Governance is live on Switcheo TradeHub!
In the next step of our evolution towards radical decentralization, we are empowering you to collectively drive the growth and expansion of Switcheo TradeHub. In this article, we will elaborate on the purpose of Switcheo’s governance feature and share details on how you can vote on the first TradeHub Improvement Proposal!
The Significance of Decentralizing Governance
The launch of Switcheo TradeHub’s on-chain governance feature represents a significant milestone in our transition towards becoming a fully decentralized trading platform.
You, our community hold complete autonomy in the development of Switcheo TradeHub. Be it creating new markets, listing new tokens or updating market parameters, there are endless possibilities to be explored, discussed and improved on, without the constraints of a central governing authority.
Potential threats to the protocol or malicious activity by anyone who has the most voting power can also be mitigated or addressed in a timely manner with the use of Switcheo TradeHub’s governance feature.
The coordination of Switcheo TradeHub governance is done via Discord and the Switcheo Foundation forum. You can use these social channels to raise topics for proposals and discuss proposals for voting in an open and transparent manner. We will also conduct live community calls to discuss proposals to be voted on in detail and take questions from the community.
Ways to Participate in Governance
There are 2 ways to participate in governance. The first is by voting on proposals that resonate with you. If you don't have complete clarity about a proposal, you can first check out our official governance Discord and our community forum to learn more about it before placing a vote.
For those of you who are very familiar with Switcheo and governance in the DeFi space, based on your observations, you can create proposals to make a positive change to the protocol. A proposal is also known as a TIP (TradeHub Improvement Proposal) on Switcheo TradeHub.
Before making an official proposal using our governance feature, you are encouraged to create a topic on our forum to engage the community and to gauge the type or response it garners.
Vote on the First Proposal
The first topic you can propose improvements via governance is for our staking economy. To get accustomed to our governance feature, you can take the following steps before voting;
- Read about the new TIP on our governance portal
- Engage in our community forum and signal your view
- Discuss the proposal with community members on our official Discord server in the #discussion channel under the Governance category
- Tune in to the community call
- Go through the step-by-step voting guide
- Make your decision and cast your vote on Switcheo Tradescan
Upon casting your vote, you can then monitor the status of the proposal on the governance dashboard.
A genesis TradeHub Improvement Proposal (TIP) has been created to increase the number of validators in our ecosystem. We share details on how you can vote on this proposal at the end of this post.
The Next Steps..
We anticipate governance will become an integral part of Switcheo TradeHub as we progressively decentralize governance of our new products. For example, you will be able to create a new spot market or a derivatives market with any underlying on our exchange in a permissionless manner using our governance feature. Once a market is created, certain parameters like the maker rebate or the taker fee that was initially set can be altered via governance.
The new topics will be introduced progressively as we ease you into Switcheo TradeHub governance.
If you have questions, do reach out to the community on Discord!
Switcheo builds platforms that break new ground. We bring you finance without limits, for lives without limits. Whether you’re a battle-weary trader or are just making your first purchase, there’s nothing cryptic about crypto on Switcheo. Leading the pack with multiple world firsts, your time spent with us will be a worthwhile investment.