TALLINN, Estonia, Sept. 28, 2020 (GLOBE NEWSWIRE) — The Decentralized Finance (DeFi) ecosystem is gradually shifting from the very fundamental aspect of decentralization to using what are called ‘governance tokens.’ These types of digital assets have become popular since DeFi picked up earlier in the year, and then gained momentum when Compound launched its ‘COMP’ governance token in June. While they have emerged as the fuel for DeFi network growth, some innovators are taking advantage of the asymmetry in technical knowledge and issuing governance tokens mainly to the developing team.
Well, a recently debuted project dubbed ‘Kush Finance’ is returning the DeFi ecosystem back to its basics using its own governance token, called ‘kSEED.’ Unlike other DeFi projects that have allocated a significant amount of governance tokens to a small group, the Kush Finance DeFi token is designed to turn kSEED holders into a collective whale. This basically eliminates a scenario where whales dump on unsuspecting DeFi token holders as has been the case in recent weeks.
To achieve full decentralization, Kush Finance has implemented a bidding model which allows kSEED token holders to exercise complete governance within its DeFi platform. They can do so by constructing and proposing their preferred bids within periods identified as ‘voting rounds.’ Once the process is complete, the Kush machine will automatically execute the bid with the most votes at the end of a particular round.
The Kush Finance bidding model also accommodates additional bids by chaining them onto the initial order. Consequently, each Kush Finance voting contract can be upgraded, replaced, or reconnected to allow kSEED holders to vote on a bid that reconnects to the rest of the network. In doing so, Kush Finance has eliminated the need for a central developer to keep updating its