The vote for Tellor360 goes live on Tuesday 10/25/2022 for upgrading the Tellor contracts on Mainnet Ethereum to Tellor360. We want everyone to be aware of the changes, why they make Tellor better, and how to participate in making this happen. Let’s jump in.
Tellor currently, and for the last 2 years, has operated with governance controlled upgradability. This requires TRB holders to vote and meet a certain quorum in order to make changes to the contracts. An achievement we are proud of as one of the very few projects in the space who operate in such a decentralized manner.
Yet we want to take it a step further…
The upgrade to Tellor360 greatly simplifies our system and aligns with our push to be an unbreakable protocol. This will be the last governance controlled upgrade as Tellor360 removes upgradability, greatly reducing the attack surface area for the Tellor system; governance attacks in particular. By removing upgradeability, any attack on governance will only affect a given data feed and not the system as a whole. Beyond that, this upgrade also unifies how Tellor operates across EVM chains. This can’t be understated as it greatly streamlines the user experience, documentation, and tutorials for participating with and using Tellor, ultimately making it much easier for users to onboard on any chain.
For more details on the changes in Tellor360 please read our more detailed blog on it.
What this means for TRB holders
As this is a governance vote, and the Tellor core team itself does not control enough of the TRB supply to push this through on its own, it will take the entire TRB community to successfully execute this upgrade. Specifically, a 5% quorum will need to be reached, with a majority of the votes being ‘in favor’ of the upgrade.
If you currently hold Tellor’s $TRB token and plan to vote:
- Take your $TRB off any centralized exchanges before the vote is kicked off next Tuesday (10/25).
- Delegate your vote power (if you don’t want to vote yourself, also before Tuesday 10/25). –>(Tutorial on How to Delegate)
- Once the vote has gone live, you will have 7 days to cast your vote
*We will announce where, when, and how you can begin voting when the vote begins on Tuesday
Join us in making your voice heard and helping Tellor continue its journey forward in building the best decentralized and permissionless oracle out there. Every vote counts!
