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Cardano DEX Announces First Governance Proposal Has Passed: Details

Wed, 02/22/2023 - 14:27
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Tomiwabold Olajide
SundaeSwap DEX intended to be completely decentralized project
Cardano DEX Announces First Governance Proposal Has Passed: Details
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Cardano-based decentralized exchange (DEX) SundaeSwap has announced that its first on-chain governance proposal has passed.

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.

Cardano DEX Announces First Governance Milestone: Details

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.

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.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.