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StaFi protocol, a Polkadot parachain, announced it will be exploring ways to transform into a fully decentralized DAO.
StaFi’s Road to Decentralization
The DeFi protocol will partner with Commonwealth Labs and Edgeware to help them through this process. StaFi has already been incorporated on the Commonwealth platform alongside seven other Polkadot projects.
Slowly but surely, Polkadot is challenging Ethereum on the DAO front. Most DAOs on Polkadot have already equipped similar sets of tools used by their Ethereum-based counterparts. Additionally, most of these projects operate on a second layer, enabling them to use their own tokens for transactions and incorporate additional security features.
In StaFi’s DAO implementation, on-chain proposals will require a stake of their native FIS token.
The latest news is just the beginning of the protocol’s governance structure, with plans to ease into full decentralization.
The team has separated their journey into two stages, with the first providing only a limited amount of control to the community. According to the announcement, once the products and services have been developed, they will enter the second stage where control is shifted from the developer’s hands to the community.
In the meantime, community members are encouraged to participate in off-chain discussions and collaborate with the team’s developers to provide them with feedback and opinions.
Disclaimer: This author is not invested in StaFi. However, one or more members of Crypto Briefing’s management team invested in Stafi.
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