Curve Finance Voted To Disperse $3M In Fees To Token Holders

Curve Finance voted to disperse the $3 million in fees to the governance token holders after a community vote so let’s read more in today’s altcoin news.

On Friday, the voting period that was looking to determine the admin fees and how they are allocated, closed in favor of the token holders. In three days, about ,631,601.
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92 worth of fees that were accrued before the vote opened and now will head to community coffers. The protocol will continue to disburse the fees on a weekly basis after the initial payout as Curve CEO, Michael Egorov explained.

.@CurveFinance will trustlessly distribute nearly $3 million in accrued fees to governance token holders, following a unanimous vote.
Report by @DanielGKuhnhttps://t.co/ld0BV2ZDuI

— Veki (@Veki551155) November 28, 2020

Curve Finance voted and now the recent vote will be seen as a successful exercise in a distributed governance manner where platform users will be encouraged to participate by having skin in the game. The vote passed unanimously with 95 votes cast in favor which represents 49.75% of the entire eligible voting pool. Back in August, the anonymous Defi users deployed smart contracts for the decentralized autonomous corporation with the team-building without their knowledge or consent.

The curve team adopted the front-run code because of intense community interest during the heyday of liquidity and governance token yield farming. In order to vote, the users have to stake CRV tokens to the protocol’s voting contract which supplies users with veCRV and thus creating a kind of voting escrow. veCRV holders earned about half of the 0.04% trading fee of the protocol levies while the other half will go to the liquidity providers. Egorov said:

 “The vote for this splitting already took place in the past, and the current vote activates the code to trustlessly distribute the fees now and in the future to veCRV token holders. While we’ve been writing and testing the code, the amount of fees accrued over 69 days, waiting for distribution, appeared to be $3 million.”

A brief write-up on how to safely use @chainlink oracles with Curve Financehttps://t.co/U2cN9BsrrW

— Curve Finance (@CurveFinance) November 27, 2020

Curve is now the sixth-biggest DeFi protocol with about $882 million worth of crypto locked in various smart contracts. The token trading was flat since the governance vote passed according to DeFi pulse. In our recently reported news on Curve finance, Curve Finance recommends Chainlink’s price oracles in order to stop flash loan attacks as the attackers are using them more and more to manipulate the prices.