Cardano is a blockchain network that is quite popularly known as the third generation of cryptos in the industry, with Bitcoin being the first and Ethereum being the second. Thus, both in terms of date of launch and in terms of technical advancements - Cardano attempts to one-up its competitors in the industry.
While Bitcoin was launched back in 2009, heralding the beginning of the revolutionary technology of blockchain into the world of finance. A while later, the year of 2015 saw the launch of Ethereum - which gave birth to the concept of smart contracts, or simply programmable money - to make blockchain and crypto more viable for financial services and not just as a store of value or a means of exchange.
But come 2017, we saw the release of the Cardano blockchain network. Cardano is a network that was built in a completely different manner than that of other blockchains. Instead of a small team of developers building out a product to release to the world, not knowing where they might have been lacking - Cardano solves that problem by being a truly peer-reviewed blockchain network. This means that scholars and reputed people from various aspects of the industry came together to review the architecture before any update or feature goes live.
Being one of the more recent launches in the crypto space, this blockchain got its own decentralized exchange or a DEX very recently too. While Ethereum's DEX, Uniswap was launched back in 2018, Cardano's first DEX, SundaeSwap was launched as recently as January 2022.
And now, within a year of its launch - SundaeSwap has floated its first on-chain governance proposal. Voting on this proposal is scheduled to run till 19 February 2023. According to the proposal description,
“Until now, exactly how that governance should take place has been unclear. SundaeSwap Labs proposes that such governance use the auditable off-chain governance technology developed in-house, as well as a set of rules and procedures by which proposals for the future of the decentralized protocol can be considered, voted on and adopted.”
The proposal document also clearly outlines the terms, conditions and parameters of future proposals on the SundaeSwap DEX governance forum. However, these passed procedures can be changed or updated in the future with new governance proposals.
Additional read: Uniswap vs PancakeSwap
According to this governance proposal, any wallet with a minimum holding of 10,000 SUNDAE, the DEX's native token - they can float new proposals to the SundaeSwap community after an initial 'temperature check'. A temperature check is essentially an initial testbed for new ideas and proposals once floated cannot be edited.
Governance moderators will be selected out of the community by a member vote to maintain a neutral discussion on the forum. Each moderator is expected to provide a Cardano wallet address, get listed publicly as a confirmed SundaeSwap decentralized autonomous organisation (DAO) moderator and will have a one-year term in the position. The proposal also states a caveat that the initial three moderators will have terms of six, nine and twelve months, respectively - before moving on with the actual rule.
SundaeSwap is a decentralized exchange (DEX) that functions in a similar way to that of other DEXes and relies on smart contracts to offer financial services on the platform. This DEX currently has a total-value-locked (TVL) of about $8.32 million as of writing this article.
Read more: What is total-value-locked?
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