Lumenswap, a multi-product decentralized finance ecosystem that leverages Stellar’s smart contracts, presents its DAO product.
Natural phase of Lumenswap evolution: Introducing DAO
According to the official announcement shared by the Lumenswap team, the platform now supports DAO functionality through native Stellar-based clients. Thus, the protocol is ready to empower Stellar-based products with 100% DAO governance.
Lumenswap DAO product has been released. ?— Lumenswap (@lumenswap) March 26, 2022
It is time to rebuild the Stellar ecosystem with the power of community.
Ninth Milestone! ?️ + ? = ?https://t.co/IE6JaOqunn#Lumenswap #DAO
Stellar-focused tokenholders will be able to have a say in all referendums on crucial upgrades to in-app governance. Due to extremely low Stellar fees, the process of voting will be more resource-efficient compared to mainstream Ethereum- and Polygon-based DAOs.
Also, the Lumenswap team made its DAO dashboard newbie-friendly: it is set to bring the DAO experience to crypto users with basic skills in blockchain and cryptocurrency.
To start using Lumenswap’s DAO dashboard, protocols need to burn 50,000 LSP tokens. This catalyst will contribute to a deflationary mechanism for Lumenswap’s native asset.
In order to connect Lumenswap’s DAO client, protocol teams should contact Lumenswap by email.
Lumenswap brings DeFi revolution to Stellar (XLM) blockchain
By press time, a number of cutting-edge Stellar-based DeFi protocols, including Rabet, Nuna and Drift, have already integrated Lumenswap-powered DAO architecture.
Lumenswap’s DAO client will leverage all modern decentralized practices such as Proof-of-Level-of-Authority and IPFS-based data storage. It prevents DAO-governed protocols from being attacked by spammers and eliminates the possibility of data overload.
As covered by U.Today previously, Lumenswap (LSP) is among the first cryptocurrency ecosystems with basic DeFi functionality on top of Stellar (XLM) blockchain. It explores the smart contracts of this veteran blockchain.
The protocol issued its native token, LSP, which is also a Stellar-based asset. At the same time, it works as a utility and governance token.
LSP is designed to act as an endpoint to decentralized trading and other DeFi-centric features of Lumenswap. Only 12% of its fixed supply of 1,000,000,000 LSP will be distributed between community members.