Cardano-based decentralized exchange (DEX) SundaeSwap has announced that its first on-chain governance proposal has passed.
The results are in! 🗳️— SundaeSwap Labs 🍨 (@SundaeSwap) February 21, 2023
The proposal to adopt governance rules and procedures has resulted in 40.5M Sundae voting "Yes", 113 Sundae voting "No", and 46k Sundae abstaining from the vote. 🎂
Therefore first proposal has officially passed at https://t.co/KX3nXNtgKE 🍨 pic.twitter.com/4jtORlWJvx
SundaeSwap stated that the first governance proposal, which had just passed, was up for a vote at the beginning of February. Any wallet with a minimum of 10,000 SUNDAE might publish proposals to the SundaeSwap community following a successful "temperature check," which serves as the first testbed for fresh concepts, per the proposal. A member vote will choose governance moderators to ensure an impartial discussion on forums.
SundaeSwap announced the launch of its governance portal at the end of January, along with the debut of its innovative Layer-2 Validium solution.
The SundaeSwap DEX is intended to be a completely decentralized project, and SundaeSwap claimed that it prioritized governance as its first major product release for 2023.
According to DefiLlama, SundaeSwap has $8.2 million in TVL (total locked value). Token holders propose and vote on improvements to a project through a process known as "on-chain governance," which is employed by several crypto projects.
Cardano ranks third in development over last 30 days
On-chain analytics firm Santiment reports that Cardano ranks third in development activity over the last 30 days.
🧑💻 Top 10 #crypto asset development activity: notable #github commits, past 30 days:— Santiment (@santimentfeed) February 22, 2023
1) #Polkadot $DOT
2) #Kusama $KSM
3) #Cardano $ADA
4) #InternetComputer $ICP
5) #Decentraland $MANA
6) #Ethereum $ETH
7) #Cosmos $ATOM
8) #Status $SNT
9) #VegaProtocol $VEGA
10) #Filecoin $FIL pic.twitter.com/QcnCwsnXDM
Cardano has seen immense development in February as the Valentine, or SECP, upgrade shipped on Feb. 14. The on-chain analytics firm also notes that Cardano was depicting a huge spike in whale activity, which suggests major interest from whales.