XAO DAO To Become First Decentralized Governance Platform On XRP Ledger
Highlights
- XAO DAO will enable XRP Ledger users to vote and participate in the network's growth.
- Community members will be able to push proposals on the network for other community members to vote on.
- Votes will be with a fair weight gap, depending on how much XRP a user holds.
- The DAO plans to launch by the end of the summer.
Activity on the XRP Ledger (XRPL) is heating up, especially with the launch of several initiatives on the network as of late. This time, XAO DAO has announced its imminent launch of the XRPL, becoming the first decentralized governance platform on the network.
XAO DAO To Launch On The XRP Ledger
In an X post, the decentralized governance platform announced its launch on the XRPL. With this move, XAO DAO will become the first decentralized autonomous organization for the network.
This comes amid increased activity on the XRP Ledger. As CoinGape reported, XRP daily addresses have increased by 700% while whale wallets have reached a new all-time high (ATH).
The platform will enable the XRP Ledger users to participate, vote, build, and fund real-world innovation on the network. This represents a shift in power from a central authority to XRP community members.
Community members will be able to put forward proposals for other community members to vote on. Voting will be with a fair weight cap, meaning community members will be able to vote based on the amount of XRP they hold at the time of the snapshot.
Furthermore, XRP Ledger users will be able to cast their votes during a fixed window, while the vote count and the announcement will be public. XAO DAO stated that every vote matters equally, as whales won’t be able to dominate the voting process.
These votes will direct how the platform allocates funding and shapes the XRPL development roadmap. It will also build momentum for initiatives like dApps, validators, and education.
Further Plans From The XAO DAO
The DAO also plans to offer validator grants, developer grants, VC grants, Branding grants, and Policy grants to back “bold ideas” on the network. Meanwhile, the decentralized governance platform has no plans to launch a token, meaning every action will be carried out using the network’s native token XRP.
XAO DAO believes that the XRP Ledger is ready to grow, which is what has prompted this move, as the network needs community governance. The DAO plans to make the network more “accessible, transparent, inclusive, and innovative.” The platform plans to launch by the end of the summer.
Amid this development, the XRP Price has rebounded in the last 24 hours. CoinMarketCap data shows that the altcoin is currently trading at around $2.15, up over 1% during this period.
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