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

57 sec read

IoTeX (@iotex_io) / Twitter

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.”


IIP-21: Why CIOTX on Ethereum is Beneficial and how…

As recently announced, the IoTeX blockchain’s governance community has voted to approve the IIP-21 to bridge the native IOTX from the IoTeX network to...
Joey Myers
2 min read

Is IoTeX will work with the Eclipse Foundation to…

  IoTeX is thrilled to announce it has become the only Layer 1 blockchain project to join the Eclipse Foundation (EF), one of the...
Joey Myers
1 min read

Heres How Google Debuts Its Web3 Googlers Chats With…

US multinational tech firm Google is increasingly getting involved in all aspects of the next iteration of the internet known as Web3, including a...
Joey Myers
39 sec read
Have A Story? Get Featured On Heliumbluemoon Plus 100+ More Exclusive Crypto News Sites