COTI Network, a high-level blockchain platform dedicated to transforming payments, has announced a significant development. In accordance with the results of the community vote on the “Treasury fee model,” the company is reducing the treasury fees. The platform shared this exciting news on its X account.
You have spoken, and the decision is in: Treasury fees are being lowered! The latest vote for $gCOTI concluded earlier today, and we are thrilled to reveal the results to you. Find all the details here: [link to blog post] $COTI [image of COTI logo]
COTI Network Decreases Treasury Fees Following Positive $gCOTI Vote Outcome
Furthermore, the company has released a detailed blog post discussing this initiative. The platform has disclosed the results of the vote, along with the subsequent decisions made. One of the proposals sought feedback on reducing treasury withdrawal and deposit fees to 0.25% and 0.05% respectively. In response to this question, 77.9% of the voters supported the reduction in treasury fees.
This percentage represents a snapshot of approximately 18,504,480.82 $gCOTI. Conversely, 22.1% of the voters opposed this proposal, accounting for a snapshot of nearly 4,261,407.07 $gCOTI. At the conclusion of the event, the platform took a snapshot that included all the voters’ $gCOTI balances, taking into account deposits in the treasury and addresses.
Implementation of the New Fee Model Scheduled for July 2nd
The platform also mentioned that the combined $gCOTI amounted to 23,765,887.89. The latest fee model for the treasury will be implemented on the 2nd of the upcoming month. Therefore, any withdrawals or deposits made after the implementation date will adhere to the new model. All operations will be subject to the revised fee structure.
The company clarified that all fees collected are returned to the treasury, which then utilizes them as APY rewards to benefit users on their deposits. However, the firm emphasized that the fees may change in the future. Additionally, it encouraged the community to actively participate in the voting process.
Tags:
COTI