The team that built (DeFi) DEX protocol 0x reportedly disclosed details of their initiative for governance decentralization, via forming a “community-owned treasury seed-funded by 0x Labs.”
Specifically, 0x Labs is reportedly planning to deep-dive into seed-funding a community treasury governed by DAO, as included in its efforts to build a tokenized world, “tokenized world where all value can flow freely”.
“To establish the DAO, 0x Labs will identify a set of bootstrap delegates that will shepherd the initial steps of governance decentralization.”
Per Theo Gonella, platform product manager at 0x Labs and the author of the “Introducing the 0x DAO” post, the initiative should not come as a surprise for members who have been around in the community, as they initially shared their idea regarding the protocol’s progressive decentralization 4 years ago, with the rollout of ZRX, 0x’s governance token”.
“We have always envisioned that ZRX holders would one day be in full control of all aspects of the project – from managing the Community Treasury to driving protocol upgrades.” He further remarked.
The initiative was carried out amid a phase with enhanced productivity for the project. A v4 update to their mainnet has resulted in a price rally for the native ZRX token in January.
Last week, 0x Labs reportedly successfully secured $15 million via a fundraising round, led by Pantera Capital. ZRX currently sits at $1.81, up over 300% on the month.
In the next step to roll out a DAO structure, 0x reportedly became a part of an initiative echoed throughout the sector that worked to achieve decentralized governance.