Nearly 400 IoTeX community members voted 99.2% in favor of IoTeX’s Improvement Proposal 14 (IIP-14). DAO governance voters staked over 484m IOTX, equivalent to approximately $13m, the CEO and co-founder, Raullen Chai, announced.
“Our community has voted overwhelmingly in favor of Account Abstraction, a highly effective feature to make our platform more user-friendly and safe by improving ease of use but maintaining our impeccable security standards,” said Chai.
The IoTeX co-founder also announced that the voters would receive Soulbound Tokens (SBTs) for participating in this decentralized autonomous organization (DAO) governance proposal.
Chai went on to say:
“We started giving SBTs to our IoTeX community members who contribute to our DAO Governance process last month to those who voted the IIP-13 to add Ether Liquid Staking Derivatives to make the network more secure by increasing the number of people who validate transactions on our platform.”
“We will continue to reward our community with SBTs to encourage them to participate more enthusiastically,” Chai added.
The community approved IIP-13 with a 97% vote in favor of 123 community members who staked 141 million IOTX tokens.
Recently, the co-founder said he and his team were very “excited about adopting SBTs to reward governance proposal voters” because of their “uniqueness and utility.” He explained SBTs is a concept Vitalik Buterin, the founder of Ethereum, revealed in January 2022.
Explaining Account Abstraction
“By breaking down technical barriers (like managing private keys and wallet addresses), Account Abstraction enables users to interact more intuitively and seamlessly with the IoTeX ecosystem,” a recent IoTeX blog noted. “It can greatly enhance your IoTeX experience, whether you’re a builder or an early adopter.”