The WOO Network project will create DAO for the transition to decentralized management and will contribute to the organization’s treasury about 300 million WOO tokens (~ $ 220 million).
According to the statement, the main goals of WOO DAO will be:
- increasing the influence of the WOO Network in a growing ecosystem DeFi;
- increasing the transparency of the network for participants;
- expanding the product line of the WOOFi decentralized exchange;
- actively engaging the community in supporting the global growth of the WOO Network.
The project team initially reserved 10% of the total issue of the native token of 3 billion coins. These funds will be transferred to the WOO DAO treasury multisig wallet.
The community will be empowered to manage the project incrementally to avoid the risks associated with rapid decentralization.
In the first phase, the DAO’s wallet will be controlled by seven selected longtime team members.
Only after a “long period of time” will the DAO have the opportunity to undertake some initiatives, including the development of staking proposals and the granting of grants for the creation of WOOFi products. The second phase will also expand the number of wallet signature holders at the expense of community members.
At the third stage, further movement towards decentralization of management is expected.
“This could include full trust in online voting to approve and implement proposals, and transfer ownership of the WOO DAO treasury to a committee of community members,” the statement said.
As a reminder, in November, the WOO Network project raised $ 30 million in a Series A funding round with the participation of Three Arrows Capital, Crypto.com Capital, Avalanche Foundation and others.
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