Embracing Decentralization: Youves’ Transition To DAO Governance System
Swiss banking group Swissquote, Switzerland’s leading regulated bank for online trading services has launched Tezos staking.
In the Tezos ecosystem, Youves has established itself as a significant player.
The platform, known for its commitment to enhancing the user experience through various financial products, has made a historic announcement: Youves is transitioning from multi-sig governance to a fully decentralized autonomous organization (DAO) system.
This move embodies the true essence of blockchain technology – decentralization, a move that gives more power to YOU token holders.
Before this transition, Youves governance was managed by a multi-sig contract.
Any proposed changes to smart contracts within the network were voted on by the community via a Youves improvement proposal (YIP). However, this system fell short of being a true DAO, as the power mainly resided with the Youves team and the keyholders.
Now, Youves has made strides toward a more democratic governance model. In a bid to create a more autonomous and decentralized platform, the team has launched the Youves DAO.
This innovation provides an opportunity for YOU token holders to influence the platform’s development and make consequential decisions about its future.
The newly developed Youves DAO smart contract is modeled after the murmuration DAO. With this mechanism, YOU token holders who have their tokens staked in the unified staking contract can vote on proposals based on their stake weight.
The new governance process looks like this:
The transition process from the multi-sig model to the Youves DAO will occur in stages.
Phase 0 saw the DAO contract deployed on the Tezos mainnet, without being set as an admin on any Youves-related contracts.
Phase I, marked by YIP-016, is an important milestone in setting up the new Youves DAO as the admin for all existing Youves contracts. The successful implementation of this proposal would allow the DAO to make changes possible on all contracts.
The Phase II transition is signaled by YIP-0. This phase ensures the DAO will be correctly set as the administrator for contracts requiring an admin’s acceptance.
In Phase III, the Youves keyholder multi-sig contract will be removed as an administrator from contracts allowing multiple admins, leaving the DAO contract as the sole remaining administrator.
The final step, Phase IV, involves the removal of the keyholder multi-sig as the “Break Glass Guardian”. At this stage, the DAO contract alone will be able to effect changes on Youves, marking the final stage of autonomy for the Youves DAO.
The transition to the DAO governance model heralds a new era for Youves, and the inaugural proposal under the new system, YIP-0, seeks to establish the DAO as the admin on the Youves smart contracts. Voting on YIP-0 commenced on June 7th, allowing eligible users who have staked YOU tokens in the unified staking pool to have their say. Voting ends on June 14th.
This innovative shift in governance underscores Youves’ commitment to true decentralization and empowers the community to shape the platform’s future, reaffirming its position at the forefront of DeFi developments in the Tezos ecosystem.
The Youves DAO is not only a symbol of innovation and decentralization but also a testament to the power of collective decision-making and the ever-growing prominence of DAOs within the blockchain sphere.
With the adoption of DAO governance, the Youves community is poised to play a more active role in the platform’s evolution, creating a new synergy between the platform and its users. As this new era dawns, the world watches with keen interest.
The success of the Youves DAO will undoubtedly add another chapter to the story of blockchain technology’s transformative impact on global finance and governance structures. It will not only set a precedent for others in the Tezos ecosystem but may also offer a blueprint for projects across the wider blockchain industry.
In conclusion, this momentous shift toward decentralized governance marks an important milestone in Youves’ journey. It is an affirmation of blockchain’s core ethos of decentralization, transparency, and community participation. As we move forward, YOU token holders are not just spectators but active participants in this journey.
It is this spirit of collective governance and decentralization that truly embodies the promise of blockchain technology. As we usher in this new era of governance on Youves, the future looks more promising and exciting than ever before.
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