1inch Foundation upgrades its governance framework

1inch Foundation, a non-profit organization 1-inch decentralized exchange aggregator, Has made important changes to its governance framework to simplify the proposal process.

On Wednesday, the foundation announced the creation of 1inch network governance, which complements the “instant governance” framework launched by the agreement in December 2020. Instant governance enables 1inch token holders to vote on changes to protocol parameters.

1inch Network Governance is described as “a system similar to many other leading Ethereum-based projects” and includes a user-friendly process for proposing protocol improvements.

“Unlike instant governance that focuses on protocol parameters, 1inch network governance will focus on major improvements, which will have an impact on the entire 1inch ecosystem, and may even have an impact on the entire DeFi space,” the foundation said.

Users can participate in the governance process by visiting the 1inch public forum and selecting sub-categories for their proposals. The proposal process consists of three stages: discussion, formalization and snapshot. During the snapshot phase, off-chain voting on the proposal will be completed. All 1INCH token holders, not just pledgers, will be able to participate.

related: 1inch releases combinable limit order agreement

1inch network has become one of them Top decentralized exchange aggregator, Making it in the main position to take advantage of the continuing DeFi boom. In the past 24 hours, 1inch Network deal with The transaction volume exceeds 251 million U.S. dollars, second only to Curve, PancakeSwap, Mdex and Uniswap.

As Cointelegraph reported, 1 inch has Actively increase sources of liquidity Provide users with more exchange options. At the request of community members, the aggregator was officially expanded to Polygon in May.