Lumenswap, a Stellar-based decentralized exchange, is excited to announce its DAO service, allowing projects to bring full democratization functionality to the network.
Lumenswap’s DAO aims to provide the community with the power to actively participate in a project’s future through voting and other decision-making processes. Through the DAO, Lumenswap also hopes to help project owners distribute the authority to its community.
Launched in 2021, Lumenswap has made significant milestones on its ten-step roadmap. The development team, led by Vladimir Kholodenko, Lumenswap’s CEO and Co-founder, started redesigning the swap section. For the second milestone, Lumenswap designed and integrated the spot section, followed by the introduction of the LSP asset.
Later, the development team designed and implemented the academy, the OBM client, the lottery client, and the auction client. Right on schedule, the team has now accomplished its ninth milestone, designing and implementing their DAO client.
According to the Lumenswap team, the DAO client has the necessary modules for a standard DAO to allow all Stellar ecosystem projects to run their governance processes.
Lumenswap chooses to use the Stellar network for its DAO due to the low transaction fees. This will enable community members to participate in different governance processes without spending too much of their assets. In addition, the network will help Lumenswap provide an excellent user experience while interacting with the DAO client.
To use the DAO, projects will be required to send an email to the Lumenswap team. Each project will be evaluated based on Lumenswap’s criteria. All projects that meet the criteria will then go to the next step and pay 50k LSP, Lumenswap’s native token. Proposals created on Lumenswaap’s Dao client have a five-day duration period.
The Lumenswap’s DAO page provides voters with a list of proposals and details on each proposal. In addition, the DAO service comes with a revoke proposal option that allows voters to disagree with the proposal.
Lumenswap was created to allow the swap and trade of assets on the Stellar network. The platform features cost-effective and fast transactions, the best prices in the market, and support for multiple wallets.
The Lumenswap team explains:
“At Lumenswap, we want to create a platform where every user around the world can take control of their money and build a better future.”
After the DAO, Lumenswap will move to its final milestone, designing and implementing the bridge between Stellar and other blockchains. This step will allow users to bring their assets from other networks to Stellar while enjoying low-cost and speedy transactions.
Name- Krishna Gope
Company- News Coverage Agency
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