The below articles and industry developments have been identified by Kelley Drye and Warren’s Blockchain and Cryptocurrency practice group as relevant during the week of September 7 – September 13. We hope you find this useful. Access may require subscription.
Regulatory Update
Near Protocol Forms Working Group to Promote DeFi Governance
CoinDesk, September 12, 2022
The Near Protocol, a blockchain network on which developers can build decentralized applications (dapps), is forming a working group to set standards for self-governance. The initiative, called the Near Digital Collective (NDC), is aimed at further decentralizing the ecosystem’s decision-making by moving it onto its native blockchain, according to an announcement on Monday. The move will make the Near community more transparent and fairer, according to the press release shared with CoinDesk.
Self-governance initiatives in the decentralized finance (DeFi) sector, where developers from around the world are building financial applications that cut out traditional intermediaries, are having a moment. Usually, these initiatives are run by decentralized autonomous organizations (DAOs), which are blockchain-based organizations or companies where members who hold a native digital token can vote on key business and management decisions.
Although the NDC will move decision-making on-chain, and Near tokens have been set aside to function as the governance token for the collective, the protocol’s…
