The DFX, the native token of the DeFireX project, is also a governance token, which allows its owners to actively participate in the development of the project and in voting.
Features of DFX Governance tokens:¶
- To submit a proposal for consideration by other users, they need to own at least 1% of the tokens currently in circulation.
- To start setting a decision into effect or rejecting it, users need to collect at least 4% of tokens. The decision for which the largest number of participants voted is implemented, but not less than 4%.
- After discussion of the decision and voting, the changes are implemented into the main contract after 48 hours.
- The project update is under multi-signatures until the full implementation of this mechanic and at least three multi-signatures are required to approve the update. The updating of the contract also takes place 48 hours after its acceptance.
- Smart contracts developed for Binance Smart Chain have passed security audits.
Benefits of Owning DFX Governance Tokens:¶
Holders of the DFX Governance Tokens control the ecosystem and receive most of the profits from farming rewards. To qualify for this profit, DFX holders place their tokens in the DeFireX management pool. The profit is sent to this pool in the form of DFX rewards. The amount of profit users receive is determined by the number of DFX Tokens users own (% of the pool). We currently have instant voting, under which users can use DFX Tokens to vote for taking part in decision making in our community. Thus, the more DFX users stake, the greater their impact on the ecosystem. In the future, we plan to develop a more specific governance ecosystem tokenomics.