Zug, Switzerland, July 9th, 2024,
Chainwire
With an evolved governance model based on public funding, the
Status token will gain deeper utility to benefit the wider
community
Status has unveiled
plans to launch an L2 rollup alongside a staking mechanism for its
native token, $SNT. This unlocks a new public funding model and
lays the foundation for a collaborative, open Status ecosystem.
Following a recent governance
vote, Status community members have had their say in
prioritising more utility from $SNT through both staking and
launching Status Network, an L2 rollup on Ethereum.
Status Network is designed as an open
playground for communities, with a focus on public funding and
geared towards social apps, GameFi, and governance
experiments.
In addition, it is intended to be
designed as a thin execution layer with maximum reliance on
decentralised providers, minimal transaction fees and low operating
costs. This will ensure that most of the value created by the chain
can be returned to participants.
Status Communities, the token-gated
censorship-resistant community spaces which are currently active in
the Status app (beta), will also benefit from reduced costs thanks
to Status Network. Status Community owners can associate
non-fungible tokens deployed on Ethereum and compatible Layer-2
networks with token-gated permissions, bringing new utility to
existing tokens.
The admin functionalities for Status Communities
currently require features including minting and airdropping tokens
which may incur costs, such as gas. The new L2 will reduce these
admin costs and even enable sponsoring them, in line with Status’
commitment to remaining accessible.
Cyprien Grau, a Status Core Contributor, explains,
“Status Network should empower a diverse set of app builders and
users to freely control their activities, with a strong commitment
to decentralising the L2 operation in the near future. This
dedicated infrastructure will also allow Status Communities to
interact, transact, govern themselves, and more, without the
constraints of high transaction fees.”
“It also critically lays the foundation for a robust
ecosystem of censorship resistant and privacy-focused third-party
apps while $SNT staking will enable novel forms of onchain
governance over public funding”, he added.
Further, Status is working on a dynamic
governance and engagement incentive plan designed for $SNT
holders.
Two key highlights of the plan are the
intended implementation of veTokenomics and a new experience points
(XP) programme to encourage community engagement. If implemented,
the goal is to provide $SNT holders the possibility of staking $SNT
for voting rights over Status’ public roadmap and allocation of
public funding, giving voters the opportunity to earn XP, which are
multipliers of voting power of staked $SNT.
Engaged onchain participants, for
example those activating Status in-app actions, could also be
eligible for XP rewards, which means that even users with smaller
$SNT holdings could potentially gain an impactful amount of
governance influence within Status over time.
“Increasing the governance influence of engaged
community members is part of staying true to our goal to work
towards decentralisation. When our community has a greater say over
the development direction of Status, it benefits the ecosystem as a
whole”, adds Cyprien Grau.
A native public funding pool is also
intended to be developed through various funding sources, including
excess gas fees from L2 rollup operations, partner rewards and
external yield.
Funds from this public pool are
intended to be allocated based on the $SNT holders' community
votes, with voting power weight corresponding to XP. This will
benefit a wide range of participants like Status Communities,
liquidity providers, app and protocol developers, yield markets and
infrastructure providers
The Status team will provide more
updates over the summer on additional specifics of the new
governance model as well as the L2 launch date.
About Status
Status is a globally distributed collective working to build
products, tools and infrastructure for inclusive communities that
can defend human rights, enable free speech, protect privacy and
promote self-sovereignty. The Status app enables:
- Decentralised communities with token-gated channels
- Trustless access to web3 dApps, DAOs, NFTs, DeFi and much
more.
- Truly decentralised messaging powered by Waku
- Seamless integration with Keycard, which provides convenient,
and simple hardware-grade crypto asset security at a highly
accessible price point.
For more information: https://status.app/
Contact
Amelia
Trapp
editors@logos.co