COTI Network, an enterprise-grade L1 blockchain focusing on revolutionizing payments, has seen an exclusive development. As per the company, it is decreasing the treasury fees in line with the results of the community vote for the “Treasury fee model.” The platform revealed the respective development on its X account.
COTI Network Minimizes Treasury Fees as the $gCOTI Vote Favors This
In addition to this, the company published a comprehensive blog post covering this endeavor. The platform disclosed the results of the respective vote along with the subsequent decisions. One of the points in the proposal sought opinions about decreasing treasury withdrawal and deposit fees to 0.25% and 0.05%. While responding to this, question, 77.9% of the voters supported the lowered treasury fees.
This figure denotes a snapshot of up to 18,504,480.82 $gCOTI. On the other hand, 22.1% of the voters opposed the respective point. This percentage represents a snapshot of nearly 4,261,407.07 $gCOTI. When the respective event concluded, the platform took the snapshot that comprised all the voters’ $gCOTI balances. This took into account deposits in treasury and addresses.
The Implementation of the Latest Fee Model to Take Place on the 2nd of July
The platform added that the cumulative $gCOTI equaled 23,765,887.89. The latest model concerning the treasury fees will reportedly witness implementation on the 2nd of the upcoming month. Keeping this in view, any withdrawals or deposits taking place following the implementation will require abiding by the new model. Hence, the latest fee structure will be applied to the respective operations.
According to the company, all the fees go back to the treasury. From that, the platform uses them in the form of APY rewards to facilitate users on their deposits. Nonetheless, the firm clarified that the fees may witness change in the upcoming times. Moreover, it also encouraged the community to participate in the voting procedure.
