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Coty Network, an enterprise-level blockchain focused on revolutionizing payments, has seen exclusive development. According to the company, it is reducing locker fees in line with the results of the community vote on the Locker Fee Model. The platform revealed the development in question on its X account.
COTI Network is working to reduce treasury fees as $gCOTI votes support it
Additionally, the company has published a comprehensive blog covering this endeavor. The platform revealed the results of the voting and subsequent decisions. Among the points included in the proposal is a request for opinions regarding reducing withdrawal and deposit fees on the treasury to 0.25% and 0.05%. In response to this question, 77.9% of voters supported reducing treasury fees.
This number indicates a snapshot of $18,504,480.82 gCOTI. On the other hand, 22.1% of voters opposed this point. This ratio represents a snapshot of approximately $4,261,407.07 gCOTI. When the event in question ended, the platform took a snapshot of all voters’ $gCOTI balances. This took into account deposits in the treasury Titles.
The latest fee model will be implemented on 2Second abbreviation From July
The platform added that the total $gCOTI equals 23,765,887.89. The latest model on treasury charges is said to see implementation on 2Second abbreviation From next month. With this in mind, any withdrawals or deposits made after implementation will require adherence to the new model. Hence, the latest fee structure will be applied to the respective transactions.
According to the company, all fees return to the treasury. From this, the platform uses them in the form of APY bonuses to facilitate the deposit process for users. However, the company has clarified that the charges may see a change in the coming times. Furthermore, it also encouraged the community to participate in the voting procedures.
