IoTeX initiates governance vote IIP-59 to move voter rewards onchain and eliminate Hermes service fees.
Regulation & Gov ·
IoTeX has initiated a governance vote on proposal IIP-59 to relocate voter rewards onto the blockchain and remove Hermes service fees. The vote reflects a shift in how the network manages incentive distribution and operational costs tied to its governance infrastructure.
The proposed changes address the mechanics of voter compensation and fee collection within IoTeX's governance system. Hermes currently operates outside the blockchain, handling voter weight calculations and managing associated service charges. Moving voter rewards onchain would embed these functions directly into the protocol's consensus layer, eliminating the external service dependency and the fees it generates.
The governance vote remains open, with the outcome pending community participation and approval. Details on the voting timeline, specific technical implementation, and the full scope of operational changes have not yet been finalized in available reporting.