This article was first published on Loopring Protocol - Medium
Loopring participated in the dxDAO and earned 10.5% of the DAO’s total Reputation (~voting power). We take this seriously, and are excited to contribute to this important governance experiment. This post briefly describes how that came about, and what we plan on doing with it.
The dxDAO is a next-generation Decentralized Autonomous Organization for community governance of software protocols. This DAO is an experiment in coordination with an initial focus to govern/guide Decentralized Finance, beginning with taking over control of Gnosis’ DutchX trading protocol.
In May, we participated in the dxDAO initialization by locking up a significant amount of LRC for one month, for which we earned Reputation — our say in the system. The result is that we’ve earned 10.54% of the Reputation, which represents the most held by a single address.
For context, the 2nd and 3rd largest Reputation holders own 8.4% and 7.7%, respectively. 399 addresses participated and received Reputation, with 7 addresses controlling >50%. Further distribution stats can be found here.
The Loopring-controlled address which holds this Reputation is 0xfE3619eEB34501379B479256d3B90dc83CaB8273. This was staked from (and returned to) the Loopring Ecosystem Advancement Fund (LEAF).
Our motivation can best be seen in the tweet thread below, but suffice to say we wanted to get involved because we find it important, interesting, and pertinent given Loopring’s nature as an open DEX protocol — with decentralized governance needs that will eventually call on the community.
0/ Today, the #dxDAO launched, a grand DAO experiment. This DAO can decide to do anything that is possible on Ethereum - deploy smart contracts, create work bounties, etc. Loopring has followed the dxDAO's development, and has excitedly jumped in 🦘 https://t.co/yWZVJbB0fo
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Loopring Protocol - Medium