TL;DR

SuiNS announces its transition to a decentralized model, allowing the community to govern the protocol through the $NS token, which will be launched later this year.
57% of the $NS tokens will be allocated to the treasury for the platform’s sustainability, while 28% will be assigned to initial contributors and 10% to active community members. The remaining 5% will be reserved for governance rewards.
$NS token holders will be able to influence the development of the protocol through a weighted voting system based on the number of tokens held.

SuiNS, the name service associated with the Sui network, has announced a major shift towards decentralization, a crucial step in its evolution. This will allow the community to take an active role in governing the protocol through the use of the new $NS token, which will be launched later this year.

The decentralization of SuiNS represents a move towards a community governance model, where $NS token holders will be able to influence the direction of the protocol. The initiative aims to transform the service into a decentralized public good, moving away from centralized management to a model where the community has direct control and participation. The $NS token will facilitate decision-making regarding the development and features of the protocol. Additionally, it will offer holders the opportunity to purchase names on the platform at discounted prices.

Announcing one giant step for openness and accessibility…

Sui Name Service (SuiNS) will become a decentralized protocol! pic.twitter.com/yjF9Yvb0oL

— Sui Name Service (SuiNS) (@SuiNSdapp) August 9, 2024

In terms of distribution, 57% of the $NS tokens will be allocated to the treasury, which will be responsible for funding the long-term sustainability of the platform, as well as supporting maintenance and necessary operations. It is important to note that treasury tokens will not have voting rights, ensuring an equitable governance process.

SuiNS: How Will the Tokens Be Distributed?

28% of the tokens will be allocated to core contributors and early backers, while 10% will be distributed to active community members who have interacted meaningfully with the protocol. The remaining 5% will be reserved for future governance rewards, incentivizing active participation in the decision-making process.

The governance process will be structured through a weighted voting system, where the weight of votes will be determined by the number of tokens held. Additionally, a token lockup mechanism will be offered for those who wish to have a greater impact on protocol decisions. Governance participants will receive rewards based on their proportion of votes at the end of each proposal.

To ensure a smooth transition to this new model, a forum will be established to discuss governance aspects and address community questions. This forum will be crucial for ongoing participation and the evolution of the protocol. The decentralization of SuiNS marks the beginning of a new phase in which the community will take control of the future of the name service, fostering a more inclusive and resilient digital infrastructure.

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Filed under: News - @ August 9, 2024 5:12 pm