Make Velodrome the STG Hub on Optimism: What It Means for the Stargate DAO Community

On April 19th, it was reported that the Stargate DAO community has initiated the Make Velodrome the STG Hub on Optimism vote to increase Stargate’s mobility on Optimism. The vote was effective with 2.2 million people and the deadline was 02:59 on April 22nd. Currently, 1.7 million people have participated in the voting, with a approval rate of 97.94%. Foresight News previously reported that on February 27th, the AMM protocol Velodome on Optimism launched the Make Velodome the STG Hub on Optimism proposal on Commonwealth.

Stargate DAO Community Initiates Make Velodome the STG Hub on Optimism Voting

The Stargate DAO community has taken a significant step towards increasing Stargate’s mobility on Optimism, a layer 2 scaling solution for Ethereum. On April 19th, the community initiated the Make Velodrome the STG Hub on Optimism vote, which has garnered a massive response since its inception. In this article, we will take a closer look at what this vote means for the Stargate DAO community and the implications it holds for the crypto industry.

Understanding Velodrome and Stargate

Before we dive deeper into the significance of Make Velodrome the STG Hub on Optimism vote, let us first understand the two protocols it refers to. Velodrome is an Automated Market Maker (AMM) protocol that functions on top of Optimism. It enables traders to swap ERC-20 tokens without having to pay high gas fees. Meanwhile, Stargate is a DAO that focuses on discovering and developing new DeFi protocols.

The Proposal

On February 27th, Velodrome launched a proposal for making itself the STG hub on Optimism. As of April 19th, the Stargate DAO community has initiated a vote on this proposal, seeking approval from its members. The outcome of this vote will decide whether Velodrome becomes the hub for STG on Optimism.

The Vote and Its Response

The Make Velodrome the STG Hub on Optimism vote has been active since April 19th and has attracted a massive response from the Stargate DAO community. The deadline for the vote is April 22nd, which gives the community enough time to make their voice heard.
Currently, 1.7 million people have participated in the voting, with an approval rate of 97.94%. This is a significant response and indicates the community’s trust in Velodrome’s proposal.

Implications of the Vote

The Make Velodrome the STG Hub on Optimism vote is aimed at improving Stargate’s mobility and accessibility within the Optimism ecosystem. If the vote passes, Velodrome will become the hub for STG on Optimism, allowing traders to participate in STG-related activities with ease and lower transaction fees. This could attract more traders to Stargate and increase its adoption in the market.
Moreover, this move could also impact the broader crypto industry, as it showcases how DAOs are taking active measures to improve DeFi protocols’ functionality. By leveraging Optimism’s capabilities and Velodrome’s infrastructure, Stargate DAO is setting an example for other DAOs to follow.

Conclusion

The Make Velodrome the STG Hub on Optimism vote is a crucial step for the Stargate DAO community to improve STG’s mobility and accessibility within the Optimism ecosystem. The massive response to the vote is a testament to the community’s trust in Velodrome’s proposal and highlights the potential impact this move could have on the broader crypto industry. The rise of DAOs and their role in shaping DeFi protocols’ future is a trend worth following, and Stargate DAO is leading the way.

FAQs

**Q1. What is the Stargate DAO community?**
A1. Stargate DAO is a DAO that focuses on discovering and developing new DeFi protocols.
**Q2. What is Velodrome?**
A2. Velodrome is an Automated Market Maker (AMM) protocol that functions on top of Optimism. It enables traders to swap ERC-20 tokens without having to pay high gas fees.
**Q3. What is the Make Velodrome the STG Hub on Optimism vote?**
A3. The Make Velodrome the STG Hub on Optimism vote is a proposal launched by Velodrome on February 27th that seeks to make itself the hub for STG on Optimism. The Stargate DAO community has initiated a vote on this proposal from April 19th to April 22nd. If the vote passes, Velodrome will become the hub for STG on Optimism, improving Stargate’s mobility and accessibility within the ecosystem.