Moments ago, at 13:00 UTC, the first ever Trendering DAO vote has been concluded. This Trendering Improvement Proposal (TIP) discussed an adjustment to the TRND requirement for the Trendering Private telegram group. The vote has passed by 4700 to 1447.
The voting process was executed using two smart contracts, FOR and AGAINST. Each contract received xTRND from voters. The contract with the higher xTRND balance won. A few days after the vote, the xTRND balance from both contracts will be released back to the staking rewards pool.
What happens now?
Since TIP-01 is approved, the following measure will begin in the Trendering Private group:
After every 24 hours period, starting from now, whenever the amount of members in the Trendering Private group is above 300, the TRND requirement to stay in the group will increase by 1 TRND.
This means the first TRND requirement increase will happen tomorrow afternoon.
This first Trendering DAO vote showed us we need several improvements to the governance process. The first one is a public discussion area to formulate and analyse proposals before they are put to vote. The second one is a nicer voting interface inside the Dapp.
Overall, this vote proved the potential of the Trendering DAO, generating lots of debates and many interesting ideas for the private group, the Dapp and the DAO itself.
I look forward to setting up the additional DAO interfaces for the community to drive the Trendering protocol.