Web3 blockchain designed for gamers, XPLA, has approved a governance proposal to support XPLA holders whose tokens were trapped after FTX filed for bankruptcy.
The proposal was accepted with unanimous consent, with voting conducted from 24 to 31 January. The relief fund support enabled individual XPLA holders to exercise their right to vote by delegating via proxy to validators able to cast votes on their behalf.
Overall, 75.32 per cent of eligible participants voted; with 100 per cent voting in favour of the governance proposal.
Following the vote, XPLA begin its effort to support investors whose $XPLA coins remain tied up in FTX. A total 19.6 million $XPLA will be transferred to the reserve wallet, which is then used to bail out affected investors.
Participants in the ecosystem will be able to check the status of the transfer, as the transferred XPLA is stored on the contract.
When objective proof of ownership becomes available, $XPLA will be claimable through a legal process. XPLA’s team is also considering supporting holder that have already secured proof of ownership, should court proceedings be delayed.
Supporting the XPLA community
XPLA is the first blockchain to develop and approve a relief fund for holders tied to the FTX exchange.
XPLA also explained that the voting process was completely transparent. The process was viewable through XPLA Vault and XPLA Explorer advanced middleware based on the XPLA mainnet. XPLA expects the transfer process to be completed in March. All further details will be released and can be found on XPLA’s official community channel.
Paul Kim, CEO of XPLA, discussed the outcome of the vote. Kim said: “The support for the XPLA community is phenomenal. We could not be happier that our ecosystem has approved this relief fund. These have been unprecedented times and our community has supported each other through it.
“This is in stark contrast to the rejection of holder support votes that were attempted in other blockchain projects after the FTX incident. We are looking forward to starting the process of making our holders whole again.”
The XPLA Team and XPLA Chain ecosystem participants may have revealed possibilities for practical support. The example could also be given to the digital asset industry for future use.