Solana-built DeFi app Jet Protocol transitions into DAO to enable on-chain governance » CryptoNinjas
Jet Protocol, a Solana-based non-custodial liquidity app offering lending products for the DeFi ecosystem, announced today it has taken the first step in building a truly decentralized and censorship-resistant protocol in order to provide infrastructure to access on-chain financial debt instruments.
Jet’s design takes advantage of Solana’s speed and low fees, allowing users to borrow against over-collateralized debt positions whilst honing the value of flexible, capital-efficient margins.
In efforts to provide an on-chain governance system representative of not only the Jet user base but also the broader DeFi community, Jet has released JetGovern — a new mechanism to govern the platform in an effective and decentralized manner.
“At Jet, a well-composed and strategically maintained system of governance is necessary in order to make decisions on everything – from run-of-the-mill functioning of the protocol, adjustment to policies of the JET token, adding new collateral types, dealing with a crisis, or deciding the direction of development and governance itself. Leveraging experience with governance frameworks from first-mover protocols like MakerDAO, we are constructing a truly battle-tested governance ecosystem with all the checks and balances in place to sustain growth and development.”
– Jet Protocol CEO, Wil Barnes
Incorporating both on-chain and off-chain governance structures, JetGovern ensures a trustless, secure, and effective consensus-building process.
On-chain governance employs voting mechanisms on the blockchain through the JET token which is used to represent the user’s stake and confer voting rights, while off-chain governance takes place on the Jet Protocol forum where anyone can create or vote on a proposal.
Via the JET governance token, users will be able to lead the platform without any centralized or 3rd-party authority, putting full control in the hands of the protocol’s users and the Jet community.