Community's Involvement Is Of Paramount Importance To Decentralised Projects.

1 mo
2 Min Read
317 words

One of the biggest lessons learnt from LUNA Terra mighty fall is how important it is for a community to be an active part of a decentralised project's development and decision making. Claiming decentralisation but acting centralised has always been a red flag for me with the situation of LUNA right now, I believe many people are on the look out for project's that make major protocol decision without consulting their community for feedback and approval.

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Giving token holders governance rights is one of my most desired features of any Defi project right now because it simply shows how no one person can decide the fate of every person involved in a project. Taking LUNA as an example, Do Kwon would probably not be in all these mess if only he had involved the community and a vote was taken to decide if BTC was to be added to its treasury as collateral for the TerraUSD (UST) stablecoin. This would have happened though since it felt like a good news when it was announced and was welcomed by members of the community, but now that things have gone south, the blame is solely on Do Kwon and not the community.

Like I've mentioned in some of my previous posts, the community is the most priceless asset of a project and every decision needs to be carefully scrutinise to ensure they favor the community. This is why the community also has to be involved in the decision making process by sharing their thoughts and casting their votes when a major decision is to be made.

This is why Hive is probably the best decentralised prohect I've seen so far and even though we seem far from where we ought to be with regards to price, the community we have here is priceless and everyone gets to chance to take part in the decision making process.


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