Governance and TradeStars: All That You Need To Know!
TradeStars is the first Fantasy Sports built on a public blockchain infrastructure that allows users to trade and create their portfolios of fantasy stocks, the value of which is tied to the real performances and statistics of athletes. The platform enables users to leverage their knowledge of sports and are also rewarded with a range of DeFi benefits.
Following their successful mainnet launch on the 28th of June, 2021, TradeStars is set to announce the details of the ecosystem governance as the first step in giving TSX token holders the power and authority to decide the direction of the future growth of the TradeStars platform.
The TSX Token
The TSX token is the TradeStars platform’s native token, an ERC-20 standard token with snapshot support deployed on the Ethereum blockchain. It is probably the most critical component of the TradeStars ecosystem.
Its primary functions are incentivizing and driving participation on the TradeStars platform; it also gives token holders governance power over future platform development.
The TSX token helps TradeStars realize its full potential as a decentralized and community-owned platform and encourages community participation in the project.
TradeStars Governance & Voting Rights
The TSX token is an ERC-20 compliant token issued on the Ethereum blockchain. As mentioned earlier, it is the governance and utility token of the TradeStars ecosystem. Token holders will be able to vote on proposals about the governance of the platform.
These proposals will cover the following
- New NFT markets on the mainnet
- Implementing new features on the TradeStars decentralized exchange
- Creating and hosting fantasy contests
- Distributing rewards and dividends
Currently, there are three proposals under consideration:
- Unlocking a Bowler.
- Unlocking a Batsman.
- Unlocking an All-rounder.
To be eligible to participate in the platform’s governance and vote on proposals and changes, members should possess a minimum of 500 TSX tokens. Each user will qualify for only one vote irrespective of how many tokens they hold, as long as they have the bare minimum (500 TSX). Each proposal will be subject to a pre-decided voting period. Any address can vote on the proposal as long as it has voting power.
How Does Voting On The Platform Work?
As mentioned earlier, members must hold at least 500 TSX tokens to be eligible for voting. Each proposal has a fixed voting period, and any address that has the power to vote can vote on the proposal. Proposals and votes will be recorded on the Ethereum network, and users will need a web 3.0 wallet such as MetaMask to participate in the governance of the TradeStars platform.
It is important to remember that the TradeStars governance portal is based on Ethereum, which means that the TSX held in the wallets has to be ERC-20 tokens on Ethereum. TSX tokens from PancakeSwap are from the Binance Smart Chain and will not be eligible for voting on any governance proposal. Any TSX tokens on the Binance Smart Chain network can be migrated to the Ethereum network using the Poly Bridge.
Users on the TradeStars platform can vote and select which players’ fantasy stocks should be pre-unlocked on the TradeStars Decentralized Exchange when the Mainnet is launched. Moving forward, all voting and decision-making will be left to the TradeStars community once the mainnet is launched. Users can vote on proposals through this link.
About TradeStars
TradeStars is a Fantasy Sports platform powered by the Ethereum and Polygon Layer-2 blockchains.
It acts as a decentralized exchange for NFTs, allowing users to leverage their knowledge of sports and monetize their assets. Each token on TradeStars represents a player’s statistics. Therefore, the value of these tokens is tied to the players’ performance in a specific game and over the course of the season.
TradeStars aims to be a platform that allows players to create and grow a portfolio of fantasy stocks composed of their favorite players. The platform uses blockchain technology, giving the TradeStars community complete control of all assets. These assets are stored in a blockchain-based registry.
