COTI Network, a cutting-edge L1 blockchain platform with a focus on revolutionizing payments, has made an exclusive development. According to the company, it is reducing the treasury fees in accordance with the results of the community vote on the “Treasury fee model.” The platform announced this development on its X account.
The votes have been counted and the decision has been made: Treasury fees will be lowered! The latest vote for $gCOTI concluded earlier today, and we are excited to share the results with you. You can find all the details here: [insert link]. $COTI pic.twitter.com/xgkfiJHsGw — COTI Foundation (@COTInetwork) June 24, 2024
COTI Network Reduces Treasury Fees Following Successful $gCOTI Vote
Additionally, the company has released a comprehensive blog post detailing this initiative. The platform has revealed the results of the vote and the subsequent actions taken. One of the proposals sought feedback on reducing treasury withdrawal and deposit fees to 0.25% and 0.05% respectively. In response to this question, 77.9% of the voters supported the reduction in treasury fees.
This percentage represents a snapshot of approximately 18,504,480.82 $gCOTI. On the other hand, 22.1% of the voters opposed this proposal, representing a snapshot of around 4,261,407.07 $gCOTI. Once the voting concluded, the platform took a snapshot of all the voters’ $gCOTI balances, including deposits in the treasury and addresses.
Implementation of the New Fee Model Scheduled for July 2nd
The platform has also stated that the total $gCOTI equaled 23,765,887.89. The implementation of the new treasury fee model is set to take place on July 2nd. As a result, any withdrawals or deposits made after the implementation date will be subject to the new fee structure.
The company has explained that all the fees collected will be returned to the treasury. These fees will then be used to provide APY rewards to users for their deposits. However, the company has clarified that the fees may change in the future. Additionally, it has encouraged the community to actively participate in the voting process.
Tags: COTI