Stargate Proposes Amendment to Layer-Zero Token Distribution

IconCryptoNewsTerminal Staff30 May, 2024

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Stargate Proposes Amendment to Layer-Zero Token Distribution

Stargate (STG) DAO, the decentralized autonomous organization behind the cross-chain protocol, has proposed an amendment to the Layer-Zero token distribution. The proposal aims to increase the allocation to veSTG holders from 20% to 25%. veSTG tokens are vested STG tokens that represent the long-term interests of the Stargate community. The increased allocation would provide veSTG holders with a greater share of Layer-Zero tokens, which are used to govern the Layer-Zero network. The proposal is currently under consideration by the Stargate community and voting will conclude on July 31, 2023 at 9:49 AM (KST). According to Snapshot, the proposal has received a 97.25% approval rating from the community. The amendment to the Layer-Zero token distribution is part of a broader effort by Stargate to align incentives between the Stargate and Layer-Zero communities. The increased allocation to veSTG holders would strengthen the alignment between the two communities and encourage long-term participation in the governance of the Layer-Zero network.

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