The stablecoin DEXs recently launched DAO has activated a proposal for which voting ends in a day.
Saber Becomes More Decentralized
The Saber DAO has sprung into action with its first-ever governance proposal soon after launching.
The proposal was created on January 5, on Tribeca with the title, ‘Protocol Own Liquidity to generate yield and stabilize liquidity.’ Tribeca is a Solana-based governance platform that is built by DAOs for DAOs. At this point, it seems like the first governance proposal will go through successfully for the Saber DAO. Additionally, the DAO has also simultaneously started the second proposal to ‘Allocate newly issued SBR to veSBR,’ which has also been received positively by the community.
“Once a week or every 5 days, sell SBR bonds at a 10 to 15 percent discount from the market rate. Buyers need to use Saber LP tokens from one or more saber pool to purchase the bond. Saber can limit the bond purchase to Saber LP tokens from pool that needs liquidity such as the most highly traded pool or the pool with high slippage. Saber now owns the LP tokens for the pool forever and liquidity is stabilized. Saber can generate yield from the Saber owned LPs and redistribute back to stakers,” states the official proposal made on Tribeca.
The Tribeca page for the proposal shows that there are 13,363,770 votes for the proposal and none against it. However, there is no clarity as to whether these are all from individual users or a certain amount of funds staked.
As previously reported by Solana.News, Saber announced the launch of its DAO on the mainnet on Jan. 1. The DEX worked with many contributors from Tribeca Governance and Goki Multisig to build the infrastructure for the DAO from scratch. The design structure of the DAO is heavily inspired by successful DAOs like Compound and Curve.
What is Saber?
Saber is the leading cross-chain stablecoin decentralized exchange (DEX) in the Solana ecosystem. The DEX has established a liquidity foundation for stablecoins and facilitates the cross-chain transfer of assets between Solana and other blockchain networks. The protocol currently has a total value locked of $668.14 million, as per data from DeFiLlama.
Find more about Saber here:
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Source : solana.news
