DeXe Protocol is on mainnet: Platonic Utopia on the blockchain
We are excited to share a landmark achievement in decentralized governance — the official launch of the DeXe Protocol. In a collaborative effort, our dedicated community and contributors have successfully deployed the DeXe Protocol’s smart contracts on the BNB Chain mainnet. This launch comes on the heels of our recently published Whitepaper and marks a significant step forward in the evolution of decentralized governance.
With the release of the DeXe Protocol, we’re not just introducing new technology; we’re unveiling an open-source codebase that redefines decentralized governance. It is more than an advancement — it’s a transformation, signalling a new era where transparency, efficiency, and community empowerment come to the forefront.
What is the DeXe Protocol?
At its core, the DeXe Protocol is a leading-edge infrastructure offering a library of over 50 specialized smart contracts for decentralized governance. Whether you need a straightforward DAO or a complex multilevel structure with custom logic — DeXe Protocol is your toolbox.
From the outset, our goal was more than just creating another DAO tool; we aimed to introduce fundamentally new capabilities that reenvision the role of decentralized governance technologies today.
Currently, DAOs face several challenges that hinder their effective operation:
- Centralized Treasury Management: DAOs still rely on multi-sigs, centralizing treasury management in the hands of the founders.
- Plutocracy: The concentration of a large number of tokens in the wallets of a few founders or investors means decisions often can only be made with their involvement.
- Lack of Motivation: Beyond the demotivating factors mentioned, people also need to read proposals and advocate their opinions. Plus, the need to pay gas fees to participate in voting further demotivates the few who remain engaged in DAO activities.
- Lack of Unified Infrastructure: There’s no universal infrastructure to provide a seamless environment for DAOs. Organizations are forced to use multiple patchwork solutions, complicating their structure and diminishing user experience.
In response to the challenges faced by DAOs, the DeXe Protocol introduces innovative solutions that seamlessly complement its design:
- Decentralized Treasuries: In the DeXe Protocol, each DAO operates its treasury through a dedicated contract. Transactions involving DAO funds can be automatically executed following the DAO’s approved proposals. Additionally, DAOs have the option to implement extra security measures for managing treasuries, such as Validator approvals — similar to two-factor authentication, a DAO-appointed council to verify transactions; delayed transaction execution — allowing time for countermeasures; and flexible quorum settings for different proposal types, enabling more complex requirements for particularly significant decisions.
- Meritocracy: The DeXe Protocol integrates a Meritocracy system alongside the traditional linear voting model. In this system, increased token holdings have diminishing returns on voting power, ensuring no single entity can dominate. It also includes the concept of expert delegates — individuals (or DAOs) trusted by the DAO who can have a higher vote calculation coefficient. Regular token holders can delegate their tokens to these experts, making their votes more effective.
- Clear Motivation: The Protocol facilitates automatic reward distribution to DAO members for active participation in voting. It compensates for the time and gas expenses and encourages greater engagement.
- Comprehensive Infrastructure: Lastly, the DeXe Protocol offers a complete infrastructure with various contracts for the full operational cycle of a DAO. There is no need to rely on external libraries. However, the Protocol allows easy integration of custom proposals and DAO settings contracts.
These features address the current challenges in DAO governance and pave the way for a more efficient, inclusive, and secure decentralized future.
Security
The Protocol has been audited by renowned security companies, including Cyfrin, CertiK, Ambisafe, Hacken, and numerous auditions by developers related to the Protocol’s development. The reports from these audits are available for review here. The Protocol contracts repository has undergone over 1000 units, integration, and simulation tests, achieving 100% coverage.
The smart contract code for the Protocol is open-source, and we welcome members of the technical community to review and verify our code.
DeXe Protocol DAO
The DeXe Protocol operates under decentralized governance through the DeXe Protocol DAO. The DAO’s utility governance token is $DEXE; every token holder is a DAO member by default. Since the contracts were deployed on the mainnet, the DeXe Protocol DAO automatically began operating within the Protocol on the BNB Chain. Token holders on the Ethereum network can utilize the bridge to swap their tokens into BEP-20.
Soon, the community and Council members of the DeXe Protocol Association (off-chain ministerial structure via a Swiss Association) will implement a phased transition of all DAO activities to this new venue. It includes setting quorum and other parameters for different types of proposals, among other initiatives. We invite all community members to participate in initiatives and discussions related to the future structure and functioning of the DeXe Protocol DAO.
Launching the Rewards Program
Alongside the mainnet release, we’re introducing the Rewards Program to celebrate and support our DAO members. By participating in the DeXe Protocol DAO, members can earn an NFT with a reward multiplier ranging from x3 to x13. You have 10 days from today to sign up and get your multiplier NFT. All the details are in this article, and don’t hesitate to register here.
The Journey Ahead
The ultimate mission of DeXe Protocol DAO is to develop and refine technologies for functional and transparent decentralized governance, aiming to make the world more efficient and fair. As such, DeXe Protocol DAO incentivizes community members and like-minded individuals to contribute to its development or build complementary solutions for the evolving Protocol’s ecosystem. One such product is the DeXe DAO Studio mentioned above. To achieve its objectives, DeXe Protocol DAO also provides grants, creates educational content, and organizes events.
Let’s embark on this journey together, shaping the future of decentralized governance.
Stay tuned!
