PancakeSwap Introduces New Voting System ‘Gauges’ for Governance Token Holders
PancakeSwap, the leading decentralized exchange (DEX) on Binance Smart Chain (BSC), has recently unveiled a new voting system called Gauges for its governance token holders. The purpose of the new system is to give the PancakeSwap community more direct control over proposals made on the platform. The new system is designed to provide stakeholders with a method to quickly and easily vote on changes to the protocol.
Under the Gauges system, users are asked to gauge their preference for a proposal by expressing a percentage between 0 and 100. Once their vote has been made, it is recorded on the chain and weighted depending on the token holder’s current stake in the exchange. Importantly, this system allows users to make fine-grained decisions and express their true opinion on a matter rather than simply providing an up or down vote.
The new system is set to launch in the coming weeks and provide token holders with a more intuitive approach to participating in PancakeSwap’s governance process. It is expected to be implemented across all governance proposals, allowing stakeholders to provide direct and immediate feedback on proposed changes to the platform’s settings.
The launch of the Gauges system follows PancakeSwap’s collaboration with Aave Protocol to enable cross-chain liquidity between the two platforms. This collaboration is expected to significantly increase the decentralized finance (DeFi) ecosystem’s ability to move assets across different blockchains. With the upcoming launch of the Gauges system, PancakeSwap is taking another step towards giving its community more control and making its platform more desirable to users.