eDRF & Governance
eDRF is the equity token of the Derify Protocol. By burning/using eDRF, one can obtain rights and privileges within the protocol (such as obtaining a broker license, renewing the broker license, etc.). Additionally, eDRF can be used to participate in community governance, casting votes on community proposals. By voting, participants can gain benefits correlated to their interests. For instance, in a specific $DRF airdrop event, the more cumulative votes one has, the greater the $DRF airdrop rewards one receives (Part D).
eDRF has infinite supply and will be infinitely destroyed/burned. There is no pre-release. All eDRF is minted by staking DRF token. For each staked DRF, 1 eDRF is minted per day. The more DRF staked, the more eDRF will be minted. Buring eDRF, you can obtain broker privilege and extend your broker privilege
DRF is a token representing your economic right that aimed for the value capture of the Derify Protocol. The purpose of adopting eDRF for governance is to separate governance rights and economic rights. We wish to prevent whales who have overwhelming financial advantages and manipulate the voting results.
As we know, whale dominance harms decentralized organizations. Although giant whales can still mint a large amount of eDRF by staking DRF. However, according to the proposal #001, the protocol will mint an even larger amount of eDRF, and use it for free community airdrops, thereby improving the decentralization of community governance and allowing more people to have voting rights
eDRF is not listed on any DEX or CEX at this moment. Community users can spontaneously add liquidity on DEX, for e.g. PancakeSwap. If eDRF is listed on DEX or CEX, we will make an announcement to the community. Through joining the community governance and get more benefits yourself. Like DRF airdrop, if you vote more, could get more DRF rewards( Part D).
- 1.Proposal Draft: Any community user can initiate a proposal in the community (for e.g. Discord)
- 2.Discussion: Community users participate in the discussion of a proposal draft
- 3.Proposal: The Governance Committee confirms the final proposal based on the content of the proposal draft and community discussion
- 4.Voting: The Governance Committee designs specific voting rules for a proposal and initiates voting
- 5.Execution: The Execution Committee takes action according to the voting results