Kwenta now has the necessary infrastructure to independently improve the protocol in a decentralized way. Kwenta will use a similar system to Synthetix with a few modifications which cater to Kwenta-specific needs.
You can visit the home for Kwenta related Improvement Proposals here: https://kips.kwenta.io/
Improving the Kwenta Protocol
Anyone can submit a draft proposal to the Kwenta Improvement Proposal (KIP) repository. To do this, visit the KIP section of the Kwenta Github.
Ensure that you have thoroughly read through the README section prior to drafting your proposal.
We encourage you to discuss your proposal in the Kwenta Discord prior to submitting a draft as this can improve the likelihood of a successful implementation. Gather feedback from community members and individuals with governance related roles (Ex. Elite Council, Core Contributor, etc.), refining the proposal as necessary.
Types of Proposals
There are three different kinds of proposals in the Kwenta governance system:
- KIP - A Kwenta Improvement Proposal outlines a change to be made to the Kwenta protocol. These are submitted to the Elite Council for voting and require a majority to pass.
- CKIP - A Community Kwenta Improvement Proposal outlines a change to be made to the DAO which overrules the Elite Council. These proposals should only be used in the event that there's disagreement between the Elite Council and the Kwenta community. These are submitted to token holders for voting and require quorum (over 50% of the circulating supply) to pass.
- KTR - A Kwenta Treasury Request outlines a request for funds from the treasuryDAO. These are submitted to the treasuryDAO and require a majority to pass.
Stages of an Improvement Proposal
Once you have gotten feedback on your proposal and established which type of proposal it is, you can submit a draft to the repository where its merit and feasibility will be evaluated by the Core Contributors. The stages of an Improvement Proposal are as follows:
- Draft - The initial state of a new proposal before the Elite Council and Core Contributors have assessed it.
- Proposed - This proposal is being voted on.
- Approved - A proposal that has successfully reached a majority Elite Council vote in favour.
- Rejected - A proposal that has failed to reach a majority Elite Council vote in favour.
- Implemented - A proposal that has been released to main-net.
Check out all posted Improvement Proposal on the Kwenta KIP page.
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.