Aventus Network announces results of latest governance proposal
August 25, 2022
We recently ran a governance proposal to allow members of the community to determine whether a change in the protocol of the Aventus Network should be enforced, allowing for the minting of additional AVT proportional in percentage to the amount of AVT earned by stakers after a staking period.
For example, in the first year of our staking program, 2.5 million AVT was staked on 10 validator nodes. These validator nodes processing transactions earned in return, for the stakers, 150,000 AVT from transaction fees – a whopping 6% of the total amount staked. Hence, if this proposal to change the protocol is approved, 6% of the current total AVT supply (10,000,000 AVT) i.e. 600,000 will be minted correspondingly.
This protocol will be used to ensure the continuity of the AvN operation and finance future parachain slot auction winning.
As the proposal was approved, the first dilution mint based on the 6% earned staker fees of last year’s staking period will be minted manually, but going forward the protocol change will see this happen automatically on the Aventus Network.
This represents the next phase in the vision for the Aventus Network.
There was no quorum for the vote (meaning that the outcome was determined on the decision that secured the majority of votes).
Voting closed on 25 August, with the proposal receiving 714,086 votes in total. 87% of these votes approved the proposal, meaning that the change in protocol to the Aventus Network will go ahead.
You can see the full details of the vote here.