PancakeSwap, the leading decentralized exchange for trading Binance Smart Chain (BSC) tokens, has launched its first voting system ‘Gauges’ for its Governance Token holders. This system will allow token holders to make decisions on important matters related to the project. The voting system is designed to help the community reach a consensus on matters related to the protocol, such as listing of new tokens, upgrades, changes in rules etc. Each vote is weighted according to the amount of tokens the holder owns.
The system use Gauges to measure support or oppose based on the votes of the token holders. Those who cast a vote on a proposition can expect to receive rewards in the form of Gas Token rewards depending on the outcome of the vote. The rewards for the users are proportional to the number of tokens they hold and their stake in the network.
This initiative by PancakeSwap will help ensure that the decisions are taken as per the will of the majority and not by a few people. With the introduction of such a system, PancakeSwap will not only have greater participation from the community but also open more doors for conversation and actions for the greater good of the protocol.