MIP18: Meta-Parameter Adjustments to Accepted status.
  • Move MIP19: Liquidations System 1.1 Upgrade to Accepted status
  • Implement changes to the Maker Protocol contracts as detailed in MIP19.
  • Move MIP18c4-SP1: Subproposal for Modifying Meta-Parameter Adjustments to Accepted status
  • Modify MIP18 according to the content of MIP18c4-SP1.
  • Move MIP12c2-SP3: Domain Work Requirements for the Onboarding of MANA to Accepted status.
  • Add MANA to the Maker Protocol with the risk parameters attached to MIP12c2-SP3.
  • Raise the ETH-A Debt Ceiling from 220 to 260 million.

The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote.

Review

These changes have been discussed over the last month in the Maker governance forum, please review the threads linked above to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. Video and Audio for these calls is available to review.

Action

Voting for this proposal will place your MKR in support of implementing the changes outlined above.


Resources

If you are new to voting in the Maker Protocol, please see the voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Executive Vote: Approve Monthly Governance Cycle Bundle, Increase the ETH Debt Ceiling appeared first on Maker Blog.

Clear Governance Key for Enterprise Blockchain to Move Forward

https://cointelegraph.com/news/clear-governance-key-for-enterprise-blockchain-to-move-forward

Law expert believes a governance structure where risks and rules are thought through is the key for enterprise blockchain to move ahead.

A clear governance structure within a decentralized ecosystem is the key for enterprise blockchain to move away from uncertainties said Mark Radcliffe, a partner at global law firm DLA Piper who has extensive experience in blockchain governance, in an interview with Cointelegraph.

Freedom of decentralization and governance 

Radcliffe argues that blockchain is an industry that attracts highly individualistic people who are skeptical of authority. However, he believes collaborative frameworks will be essential for the success of blockchain implementation and tokenization, just as they have been for open-source software. He added that:

“Blockchain projects frequently say that they will just be a place where people can show up and do whatever they want, but we won’t put any restriction on that.  We don’t care what people do, we don’t care if we come or go, all that matters is that everyone has maximal individual freedom of choice.”

Radcliffe stresses that people need to move away from the idea that “being on blockchain hence there is no need for governance.” Building a governance structure that makes enterprises such as banks and insurance companies comfortable plays a key role in making blockchain work in the long run, according to Radcliffe. 

Using the example of Ethereum forking, Radcliffe pointed out that members of the community provided a software update that caused a hard fork in the Ethereum blockchain, then the fork “rolled back” and returned Ether to original wallets for the nodes that adopted it. About 80% of the nodes adopted the software update and the remaining 20% of the nodes did not adopt the software update since “Code is law” and became Ethereum Classic. 

The DAO had no board of directors or officers, so participants had no one to ask for redress which makes “on-chain governance” extremely “uncertain”. Radcliffe concluded that if enterprises are considering using blockchain to improve business efficiency, it is important to design a governance structure where the risks and rules are clear to avoid the uncertainty of new technology. 

As Cointelegraph previously reported, decentralized mesh networks became a technological lifeline in a disaster and decentralized governance could help people start learning how to make decisions and create together.

iEarn Releases YFI Governance Token with Liquidity Mining

https://defirate.com/yfi-governance-token/

iEarn – a fan-favorite liquidity aggregator – has shared the blueprints for a YFI governance token in tandem with a suite of new liquidity pools.

Best popularized for the Y Curvepool, iEarn offers a number of avenues for users to earn passive interest for supplying capital to any number of the protocols supported pools. Historically, iEarn pools have earned some of the best lending rates in all of DeFi, with the yearn.finance pool aggregating $8M in AUM in tandem with a historical return of just over 10% APY since launch.

Today, iEarn introduced a suite of new, existing, and discontinued products including:

  • yTrade – Trade top stablecoins DAI, USDC, USDT, TUSD and sUSD with up to 1000x leverage using an initiation fee or 250x without an initiation fee.
  • iLiquidiate – An automated liquidation engine for Aave defaults.
  • iLeverage – Open a 5x leveraged Dai Vault using USDC as collateral.
  • iPool – A y.curve.fi <> sUSD curve.fi meta pool offering the best rates between Curve’s two most popular pools. (Discontinued)
  • ySwap – A stable AMM allowing for single-sided liquidity provision while collecting interest and rewards.
  • *.finance – TBA credit delegation platform using Aave undercollateralized loans.

What emerges is a sophisticated lending and arbitrage protocol that routes liquidity across different corners of DeFi to earn the best returns. Using lending protocols like Curve, dYdX, Compound, and Aave along with AMMs like Uniswap and Balancer opens the door for cross-protocol returns extremely difficult to mimic as an average user.

As if that wasn’t enough, the incentive to use iEarn just got a little sweeter.

YFI Governance Token

Following in line with the wider trend of liquidity mining, YFI can ONLY be earned through usage of any of the aforementioned pools. This is in stark contrast to something like COMP and BAL in which a portion was held by the time and another portion was offered in an Initial DEX Offering. Instead, the only way to earn tokens is through usage, and iEarn was very blatant about stating the token has 0 value outside of governance.

It’s likely that the most popular way to earn will be through the yCurve stablecoin pool, and Curve graciously put together a guide on this works here.

YFI Rewards Pool

Outside of openly memeing that YFI has 0 financial value, the project has created a pretty strong token model under the hood. Off the bat, iEarn pools aggregate a suite of rewards and fees including (but not limited to in the future):

  • yearn.finance interest
  • COMP
  • CRV
  • curve.fi/y trading fees
  • ytrade.finance leverage fees and liquidation bonuses
  • yswap.exchange system fees
  • iliquidate.finance liquidation bonuses
  • system dust (unassigned interest or fees)

All of these fees are collected on a regular basis and routed to a Vault which normalizes all the above-mentioned income to aDAI. Once in aDAI, YFI holders can claim a pro-rata share of that reward pool directly from the contract address by burning YFI tokens.

iEarn has stated that they will be releasing an interface for the burning and redemption of these fees in the coming weeks. Last but not least, iEarn has also shipped a staking dashboard to make it easy for users to stake and unstake their position across any of iEarn’s various liquidity pools.

Closing Thoughts

Underpinning this whole ecosystem is an incredibly meta ecosystem at play. While you need 1000 IQ DeFi knowledge to get involved, those who are savvy enough are sure to reap the rewards of the most organic, strongly-designed DeFi token to date.

As aggregate liquidity continues to heat up, we’ll keep reminding users that it’s a good time to be a yield farmer – so long as you keep in mind that there’s a lot of inherent risks that come with it.

Until then, be sure to keep up with iEarn on Twitter.

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Rarible Launches NFT Governance Token With RARI Liquidity Mining

https://defirate.com/rarible-rari-token/

Rarible – a leading NFT exchange – has announced details for a native governance token, RARI.

As one of the first to tokenize governance rights in the NFT sector, Rarible is rolling out a unique marketplace liquidity mining scheme to reward its collectors for usage.

“Over half of RARI’s total supply is reserved for sellers and buyers on Rarible marketplace, who will receive RARI through weekly distribution according to weekly purchases and sales volumes.”

This unique integration of DeFi’s hottest trend integrated into a more consumer-friendly fashion put Rarible on our radar as they look to introduce a suite of well designed incentives to spur marketplace growth. Best of all, RARI is not being sold in an Initial DEX Offering, a strong signal that the company has all the best intentions in mind for the rollout of their new token.

What’s to Know?

Rarible is set to issue 25,000,000 RARI in total, starting at an initial value of $0.34/token. This valuation comes on the back of the marketplaces $2.5M preseed valuation and is set to issue 75,000 RARI or roughly $25,500 in rewards each week through marketplace mining. Here’s a look at how the supply breaks down.

Just as with Compound‘s even split to lenders and borowers, Rarible will allocate the 75,000 RARI weekly reward pool evenly between buyers and sellers. Rarible has made it clear that the marketplace liquidity mining process can be amended as necessary, and this in and of itself is one of the key areas where RARI governance is likely to come into play.

Over time, Rarible will look to transition to a DAO for the decentralized governance of future protocol decisions. In the meantime, RARI will act as soft signalling for important protocol decisions like fees, features and reserve pool allocation. Rarible has hinted they will be looking into something like Aragon Court for mediation, suggesting that the DAO will likely be Aragon-based.

RARI Airdrop

To kickstart this initiative, Rarible will be hosting two airdrops to reward both new and existing users for their support of the platform. Here’s who it’s set to shape up:

All in all, this airdrop dynamic sets a fascinating retroactive precedent where those who were most active prior to the airdrop being announced receive the most upside. Plus, for any NFT owners who happened to come into possession of a Rarible NFT, there might be an unexpected residual benefit stemming as a result.

Governance Tokens Heat Up

After a multi-year drought in which utility tokens were laughed out of the building, it’s truly amazing to see all the ways in which different crypto-based products are leveraging governance tokens to highlight the best and brightest aspects of web 3 technology.

As someone who has only used Rarible a very select few amount of times, this new incentive program immediately makes me want to dive deeper – a sure signal that many others are likely to do the same.

While it’s unclear if NFT-based governance will be as hot a topic as DeFi governance, there’s no denying the two are closely intertwined. With this, we’ll be sure to keep a close eye on the project as the distribution pans out of the coming months.

To stay up with Rarible, follow them on Twitter or check out the marketplace today!

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