REI DAO is a decentralized governance community whose goal is to support the network development of REI Network and help its governance model be more decentralized, open, and transparent. Every $REI holder has both the right to govern the REI Network and the responsibility to maintain the smooth operation of the chain.
The ideal DAO is systematic and complex, and it is difficult to realize it in one step, but for the long-term development of the project, it is very important to realize the DAO. Since December 2021, after REI Network completed the rebranding, it has focused on technology development and ecosystem expansion, effectively improving the speed of on-chain transactions, realizing the FreStake module, truly realizing free transactions, and being compatible with Ethereum. As a virtual machine, any DeFi, GameFi, and NFT projects on the EVM chain can be easily migrated to REI Network, and ordinary users can also easily issue NFT assets on REI Network. REI Network has also actively expanded its ecosystem partners and has reached strategic partnerships with hundreds of high-quality Web3 projects.
Deeply focusing on technology and doing things in a down-to-earth manner will definitely get due rewards. In the past year, the community of REI Network has also expanded with the increase of ecosystem partners, and the user growth has exceeded 200%. The community is the cornerstone of the development of REI Network. Only when more community forces participate in the development of REI Network can they work together to promote the growth and prosperity of the entire ecosystem.
Therefore, in the new stage of REI Network, the team will focus on the development of REI DAO to ensure that the project progress can meet the core interests of ecosystem participants so that users’ demands or ideas can be taken into consideration seriously. The foundation can gradually decentralize power, raise the enthusiasm of the community, and truly realize the principle of decentralized governance.
Actively implementing REI DAO governance has two meanings, one for REI Network, and another for $REI holders (that is, the community).
Significance for REI Network
Community governance (DAO) is an upcoming trend in the development of blockchain organizations. REI Network still has a long way to go to achieve complete decentralization and community governance. The effect has been remarkable. From initiating proposals to let the community decide important decisions about network development, to maintaining network security by community staking. By now, a total of 150,007,728 REI are being staked to maintain network calculation and block generation, accounting for more than 15% of the total $REI circulation. The total number of votes has exceeded 100 million in the five proposals initiated by the REI Network Foundation.
This is a good start. In the future, with the joint efforts of the REI Network team and the community, the foundation will delegate more power to the community. As the entry point for team collaboration and production relationship innovation, REI DAO will adopt scientific governance principles to attract more outsiders to participate in the development of community DAOs, making REI Network a more decentralized and more blockchain-minded public chain, carrying stronger community vitality, thus giving $REI more value.
Significance for the REI community
Compared with other DAOs, REI DAO has more and stronger incentives. In addition to voting rights and governance rights, members participating in governance can also get more rewards.
REI Network will not only reward ecosystem builders but also distribute grants.
Voting rewards will be distributed to users who participate in node elections and nodes voting and staking.
On-chain users who actively participate in governance will also be airdropped by the team. On November 4, REI DAO conducted the first round of airdrops for users who actively participate in on-chain governance (Addresses have voted for REI DAO Governance Proposal ≥ Twice will share 10,000 REI).
In the new framework that REI DAO is building, all community members ($REI holders and users who actively participate in governance) can share a part of the value from the network development, and the specific amount of value obtained depends on the contribution of each person. It is believed to motivate each member to give the best possible rewards, and the organization thus becomes more efficient. The improvement of the cohesion of the community will promote the development of the network and increase the value of the token, which will also benefit every community member.