An Overview of the MEV Project Rook and its Community Proposal Vote

04/11/2023 00:38 • Blockchain Buzz • 132 views

On April 11th, Rook Labs, the development entity of the MEV project Rook, initiated a community proposal vote, planning to split nearly $50 million in treasury assets into two parts, to be allocated to the main builders of Rook technology and a new community operating entity called Incubator DAO. Among them, the Incubator DAO will replace the original decentralized operating entity Rook DAO, which will be completely independent of Rook and can decide how to use nearly $25 million in funds.

MEV project ROOK plans to split $50 million equally between technology developers and operational entity Incubator DAO

Introduction

What is Rook?

Rook is a MEV (Miner Extracted Value) project that allows miners to receive a share of the transaction fees that are paid on the Ethereum network. These transaction fees or gas fees are usually collected by the block validators or miners, but with the help of Rook, the miners can now earn a share of these fees as well. The project was launched in May 2020, and since then, it has gained substantial popularity among miners, due to its unique value proposition.

The Community Proposal Vote

The community proposal vote initiated by Rook Labs aims to split nearly $50 million in treasury assets into two parts, to be allocated to the main builders of Rook technology and a new community operating entity called Incubator DAO. The vote was initiated on April 11th, and it will remain open for two weeks. The allocation of funds will be decided based on the outcome of the vote.

Allocation of Funds

The two parts of the treasury assets will be allocated as follows:
– Nearly $25 million will be allocated to the new community operating entity called Incubator DAO. This entity will be completely independent of Rook and will have the ability to decide how to use nearly $25 million in funds.
– The remaining funds will be allocated to the main builders of Rook technology, who have been instrumental in the development of the project.

The Role of Incubator DAO

The Incubator DAO will replace the original decentralized operating entity Rook DAO. The new entity will have complete autonomy in making decisions regarding the allocation and usage of nearly $25 million in funds. The aim of the Incubator DAO is to foster innovation and growth by funding new projects that are aligned with the objectives of Rook.

Conclusion

The community proposal vote initiated by Rook Labs is a significant step towards decentralizing the decision-making process of Rook. The allocation of funds to the main builders of Rook technology and the Incubator DAO will help in further development of the project and foster innovation. The role of Incubator DAO in allocating nearly $25 million in funds is a testament to the project’s commitment to decentralization and community involvement.

FAQs

What is MEV?

MEV stands for Miner Extracted Value. It is the amount of value that miners can extract from transactions on the Ethereum network.

What is a Community Proposal Vote?

A community proposal vote is a way for decentralized projects to make important decisions. The vote is open to all community members who hold the native token and allows them to vote on specific proposals.

How will the Incubator DAO decide on the allocation of funds?

The Incubator DAO will have complete autonomy in making decisions regarding the usage and allocation of nearly $25 million in funds. The aim of the entity is to fund new projects that are aligned with the objectives of Rook.

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