Project Galaxy Sees Major Increase In Voter Participation Through CoinList Governance
At CoinList, our mission is to advance and decentralize crypto networks. To further that mission, we recently launched CoinList Governance, starting with Snapshot-based protocols Braintrust (BTRST) and Project Galaxy (GAL). Since launching GAL governance on CoinList, the Project Galaxy community has seen a major increase in voter participation:
- CoinList brought in 3,499 voters for Project galaxy’s first proposal, which made up more than 65% of total voters.
- Over 25% of GAL token holders on CoinList participated in Project Galaxy governance.
- As more GAL tokens get unlocked for users that participated in the Project Galaxy token sale on CoinList, the number of voters — as well as voting power — is poised to climb further.
We understand users want to participate in governance but haven’t had the opportunity to easily do so without moving their tokens on-chain, a high friction activity.
With CoinList Governance, users can vote seamlessly on CoinList and never miss a vote. Not only has it activated more existing GAL holders to participate in voting, but it even appears to have contributed to an increase in the number of GAL token holders on CoinList.
Why is high voter turnaround important?
High voter participation rates are critical for the decentralization and security of crypto networks:
- First, the ethos of crypto is for networks to be built and governed by their communities. This philosophy is only relevant if people actively govern the networks, which CoinList Governance unlocks.
- Second, having high voter participation rates strengthens networks’ decentralization and therefore their security.
Protocols generally do everything in their power to maximize decentralization, as they should given the current regulatory environment and the general benefits of decentralized authority over network protocols. Finally, poor governance participation exposes networks to malicious governance attacks, as exhibited by the Build Finance DAO’s hostile governance takeover. Such attacks can permanently damage or even destroy crypto networks, thus representing existential risks for those networks. CoinList Governance is designed with those challenges in mind, and hopes to further advance and decentralize the crypto networks we support.
We are committed to supporting more proposals for Project Galaxy as well as supporting more protocols, especially those that use the Snapshot governance framework. Keep on the lookout for new CoinList Governance launches coming soon.
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