Ren protocol to mint 180m tokens to fund a community improve

Ren DAO has voted in favor of a proposal that sought to permit the minting of 180 million tokens. The tokens will fund the community’s improve to a brand new model.

Ren group has voted for minting 180M tokens that can be channeled to the protocol’s upcoming improve to a brand new model. The voting course of was held on Snapshot.org and gave the Ren group 5 decisions.

The alternatives had been primarily based on the variety of cash the group wished for use to develop the brand new model. They ranged from 50M, 100M, 150M, and 200M tokens. The final selection, ‘ Reject,’ additionally allowed stakeholders to say no the proposal to mint tokens for the community’s improvement functions.

The voting, verification, and documentation had been to be carried out overtly. The voting system was designed such that the weighted common of the voting energy between the choices can be the ultimate quantity of tokens to be minted and despatched to the Ren Basis. 

As such, each vote solid was vital sufficient to affect the result of the method. It additionally implies that the ultimate quantity might have been a non-round quantity, like 124.54. Additionally, if over 50% of the weighted voting energy went with choice E, the proposal would have been rejected.

The voting course of spanned from Dec. 14 to Dec. 21 to permit all members of the Ren group to be notified and take part. The ballot outcomes had been accessible as quickly because the voting course of was achieved. Right here is how the group voted:

The ultimate tally tipped in favor of 200M. Nevertheless, not everybody voted for a similar; due to this fact, solely 80.78% of 200M REN had been minted. The just-concluded course of is an enormous step in Ren protocol’s governance after it stated it will cease being centralized in November on account of funding points. 

Alameda Analysis acquired Ren in February 2021. Thus, the collapse of Alameda blew a gap in its accounts. The autumn of FTX has additionally accelerated the adoption of DeFi as DEXes have been recording file transaction volumes, in line with a Chainalysis report. Now, how nicely Ren’s protocol will honest after Alameda’s management stays to be seen.