Stellar project and its ecosystem are well-known for their vastness and utilities. There are several derivative crypto projects in the industry that are aimed to harness the real power of the Stellar ecosystem effectively. Lumenswap, a revolutionary decentralized exchange is also one of the Stellar network-based projects that feature swap and trade capabilities using a simple and comprehensive interface.
The open-source client for Stellar network has recently achieved a milestone by releasing their first-ever product, DAO. This product is built on the belief that every decentralized project must not be governed in a centralized manner. DAO stands for Decentralized Autonomous Organization which allows blockchain participants to collectively handle the management of its code.
You can think of DAO as a place where the entire community comes together to determine the future of a project. All you have to do is own the governance token to play a significant role in the project’s decision-making processes. The reason why Stellar network is one of the most appropriate blockchain projects for a product like this is due to:
- Low transaction fees
- Cost-effective for the community
- Industry’s best user experience
After announcing its own DAO platform, Lumenswap has joined the list of ambitious projects on the Stellar ecosystem.
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Details of the Lumenswap DAO Client
The Lumenswap DAO client is built on the Stellar network to support all of its standard functionalities as efficiently as possible. By doing so, this DAO platform becomes a place for other Stellar-based crypto projects to execute their community governance.
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The reason behind choosing the DAO platform release was to avoid taking a backseat from any movement that the crypto community cares about. A perfect DAO platform will allow project owners to distribute authority to community members and empower them to make decisions that affect the project’s future. Here are a few important things to know before choosing and interacting with Lumenswap DAO client:
- All projects wanting to join the DAO client are required to pay LSP, the reward and governance token of the Lumenswap ecosystem.
- A total of 50,000 LSP tokens will be needed for Lumenswap’s DAO services. The entirety of this fee would be burned to increase the individual value through depreciation.
- Eligible projects shall be chosen based on quality criteria created by the Lumenswap team to allow authentic communities only.
- DAO platform will include a section called board where people can see which of the crypto projects have connected with Lumenswap DAO client and successfully established governance.
- The governance info section would present all details regarding governance including the website, project details, and the total number of active community members.
- There are proposals on the Lumenswap DAO client that show corresponding governance and it can be sorted based on the different statuses.
- To create a proposal, projects will have to lock a pre-determined amount of the native asset that has been specified by the project team for a total of 5 days. The amount of time for creating proposals on the Lumenswap client is fixed.
- The section called my activities is a useful part of the Lumenswap client where people can find all of their governance activities in various projects.
Through this, Lumenswap has updated its community and allowed it to onboard more Stellar-based projects under its DAO client. The result of launching this product could easily be taken in the form of expansion of the Stellar-based swap project in the future.
Lumenswap was launched just 8 months before and now the project has established itself as a worthy Stellar derivative. By shifting its authority to its community, Lumenswap has made itself completely permissionless through its governance rules. According to a previously shared announcement, from now on listing projects on Lumenswap DAO client will take place through DAO only. Furthermore, projects for auctions would also go through DAO formalities. Now it’s easier for projects to interact with Lumenswap.
Since community-led governance has become an important factor these days, various projects are looking for support that the Lumenswap DAO platform is capable of providing. By launching the DAO platform, Lumenswap has opened doors to true decentralization.
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