Decentralized finance (DeFi) protocols constantly strive for quality and fairness, but many fall short due to their governance voting mechanisms.
In a tweet on April 19, the Binance Smart Chain-powered PancakeSwap decentralized exchange (DEX) stated that a governance proposal vote failed at the hands of one whale.
The proposal was for another yield farm for a token from ChainGuardians and the Polkadot social network token MIX. The PancakeSwap team acknowledged the untoward action and suggested different incentives for voting.
“We will speak with the team about re-proposing with different incentives. This shows the importance of making sure you vote each time. Don’t rely on others.”
In a first-ever, the proposal for the @Chain_Guardians $bCGG and $MIX Syrup Pool has failed at the hands of 1 whale. We will speak with the team about re-proposing with different incentives. This shows the importance of making sure you vote each time. Don't rely on others. pic.twitter.com/DUf5QnewaZ — PancakeSwap