1inch Foundation upgrade admin framework

The 1inch Foundation, the non-profit arm of the decentralized exchange aggregator 1inch, has made significant changes to its governance framework to streamline the proposal process.

On Wednesday, the foundation announced the creation of 1-inch network governance, which complements the “instant governance” framework that the protocol introduced in December 2020. Instant Governance enables token creators to be notified of the ability to vote on changes to protocol parameters.

1inch Network Governance is described as “a system similar to that of many other leading Ethereum-based projects,” including an easy-to-use process for suggesting protocol improvements.

“Unlike out-of-the-box administration that focuses on protocol parameters, 1-inch network governance will focus on major improvements that can transform the entire 1-inch ecosystem and give room to the DeFi as a whole,” the foundation said.

Users can participate in the management process by visiting the 1 inch public forum and selecting a sub-category for their recommendation. The application process consists of three phases: discussion, formalization and snapshot. During the snapshot phase, off-chain voting for the proposal is completed. All 1INCH token holders, not just bettors, can participate.

Connected: 1 Zoll Release Aggregate Limited Ordering Protocol th c

The 1inch network has become one of the leading decentralized exchange aggregators and is at the forefront to capitalize on the ongoing DeFi boom. In the past 24 hours, the 1inch network processed over $ 251 million in trading volume, just behind Curve, PancakeSwap, Mdex and Uniswap.

As Cointelegraph reported, 1inch has actively increased its liquidity pool to give users more swap options. At the request of community members, the aggregator was officially expanded to include Polygon in May.