With Kwenta's transition to independence completed, it's time to reveal the Kwenta community roadmap. The purpose of the milestones laid out in this article are to bring Kwenta closer to its ultimate goal: create a trading experience in DeFi that can rival top centralized exchanges.
Transition to Independence Complete
Before we explore the 2022 roadmap, we'll first discuss how this roadmap was established and the infrastructure the community has put in place to facilitate the DAO.
Interim Elite Council
The Elite Council is a Synthetix Spartan Council elected governing body which can handle decision making in a decentralized way. The Elite Council will review Kwenta Improvement Proposals (KIPs) and vote on them as necessary. Until a KWENTA token is in place and the community can directly vote for council members, the Elite Council will remain in power. The Elite Council has weekly calls to discuss DAO direction, development progress, and upcoming KIPs that require voting.
To facilitate the progress of the Elite Council, new infrastructure for the Kwenta DAO has been established:
- You can view existing KIPs at the official KIP page.
- To submit a new KIP, follow the instructions in the Kwenta Github.
- To view proposals currently up for vote, visit Kwenta's Snapshot page.
Discuss Kwenta governance with the community in our Discord.
The Elite Council has worked in collaboration with the Kwenta Core Contributors to outline the milestones for the 2022 Roadmap. The Elite Council influenced the the high-level trajectory of the roadmap while Core Contributors evaluated feasibility for milestones. Note that the roadmap will evolve as necessary to adapt to the rapidly changing landscape.
The Kwenta Core Contributors are undergoing a complete refresh of the Kwenta interface. The goal is to recreate the familiar trading experience on popular centralized exchanges while optimizing for the benefits of trading in L2 DeFi. The Kwenta Core Contributors are working closely with the Product Elites (a new Kwenta DAO role focused on providing product feedback) to create a UI optimized for a competitive trading experience.
The Kwenta and Synthetix Core Contributors have been using the Kwenta Testnet Futures Competition feedback to optimize futures for a Mainnet release. The next stage will involve a Futures Beta release alongside the UI revamp. Liquidity will be capped as we further observe how futures behave on Mainnet. Expect dynamic fees and an improved trading experience.
With the UI revamp finished, we'll want to incentive new members to join the ecosystem and help us achieve our goal of becoming the first DeFi product to rival the centralized exchange experience. This will be an ideal time to launch the Kwenta token. Contracts will likely go into audit at the start of January.
After having recently completed a round of testing for L2 shorts, Core Contributors are preparing for a Mainnet launch. This will be completed prior to the UI Revamp as we feel this is a tool that can provide immediate value to investors on Optimism.
The Kwenta Core Contributors are actively researching the implementation of limit orders for the Kwenta exchange. Once the infrastructure for limit orders has been established, Kwenta will continue to explore additional advanced order formats such as stop losses and time-based expiry.
We have carefully designed the staking mechanism for the Kwenta token to offer the DAO a sustainable and flexible way to reward DAO participants and product users. Trading incentives will offer traders a way to earn stakeable KWENTA. We plan on releasing an implementation of trading incentives in Q2 to begin attracting new users.
As new users enter the Kwenta ecosystem, it will be crucial for the DAO to have futures out of its beta phase and optimized to compete with other perpetual futures providers. Note this will not be the final state of futures; Core Contributors have already started to prepare for the launch of Synthetix V3, which will offer another round of radical improvements to futures. We will be publishing more information on this soon.
One of the core benefits of being powered by Synthetix is the potential for Kwenta to offer an extensive suite of assets that reaches beyond the liquidity available in the DeFi space. We plan on becoming more aggressive with building out the assets available for use on the Kwenta platform in Q3.
Margin Research & Development
Due to margin's popularity on centralized exchanges, Kwenta Core Contributors will evaluate adding a margin product in the interface to compliment perpetual futures.
Options Research & Development
The Core Contributors will evaluate adding existing decentralized options products into the interface, bringing Kwenta closer to parity with centralized exchange offerings.
Kwenta's most significant advantage is that it's positioned to capitalize on the composability of DeFi. Mixed markets are an excellent example of this opportunity as it involves enabling users to easily create positions that combine the various markets Kwenta will support. An example of this might include a product that offers a leveraged long position protected from liquidation via a call option. This interactivity between markets will provide Kwenta traders with new functionality that currently doesn't exist anywhere else in finance.
Token Use Cases
As Kwenta develops, so too will its token. Towards the end of the year, the DAO will reevaluate the token architecture and determine how it can be optimized, taking into consideration new additions that were made to the product as well as the rapidly changing DeFi landscape. This will include researching fee capture, reduced fees for stakers, and an insurance layer baked into the tokenomics.
Kwenta is growing and we are looking for a talented Solidity Engineer to join as a Core Contributor. The Solidity Engineer would work with a group of world-class developers to create new financial products for the Kwenta community.
To learn more, visit the official posting for the Kwenta Solidity Engineer Position.
Note that a new marketing role will be open for application in the coming months.
Join the Kwenta Community
If you haven't already, join the Kwenta community on Discord.
To be the first to learn about new updates to Kwenta, follow us on Twitter.
To trade synthetic assets and futures, visit Kwenta.