Lumenswap DAO Product Goes Live to Advance DeFi Ecosystem on Stellar – U.Today

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Lumenswap, a multi-product decentralized finance ecosystem that leverages Stellar’s smart contracts, presents its DAO product.
According to the official announcement shared by the Lumenswap team, the platform now supports DAO functionality through native Stellar-based clients. Thus, the protocol is ready to empower Stellar-based products with 100% DAO governance.
Lumenswap DAO product has been released. 🎉

It is time to rebuild the Stellar ecosystem with the power of community.

Ninth Milestone! 🗳️ + 🤝 = 🌈 #DAO
Stellar-focused tokenholders will be able to have a say in all referendums on crucial upgrades to in-app governance. Due to extremely low Stellar fees, the process of voting will be more resource-efficient compared to mainstream Ethereum- and Polygon-based DAOs.
Also, the Lumenswap team made its DAO dashboard newbie-friendly: it is set to bring the DAO experience to crypto users with basic skills in blockchain and cryptocurrency.
To start using Lumenswap’s DAO dashboard, protocols need to burn 50,000 LSP tokens. This catalyst will contribute to a deflationary mechanism for Lumenswap’s native asset.
In order to connect Lumenswap’s DAO client, protocol teams should contact Lumenswap by email.
By press time, a number of cutting-edge Stellar-based DeFi protocols, including Rabet, Nuna and Drift, have already integrated Lumenswap-powered DAO architecture.
Lumenswap’s DAO client will leverage all modern decentralized practices such as Proof-of-Level-of-Authority and IPFS-based data storage. It prevents DAO-governed protocols from being attacked by spammers and eliminates the possibility of data overload.
As covered by U.Today previously, Lumenswap (LSP) is among the first cryptocurrency ecosystems with basic DeFi functionality on top of Stellar (XLM) blockchain. It explores the smart contracts of this veteran blockchain.

Stellar-Based Exchange Lumenswap (LSP) Introduces Crypto Trading Ecosystem and Token

The protocol issued its native token, LSP, which is also a Stellar-based asset. At the same time, it works as a utility and governance token.
LSP is designed to act as an endpoint to decentralized trading and other DeFi-centric features of Lumenswap. Only 12% of its fixed supply of 1,000,000,000 LSP will be distributed between community members.

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.
Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)
Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.


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