With GIVernance, CryptoLocally Becomes the First Fully Decentralized P2P Crypto Marketplace!
We are delighted to launch GIVernance and become the first fully decentralized P2P crypto trading platform! GIVernance enables GIV token holders to manage and govern Cryptolocally by integrating a governance model at the heart of the platform. Having been forthcoming with our intent of developing GIV to become a governance token since GIV’s inception, we are happy to deliver that feature today. GIV token holders are now empowered to decide on the development direction of the platform making it more inclusive, rewarding, and exciting.
Read the full guide on how to use GIVernance here
Cryptolocally’s Decentralized Governance Model: GIVernance
The decentralization of CryptoLocally’s governance is a significant milestone for us to become a truly decentralized P2P trading platform. The creativity and diversity of their community members will be what drives the platform. This construct gives a sense of authority, ownership, and responsibility to our members. Shared governance is a powerful structure that unifies all stakeholders, which, in turn, engages participants, creates powerful network effects, and improves overall performance.
GIVernance gives GIV holders the power to participate in creating and voting for proposals that determine where our platform is headed. To participate, token holders are required to stake their GIV tokens. Increasing the number of staked tokens increases the participant’s voting power.
Eventually, GIVernance will give token holders more control over the platform. These areas include control over the level of inflation of the GIV token, change its staking rewards, and decide on platforms free floats by way of token burns. Furthermore, GIVernance participants will also be able to decide on CryptoLocally Vault (CLV) strategies. We are confident that this move forward will be more beneficial and bring value to the entire CryptoLocally ecosystem.
How Does GIVernance Work?
To vote, you can stake your GIV token to a proposal. Votes on proposals are time-weighted and time-sensitive. This means at least 10% of the real-time circulating supply of GIV tokens must be staked on a proposal for at least 14 days to make the proposal valid. For the time being, these criteria are fixed for all proposals. The community will determine revisions for these criteria going forward by voting.
Don’t hesitate to read our guide on how to use GIVernance
The GIV Token
GIV is the utility token of our platform. It was first integrated into CryptoLocally as a native discount and incentive token. Buyers and sellers are both awarded GIV tokens based on the amount they have traded. Users can also earn staking rewards just by holding GIV tokens in our Finance Wallet. In addition, GIV tokens can also be staked to provide liquidity to Balancer and Uniswap and get rewarded with more GIV. Interested buyers who want to buy GIV tokens can buy them within our platform or in secondary markets like Binance DEX and Bithumb.
GIVernance will extend the utility of GIV tokens adding decentralized governance to our platform. We hope to encourage the CryptoLocally community to take a more active role in determining the future of the exchange by empowering them with this feature. We believe this move will further enhance innovation on our platform leveraging the wisdom of the crowd through proposals and voting.