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COTI Network Reduces the Treasury Fees Based on the $gCOTI Vote

COTI Network, the enterprise-grade L1 blockchain platform focused on revolutionizing payments, has made an important development. After a community vote on the “Treasury fee model,” the platform announced a reduction in treasury fees based on the results. The announcement was made on the company’s official X account.

In addition, COTI Network released a detailed blog post explaining the outcome of the vote and the subsequent decisions. One of the proposals in the vote was to decrease treasury withdrawal and deposit fees to 0.25% and 0.05% respectively. The majority of voters, 77.9%, supported this proposal, while 22.1% opposed it. The snapshot of voters’ $gCOTI balances showed that 18,504,480.82 $gCOTI were in favor of the lowered fees, while 4,261,407.07 $gCOTI were against it.

The implementation of the new fee model is scheduled for July 2nd. After this date, all withdrawals and deposits will be subject to the new fee structure. COTI Network clarified that the fees collected go back to the treasury and are used to provide APY rewards for users’ deposits. They also mentioned that the fees may change in the future and encouraged community participation in the voting process.

Overall, COTI Network’s decision to reduce treasury fees based on the community vote demonstrates their commitment to involving their users in important decisions and creating a fair and transparent ecosystem for payments on their blockchain platform.