COTI Network, a cutting-edge blockchain platform aimed at transforming the payments industry, has announced a significant development. In accordance with the community vote on the “Treasury fee model,” the company is reducing the treasury fees. This exciting update was shared on COTI Network’s X account.
You have spoken and we have listened: Treasury fees lowered!
The recent vote for $gCOTI has concluded, and we are delighted to reveal the results to you. Find all the details here: [link]
COTI Network Reduces Treasury Fees as $gCOTI Vote Triumphs
Furthermore, the company has released a comprehensive blog post detailing this initiative. In this post, the platform has disclosed the outcomes of the vote and the subsequent decisions made. One of the proposals sought feedback on reducing the treasury withdrawal and deposit fees to 0.25% and 0.05%, respectively. In response to this question, a resounding 77.9% of voters supported the decrease in treasury fees.
This percentage represents a snapshot of approximately 18,504,480.82 $gCOTI. On the other hand, 22.1% of voters opposed this proposal, representing a snapshot of around 4,261,407.07 $gCOTI. Once the voting event concluded, the platform took a snapshot of all voters’ $gCOTI balances, including deposits in the treasury and addresses.
Implementation of the New Fee Model to Occur on July 2nd
The platform also revealed that the total $gCOTI amounted to 23,765,887.89. The latest treasury fee model will be implemented on the 2nd of the upcoming month. Hence, any withdrawals or deposits made after the implementation date will adhere to the new fee structure.
According to the company, all fees collected are returned to the treasury, which utilizes them as APY rewards to benefit users on their deposits. However, the firm clarified that the fees may undergo changes in the future. Furthermore, they encouraged the community to actively participate in the voting process.
Tags: COTI
