Serum Developers Filed A Proposal To Make Changes Its DAO Government

Serum, a decentralized exchange on the Solana network, is now considering a proposal to modify the project’s governance structure.

Solana and Serum developers TDM Blockchain created the idea and submitted it to the Serum DAO forum on Thursday. If approved, this will result in the creation of a new Serum DAO community token. Serum already has its native token, SRM.

This new community token will be gSRM, a restricted variant of SRM. Both tokens will have a one-to-one connection, meaning users will receive an equal quantity of gSRM for every SRM token locked.

The primary difference is that instead of all token holders having a voice in the voting process, only those who have locked up their tokens for this purpose will have a say.

If the idea is approved, the new locked tokens will grant holders voting power. To vote on governance ideas in the DAO, community members will need to lock their SRM to receive gSRM.

Users can also unlock their tokens at any moment. According to the plan, locking or unlocking tokens will take seven days, although TDM indicated that the DAO might opt to change this duration if desired.

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