The KeplerSwap SPACE Function
The usage of blockchain technology is becoming more widespread as worldwide acceptance grows. At the same time, the promotion of blockchain technology has boosted the usage of DeFi. DeFi is presently at version 1.0 and has certain restrictions which calls for development of Version 2.0 of DeFi. Though DeFi is still at its infancy, and the problems associated with DeFi 1.0 are quite numerous, the Introduction of DeFi 2.0 will help tackle quite a number of these problems.
Ushering in a new era in DeFi, KeplerSwap has developed a set of functions to help further develop the DeFi ecosystem. One of the Functions is the SPACE Function. And in the course of this article you will get to know more about this function and the role it plays in DeFi ecosystem development.
What is SPACE?
SPACE is a feature that encourages users to participate in the referral program and other SPACE activities, which helps to develop bridges between them. This also aids in the expansion of user benefits as well as the development of a decentralized autonomous community.
Users can invite more people to join community advocacy in order to provide more collective support for development. SPACE is a phrase used in the KeplerSwap environment to strengthen user vertical relationships, expand user rights, and achieve autonomous organization. All members of SPACE are committed to fostering decentralized autonomy.
Features of the SPACE
- SPACE creation: A user can submit a SPACE creation application if they have contributed to liquidity market making efforts or referred other users to participate in liquidity market making while meeting specific criteria. The user has the right to be the SPACE Owner once the application has been granted.
- SPACE interest: From their SPACE members, the SPACE Owner receives all benefits associated with liquidity market making. If the SPACE Owner wins the SPACE Voting, he or she may be eligible for a bonus from the contribution pool.
- SPACE voting: A right to vote in a SPACE election is granted to each token holder. A SPACE must be entered by each user. It is not possible to modify the SPACE once users have properly input it. SPACE can be voted on by users.
Voting period consists of 7 days, with the first 5 days being the voting period, and the last 2 days being the counting period. During this voting period, the votes token will take effect immediately and no voted token can be withdrawn from the pool.
A snapshot of the user's current balance and the number of positions blocked will be collected at the start of each voting period. As a result, the quantity of votes a user has equals the amount of assets he or she has. The user's available token and locked value will not be impacted by the snapshot, and the number of votes possessed by users will remain unchanged. The votes of the users are computed according to the set rules until the next round of voting begins. Users can also vote using the snapshot approach. This solution ensures that users can vote without compromising the market-making lock function's regulation.
Summary
SPACE is one of the cornerstone of the entire ecosystem of KeplerSwap's . All participants will become members of the SPACE ecology, either as SPACE owners or as members of other SPACEs. Active SPACEs, on the other hand, have a greater say in the overall ecological structure. SPACE owners will be able to propose and initiate voting resolutions in the future, SPACE members will be able to actively participate in exercising their voting rights, and the ecological development will be decided by all members together, bringing the concept of Decentralized Autonomous Organization to life.
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