DeFine Moves Towards True Decentralization: Removes Upgradability and Launches DeFine DAO

NEW YORK--(BUSINESS WIRE)--Launched in March 2021, DeFine began its mission as the first Asia-focused NFT platform. During the inception stage of the product, the team designed an upgradability function in the token contract to prevent hackers’ malicious activity as the whole industry suffered from continuous exploits. Today, not only is the platform fully functional but it has grown significantly - shown below in the State of the Network. It marks a moment in DeFine history where it can take the next step towards complete decentralization.

DeFine is announcing that they have removed the upgradability function of the DFA token contract, further placing the platform in the hands of the community. From now on, any protocol changes must be passed through governance proposals by DFA token holders.

State of the Network

The DeFine platform has grown significantly with users and activity reaching all-time highs in September. The introduction of social features like the NFT badge system has led to an influx of users from the DeFi community which will continue to be a strong focus. On top of user growth, the platform is taking measures to expand the platform and direction to our community with the recent launch of the DeFine Discord that is partly managed by the community.

Beginning of DeFine DAO

Decentralized governance is key to the DeFine platform and the network has grown to the point where upgradeability can be removed and the DAO can launch. Proposals to upgrade and expand the platform will run through DeFine DAO where token holders can vote and submit proposals. Additionally, the DeFine DAO will not be limited to just governance, but also will expand to actively growing the ecosystem, such as investing in early-stage NFT projects and communities. This way the direction of DeFine will be led by the community and truly decentralized.

About DeFine

DeFine is the NFT social platform for all creators including artists, musicians, influencers, gamers, and athletes. The platform facilitates all social interaction, engagement and communication for creators and their fanbase with digital assets like NFTs and social/fan tokens.