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1inch Governance DAO Proposal Analysis

Jun 12, 2024

The governance DAO of finance protocol 1inch is in the process of voting on whether to invest $150,000 in USDC for the establishment of a platform geared towards transforming novices into experts in web3 principles. A governance proposal by 1inch introduces the idea of a new bug bounty platform that will allow the public to engage in beta testing of web3 product releases, with 1inch being the pioneer project highlighted. The proposed platform will be created by xcrwd, a group of coders from Russia with a level of anonymity. The proposal aims to secure $150,000 for development, community management, and project closure. Specifically, a segment of the budget, roughly $20,000, will be allocated to reward platform contributors, as explained by Danya, the founder of xcrwd. Danya also mentions an association with 1inch Labs based on their LinkedIn profile, awaiting official confirmation. The platform will feature a robust bug tracking system allowing users to submit reports and receive acknowledgments for their contributions.

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