1inch announced a full transition to the DAO
DeFi-project 1inch announced the transition to the second stage on the way to the implementation of a decentralized protocol management system.
The goal of the next phase is to implement "full GAO functionality" by giving the community direct control over advanced control mechanisms.
The ultimate goal of this phase is for the 1inch Network protocol and the 1INCH token to become fully decentralized, owned and managed by the DAO, the developers explained.
The first phase of the protocol's decentralization process began in December 2020. It was marked by the release of the management token 1INCH, its distribution to users and the launch of Instant Governance.
A key element of the new phase will be the launch of the 1inch Network DAO Treasury, which will receive a "long-term and sustainable revenue stream. Ninety percent of participants voted in favor of the proposal.
Treasury is a key component to the success of any DAO. Treasury allows the organization to fund development and implement participant proposals, the developers stressed.
The Gnosis Safe multi-signature wallet has been created to support DAO Treasury. Twelve selected 1inch Foundation participants, including Tornado Cash, Synthetix, Opium, NEAR protocol and zkSync, will be able to sign transactions.
There will no longer be income derived from stacking funds in the governance contract, but the MAO will have full control over the funds and all aspects of the treasury, project officials said.
The 1inch Foundation is currently developing documentation covering all aspects of the governance process, including voting procedures and the vote-counting mechanism.