New Mechanism Proposed To Boost Layer2 Blockchain Governance

According to PANews, three anonymous cryptocurrency developers have introduced a new mechanism called 'Panoramic Governance' aimed at enhancing governance participation and protocol growth within Layer2 blockchains. The white paper, authored by 0xCygaar, 0xBeans, and 0xMons, outlines that Panoramic Governance can be implemented on any Layer2 blockchain using native governance tokens and a sorting system. Users pay gas fees to achieve faster transaction sorting and reliable pre-confirmation. Panoramic Governance consists of two interdependent systems: one that allocates sorting fees to governance voters actively participating in the network, and another that allows voters to direct token emissions to protocols built on the given blockchain. This mechanism increases the demand for block space, leading to higher sorting fees. Consequently, the income of active governance voters rises, incentivizing them to allocate more emissions to successful on-chain protocols.