TechFlow news, October 2, according to Blockworks, Taiko announced the official launch of its on-chain governance mechanism, granting the community control over protocol decisions.
This move aims to address the growing issue of centralized control in Layer 2 networks, where most protocols retain override rights that allow changes to user funds and protocol rules without community input. Token holders can veto any protocol changes during review periods, while the security council can propose initiatives but cannot override community decisions.
Taiko has also appointed three board members with expertise in global regulation, business strategy, and blockchain technology: Felix Oberholzer-Gee from Harvard Business School, former Binance regulatory head Joy Lam, and IEEE Fellow Wen Yonggang.
In addition, Taiko has named Ren Jang as a new advisor. He is the Head of Strategy at Flipster, a high-performance centralized exchange designed by traders. Before entering the crypto industry, Ren worked as a corporate valuation expert at EY and strongly believes blockchain will transform the financial sector.
Officials stated that the first round of binding voting has begun. Token holders can delegate their voting rights or directly vote on protocol changes. All technical decisions are conducted transparently on-chain.
