AVNU has unveiled the “Community Token Initiative,” which aims to deliver a more secure and structured trading environment. It addresses the problems arising from the token management structures within the Starknet blockchain, as well as the problems associated with token verification, relative security, and the degree of openness, which is vital in the constantly evolving decentralized finance sector.
🚀 Introducing the AVNU Community Token Initiative
Token lists are broken. No one has figured out how to maintain a safe, clean, and properly managed token list.
Today, we are challenging that!
We’re launching several initiatives to make Starknet a safer and more dynamic place… pic.twitter.com/seZK84EwVo
— AVNU (@avnu_fi) November 11, 2024
Revamping Token Lists with the Community Platform
Underlying the entire AVNU program are the new rules represented by the Community Token Platform, a system of token verification that excludes traditional barriers. For any Starknet token to be verified on this platform, it must meet requirements such as having Total Value Locked (TVL), daily trading volume and possession of unique tickers. Tokens can only get into the listing in AVNU if they meet these standards, so create a high-quality, relevant list.
This is done so the platform allows the community to participate in the verification process. Minimum trading volume and minimum TVL are required to eliminate low-quality and non-active tokens for better usage.
Role of the AV Working Group
A unique aspect of the initiative is the creation of the AV Working Group, a team of seven Starknet community members with a clear mission: prioritize user safety. The purpose of this group is to discuss token requests seeking to authorize only legitimate tokens that will make overall trading security. Before a token can be included in the AVNU Community List, it has to be approved by the Working Group, and a token must receive at least three positive votes from the members of the Working Group.
Introducing The Token List API
In addition to the Community Platform, the AVNU has also released a Token List API that offers real-time data about all the tokens available for trade on the Starknet platform. This API further augments the data with token details and associated verification tags in real-time and provides other participants in the ecosystem with accurate data on tokens.
A Community-Owned Future for Starknet
AVNU envisions making Starknet a safe and robust blockchain environment by allowing other community members to be part of the verification process. The Community Token Initiative can be modified using user feedback. Due to these transparency and user protection principles, AXNU plans to make Starknet the go-to hub for crypto trading due to this concept of community verification on decentralized networks.
AVNU also highlighted the role of users, calling the members of the Starknet community to contribute to this open and ongoing process. “This is only the first step,” the company said, “and we’re excited to build a safer and more user-friendly ecosystem together.”