Iotex value turns inexperienced after main DAO vote

• At press time, IOTX was buying and selling at $0.0261, up 1.02%.
• The not too long ago handed proposal will introduce ether liquid staking derivatives.
• The proposal additionally provides native assist for representing staking buckets as NFTs on IoTeX.

The IoTeX governance group has voted for the thirteenth enchancment proposal (IIP-13) which amongst different issues introduces Ether liquid staking derivatives. 97% of IOTX token holders collaborating within the vote voted in favour of the proposal.

IoTeX (IOTX) value reacted to the event by turning bullish after three days of a bear market. The token is now buying and selling on the identical degree the place it was buying and selling on March 18.

What the IoTeX IIP-13 proposal introduces

To begin with, 141 million IOTX tokens have been staked in favour of the IIP-13 proposal, which significantly will increase the IOTX staking ratio and enhances community safety because it has elevated the variety of validators on the blockchain.

The IIP-13 proposal additionally provides assist to symbolize staking buckets as NFTs to permit liquid staking protocols to handle their stakes utilizing sensible contracts. This may enable dApp builders to simply and rapidly launch liquid staking dApps and enhance the community’s use circumstances and likewise contribute to the worth proposition of the IOTX token, which the highest 10 richest IOTX addresses maintain 89.87% of all out there token provide in accordance with knowledge from CoinLore.

Previous to the passing of the proposal, staking on IoTeX was finished straight on the community with out connecting to sensible contracts. Introducing liquid will among the many many talked about issues additionally place the IoTeX blockchain among the many main DeFi protocols.

A few of the liquid staking protocols like Lido have carried out so effectively this yr with its native token, the Lido DAO (LDO) value appreciating by greater than 200% within the final three months.