ZKasino Embraces Decentralization with DAO Governance Model for Token Holders

Amidst previous accusations of financial misconduct, the ZKasino project team announces plans to implement a DAO governance model for ZKasino. This transition aims to decentralize the project and empower $ZKAS token holders with decision-making authority over key aspects such as game contract modifications and community initiatives.

ZKasino Establishes DAO Governance Model for Token Holders

April 22, 2024

The ZKasino project has unveiled a comprehensive governance model that will empower token holders with decision-making authority through a decentralized autonomous organization (DAO).

DAO-Based Governance

The project team announced plans to implement a DAO governance framework that will enable $ZKAS token holders to actively participate in shaping the future of the ZKasino network. This marks a significant step towards decentralizing the platform and ensuring community ownership.

The DAO will be responsible for a wide range of governance matters, including game contract adjustments, game introduction, community initiatives, and platform upgrades. Token holders will have the power to vote on proposals and determine the direction of the ZKasino ecosystem.

Trust and Decentralization

The ZKasino team emphasized that the establishment of a DAO governance model is a pivotal measure in their commitment to enhancing trust and decentralization. The move comes amidst recent uncertainties surrounding the project, which had been accused of fraudulent activities.

Prior Scandals

In the past, ZKasino faced allegations of user deception. The project team allegedly raised 10,515 ETH, closed communication channels, and halted fund withdrawals. Etherscan data revealed that over $32 million in user funds were transferred to an external address and deposited into the Lido Finance liquid staking protocol.

Subsequently, the MEXC crypto exchange delisted the ZKAS project's native token, and the Ape Terminal platform canceled its initial coin offering (ICO). VC firm Big Brain Holdings publicly distanced itself from ZKasino, stating that it had never directly invested in the crypto casino.

Restoration of Trust

The ZKasino team expressed a determination to rebuild trust within the community, citing the DAO governance model as a crucial step in that process. By empowering token holders with decision-making power, the platform aims to foster transparency, accountability, and collective ownership.

Governance Implementation

The ZKasino DAO will be implemented through Snapshot Labs, a decentralized voting platform. Token holders will be able to participate in the governance process by casting votes on proposals submitted by the community. The proposed use cases for the DAO include game contract modifications, new game introductions, platform updates, and community initiatives.

Community Engagement

The ZKasino project team stated that the DAO governance model will facilitate ongoing engagement with the community. Token holders will have a direct voice in shaping the platform's future, ensuring that it aligns with their interests and aspirations.

The establishment of a DAO governance model by ZKasino is a significant development in the cryptocurrency industry. It underscores the growing trend towards decentralization and community empowerment, empowering token holders with the ability to actively participate in the governance of the platforms they invest in.