importance of Governance in crypto projects?

One of the fundamental aspects of blockchain design is the development of blockchain governance mechanisms. Governance, in simple terms, is the mechanism by which design changes are enacted on a blockchain. A governance system which encourages the ability to adapt and evolve to change is key in a blockchain that aims to be successful long-term. special tokens were created called — Governance Token, thanks to this, absolutely all holders will be able to participate in various votes, and the more tokens one person has, the higher his vote will be appreciated.

SO I THINK ,EVERY PART OF A SUCCESFUL PROJECTS LIKE COVALENT SHOULD IMPLEMENT A GOVERNACE SYSTEM LIKE ( COMPOUND makerDAO UNISWAP SHUSHISWAP). in it’s platform. simply because it will not make the work of administrator easier, but also make the community think about the future

TYPE OF STRATEGY IN GOVERNANCE THAT I WILL LIKE COVALENT SHOULD TAKE IN

Basically we have two types of categories of blockchain in governance

  • On chain Governance
  • Off- chain Governance

so personally i would like covalent to take in the on- chain governance because decentralization is becoming an issue of utmost importance of recent. and the the governing structure of On-chain is superb as the governance of the network is done on the blockchain itself with the in-built voting mechanism. It ensures scalability, efficiency and flexibility than the Off-chain.

I would love Covalent to use this tool, as it would help in determining some necessary decisions in the project. They have such an amazing community, and will love to participate in voting actions.

to check out more about covalent check out this link

Covalent | One unified API. One billion possibilities. (covalenthq.com)

THANK YOU!!!

crypto enthusiast