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Paribus

03/15/2024

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Governance in Action

A few weeks ago, we launched our governance module on the mainnet, starting the process of gradually decentralizing Paribus.

Governance in Action

A few weeks ago, we launched our governance module on the mainnet, starting the process of gradually decentralizing Paribus. It was an exciting moment for the whole team, and we’re overjoyed with its success.

Since its launch, over 200 million PBX tokens have been staked to give community members a say in our future. Our first two proposals have also successfully passed their votes.

The first proposal was to optimize the ARB market parameters to help align borrowing and supply rates more closely with market demand. The proposal aimed to help increase the total value locked (TVL) on Paribus, maximize capital efficiency, and improve rates.

We found the forum indispensable in helping the community discuss different aspects of the proposal and iron out any uncertainties. Not only did it pass the vote, but it has also been executed now that the time-lock has expired.

Another proposal was raised after seeing the success of the first proposal, especially the community’s involvement in the process. This time, it was suggested that we launch a version of Paribus on the Ethereum base layer ahead of the NFT module launch.

Although Ethereum is notoriously painful to use when it comes to gas fees, we felt it was crucial to take this step, providing that the community agreed with it. This marked the first significant decision in our development that we were handing over to the community to decide.

This proposal was crucial because Ethereum is by far the most important chain when it comes to NFTs. Although collections exist on practically all chains, the top collections, such as the Bored Ape Yacht Club and Cryptopunks, exist on Ethereum’s base layer.

While there are ways to wrap NFTs to bridge them to other chains, ease of access is vital to rapidly gaining market share. With the launch of our NFT module imminent, we wanted to make it as simple as possible for holders of these NFTs to use them with Paribus.

The move also meant that we could support the USDC stablecoin and use our strategic partner, Swing, to help make swapping between Ethereum and Arbitrum as seamless as possible. Other aspects of the proposal centered on increasing liquidity and preparing for whitelisting NFT collections.

We were so excited to see the proposal pass with overwhelming support, and we were so happy that the community got deeply involved in the process. Watching the development of the community over the past two years, it was an incredible moment to have arrived at this point.

When we launched the governance module, we also incentivized its staking element by offering a share of 30 million PBX tokens to everyone who staked tokens. Although that window closes on March 15th, the beating heart of governance will remain the same.

Although everyone loves free tokens, the real reward for staking is that it unlocks vePBX tokens. These are the tokens used for raising and voting on proposals, and we’re amazed that so many people have taken part in staking.

Of all the incredible things that have happened this year, such as the spot Bitcoin ETF approval, the thawing of the crypto winter, and the spring of the bull market just beginning, governance has been the most rewarding for us. We want to thank everyone who has supported us so far in this journey and look forward to the exciting times ahead.

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