#CosmosHub #ATOM #GovGen #CryptoGovernance #BlockchainFork #CryptoInnovation #DeFi #StakingTokens
In a pivotal moment for the Cosmos community during November 2023, the approval of proposal 848, which sought to cap the inflation rate of the Cosmos Hub’s native token, ATOM, at a maximum of 10%, down from an earlier cap of 20%, has sparked significant developments. Initially, the ATOM token experienced an actual inflation rate of 14%, and the decision to reduce this rate came after a dramatic surge in votes leading up to the proposal’s deadline, ultimately securing approval with 41.1% in favor against a close 38.5% opposition. This decision demonstrated the community’s active engagement in pivotal governance decisions and the dynamic nature of blockchain ecosystems.
Following the contentious vote, Cosmos co-founder, Jae Kwon, voiced his disagreement with the outcome and initiated a new direction by forking the Cosmos Hub to create AtomOne, alongside launching GovGen. This new governance-only chain, distinct from AtomOne, is dedicated to decentralizing decision-making and fine-tuning the genesis parameters of AtomOne, with the support of Onbloc. The GovGen initiative allows ATOM holders who opposed proposal 848, through direct votes or inherited delegation, to possess GOVGEN tokens. These tokens are central to decision-making on the GovGen chain, setting foundational aspects of AtomOne ahead of its launch. Such an innovative step highlights the evolving dynamics of blockchain governance and the broader implications for stakeholder participation and ecosystem security within the DeFi space.
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