XAO DAO, a new decentralized autonomous organization, has announced its plans to create a DAO on the XRP Ledger, signifying a new phase of decentralized innovation.
Announcement of XAO DAO Launch
XAO DAO, registered in Wyoming, announced its plans to launch the first decentralized autonomous organization on the XRP Ledger. An official statement was published on social media platform X. The DAO aims to serve as a new governance mechanism for the XRPL network, allowing users to participate in network governance and resource allocation to support ecosystem projects. Notably, XAO DAO does not plan to introduce a token, instead focusing on real utility and using XRP as the primary token.
How Voting Will Work
Within XAO DAO, a voting mechanism will be implemented based on the amount of XRP held by participants at the time of the snapshot, ensuring each vote carries equal weight. The DAO has not yet launched, but interested parties can sign up for a waitlist.
Impact of Decentralized Governance on XRPL
The decentralized governance expected from XAO DAO is seen as a significant step toward enhancing XRPL, potentially increasing activity and innovation in DeFi. Founder Santiago Velez explained that the governance application will utilize both the XRPL and the XRPL Ethereum Virtual Machine (EVM) sidechain to mint governance tokens for proposals and voting.
The launch of XAO DAO marks a significant step toward decentralization and community engagement in decision-making processes on XRPL, which could lead to substantial growth in activity and innovation within the ecosystem.
