Tiered Burn Vote Indecision. Shibes,. The voting for the Tiered Burn has concluded without reaching a quorum.

25 May 2023, 15:05

Tiered Burn Vote Indecision 🔥 Shibes, The voting for the Tiered Burn has concluded without reaching a quorum. 😮‍💨 That said, we also understand that in these market conditions, veDC holders aren’t too keen on giving up their staking rewards for voting on governance. Moreover, participation in governance programs throughout the industry has been quite low, rarely involving more than 5% of users. The 5 billion $veDC threshold was set up as 25% of the veDC circulating supply, although we now believe this was unrealistically high. Especially considering the mechanics and dynamics of veDC tokens, requiring withdrawal from validators and locking tokens. In this regard, the Dogechain team will propose another governance vote that will present the following choice: “Should the voting threshold of past and following governance votes be removed - YES/NO” ✅ In case of a positive vote, the Tiered Burn vote will be considered valid with a 90/10 turnout and carried out. ❌ In case of a negative vote, the threshold will be conserved and the Tiered Burn governance will be considered as invalid. ⚠️ Make sure you reclaim your veDC from the previous vote to be able to vote on the Quorum Removal vote. 🏆 To ensure better participation in important governance decisions going forward, voting will be incentivized, compensating veDC holders for the missed out staking rewards in various ways. 🪂 For now, as a token of appreciation to the community members that participated in the Tiered Burn governance, there will be an airdrop of 20,000 $DC tokens to every voting wallet from the Loyal Shibes allocation. Stay tuned for the new Quorum Removal vote on dogegress.dog, we will announce it shortly. Get ready to vote 🗳 ♻️ Dogechain is bringing DeFi & long awaited utility to Dogecoin. Join the family! 🚀 Website I Twitter I Discord I TikTok I Reddit I Blog I Instagram