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Crypto Exchange Aggregator 1inch Proposes Diluting Some Insiders' Voting Power
A proposed governance shakeup would greatly reduce the amount of voting power accumulated by core contributors, investors and other insiders.
Updated May 9, 2023, 4:11 a.m. Published Mar 31, 2023, 8:18 p.m.
Team members at 1inch, the Ethereum-based crypto exchange aggregator, are weighing a change to its governance system that proponents say would weaken the voting power of insiders and give the broader community of token holders more sway.
In a community call on Friday that CoinDesk attended, Jordan Reindl, a member of 1inch's community and governance team, proposed the protocol dilute the voting power of insiders who have received their full allotment of v1inch vesting tokens, a derivative token redeemable for 1inch. Conversely, v1inch tokens that remain locked up for two years or longer would have 100% of their voting weight, the proposal said.
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The current system "kind of gives investors a disproportionately large amount of voting power, especially if their v1inch token contract is fully vested," Reindl said on the call.
The proposed changes would treat v1inch "exactly like" the protocol's staked tokens (st1inch) for voting purposes, Reindl said. The outcome would grant general community members greater sway in governance proposal votes. It has not yet gone to a vote.
1inch's governance token was trading at 56 cents at press time Friday, having slid just under 2% in the past 24 hours.
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