DeFi Protocol Ox Set To Initiate Decentralized Governance

The DeFi space has seen massive growth in the last few months, judging by the number of protocols that entered the space in the last few months. The sector came into the limelight on the back of a recent surge in the value of tokens in the sector as investors trooped in their hundreds to gain profits in the sector.

While others have fully settled down in the sector, some of the new protocols are just making plans to establish their presence in the sector. Such is the Ox protocol, which has announced that it will decentralize the governance on its platform by creating what would be regarded as a seed fund.

The protocol wants everyone involved in the governance

In the post taken off their platform, the protocol is planning to create a seed fund using DAO to enable values to flow freely as they look to up their bid to create a tokenized world. In the report, the Ox labs would be responsible for the creation of the treasury. To make this fear achievable for the community, the developers of the protocol intend to determine the first steps that it will take as it plans to move towards decentralized governance, which includes using specific bootstrap delegates.

(Advertisement)Artificial Intelligence Crypto Trading Artificial Intelligence Crypto Trading System - Surpass the competition with this cutting-edge AI system! Utilize the prowess of innovative algorithms and amplify your crypto trading strategies with CypherMindHQ. Learn more today!

In another post sent out by the protocol, it mentioned that their new move should not come as a surprise to old members of their community. The post mentioned that the protocol already told them that they were already planning to make the protocol decentralized after releasing the native token of the protocol known as ZRX. “Since we launched, we have hoped that a day would come when the users would have full control over what happens in the sector, and it is happening soon,” the post said.

1inch has enjoyed so much since switching to decentralized governance

This latest update is coming at a good time for the protocol, judging by the recent upgrade in their mainnet, which pushed the price of the token into the sky. The protocol also finished a seed finding round where it saw investments totaled about $15 million, which was led by famous investment firm Panthers Capital. ZRX is currently trading at around $1.81 in the market, signaling a massive boost of 300% in the market across the last few months.

The firm is not hoping to drive governance backward as the protocol hopes to establish this feature in the coming months entirely. In their review, the protocol noted that allowing the users to determine what happens with the protocol is a good start as they would be able to know how things work and have a safe boundary to fall on. After that, the protocol hopes to upgrade all aspects of the platform, which will, by extension, be an upgrade to the recent mainnet that was just created. Previous protocols that have enjoyed the new governance transition last year was 1inch as the protocol rewarded its users with massive airdrops.