#The Stargate DAO Community Initiates Vote to Make Velodrome the STG Hub on Optimism

04/19/2023 05:15 • Tech Ticker • 131 views

On April 19th, it was reported that the Stargate DAO community has initiated the Make Velodrome the STG Hub on Optimism vote to increase Stargate’s mobility on Optimism. The vote was effective with 2.2 million people and the deadline was 02:59 on April 22nd. Currently, 1.7 million people have participated in the voting, with a approval rate of 97.94%. Foresight News previously reported that on February 27th, the AMM protocol Velodome on Optimism launched the Make Velodome the STG Hub on Optimism proposal on Commonwealth.

Stargate DAO Community Initiates Make Velodome the STG Hub on Optimism Voting

On April 19th, the Stargate DAO community reported the initiation of the Make Velodrome the STG Hub on Optimism vote. The purpose of this vote was to increase Stargate’s mobility on Optimism, a platform that enables fast and inexpensive transactions for users. The vote was effective with 2.2 million people, and the deadline for participation was 02:59 on April 22nd. Currently, 1.7 million people have participated in the voting, with an approval rate of 97.94%.

What is Stargate DAO?

Stargate DAO is a decentralized autonomous organization that enables users to participate in the decision-making process for Stargate Network. This network is a cross-chain solution that unites various blockchain networks and enables interoperability between them. Users of the Stargate Network can transfer digital assets across different blockchain networks, share data securely and efficiently, and engage in cross-chain DeFi activities.

What is Optimism?

Optimism is a Layer-2 scaling solution that runs on the Ethereum network. It aims to enhance the scalability of Ethereum by enabling fast and inexpensive transactions. Optimism uses a mechanism called Optimistic Rollup, which aggregates multiple transactions into a single block, making it possible to process them faster and more efficiently. Moreover, Optimism allows developers to use Ethereum’s smart contract language to build decentralized applications that run on Optimism.

The Velodrome AMM Protocol on Optimism

The Automated Market Maker (AMM) protocol Velodrome is one of the up-and-coming projects on Optimism. Velodrome uses the Optimistic Rollup technology to enable users to trade digital assets on the Velodrome decentralized exchange. Velodrome aims to provide users with a fast and inexpensive trading experience, compared to other decentralized exchanges that run on Ethereum.

The Make Velodrome the STG Hub on Optimism Proposal

On February 27th, Velodrome on Optimism launched the Make Velodrome the STG Hub on Optimism proposal on Commonwealth. The proposal aims to integrate the Stargate Network with Velodrome on Optimism, making Velodrome the hub for STG trading activities on Optimism. The proposal suggests that Velodrome is the most suitable candidate to provide Stargate with a reliable trading experience on Optimism.

The Benefits of Making Velodrome the STG Hub on Optimism

The integration of Stargate with Velodrome on Optimism can provide several benefits to users of the Stargate Network. Firstly, it enables users to trade STG tokens on Velodrome’s decentralized exchange, providing them with a fast and inexpensive trading experience. Secondly, it provides users with access to a wider range of digital assets on Velodrome, thereby promoting cross-chain interoperability. Finally, the integration of Stargate with Velodrome can enhance the overall user experience of the Stargate Network, making it more efficient and user-friendly.

Conclusion

The initiation of the Make Velodrome the STG Hub on Optimism vote by the Stargate DAO community reflects the importance of fast and inexpensive transactions to the contemporary economy. The integration of Stargate with Velodrome on Optimism can open up new opportunities for users of the Stargate Network by providing them with a growing number of digital assets and a fast and robust trading experience. The Make Velodrome the STG Hub on Optimism proposal would significantly benefit the Stargate DAO community in their trading activities on Optimism.

FAQs

1. How does the Stargate Network facilitate interoperability between different blockchain networks?
2. What is Optimistic Rollup and how does it improve transaction processing on the Ethereum network?
3. Why is it essential to integrate the Stargate Network with Velodrome on Optimism?

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