QPIP-1 Tokenology Vote Approved, Implementation Commences

Published Aug 18, 2023
By Qredo Team

We're thrilled to announce that the QPIP-1 Tokenology proposal has been overwhelmingly approved by the community in the QPIP-1 vote! 

While the community's consensus on the new QRDO Tokenology is a monumental step, the journey isn't over yet. QPIP-1 now moves to the Qredo Board for final ratification. This process ensures that the approved changes are in alignment with Qredo's broader objectives and governance structure. 

QRDO Tokenology implementation horizon

The Qredo team is gearing up to implement the many facets to the QRDO Tokenology outlined in our recently published paper. Here's a breakdown of what's ahead: 

Phase one

  • Token Burn: A one-time burn of 235 million tokens. 

  • Expedited Vesting: Treasury and Ecosystem Fund expedited vesting. 

  • Token Reallocation: Allocating one billion QRDO tokens to the Public Goods Fund, Ecosystem Fund, and Staking Support Fund, to be used to incentivize the network, support the ecosystem and further decentralization. 

Phase two

  • Federated Validators – Testnet: Onboarding highly qualified and reputable external validators to realize our FPoS staking model on testnet.         

  • Protocol Fees – Test Phase: Protocol fees are charged for all protocol-related actions, subsidized from the Treasury allocation, and ultimately burned.  

Phase three

  • Staking: Qredo users are now able to stake their tokens and earn rewards. 

  • Federated Validators – Mainnet: Transitioning verified validators to mainnet as a part of the new staking model.     

  • Protocol Fees – Rollout Phase: Protocol fees are live – 2 QRDO are paid in fees for all standard requests to the protocol such as Layer 2 transfers, Deposits, dMPC Signatures, New Agent Creations, or Policy updates. 

A continuous journey towards further decentralization

The approval of QRDO Tokenology is a testament to our shared mission and vision for Qredo Network. As Qredo transitions towards a DAO structure, you can expect more proposals and innovations aimed at fortifying our network's democratic ethos.

A note of gratitude

Lastly, we want to express our deepest gratitude to the community. Your active participation, feedback on the governance forum over the past month, and belief in Qredo's potential make all the difference. Here's to many more milestones together!  

Stay tuned for more updates as we embark on this exciting phase.