KIP-24: Amended Kwenta Governance Framework

Author	Andrew Trudel, JVK
Status	Implemented
Created	2022-07-27

Summary

A proposal amending the existing governance structure for the Kwenta DAO.

Abstract

KIP-2 established governance procedures for Kwenta to be followed subsequent to token launch. This KIP proposes to amend various aspects of KIP-2 with respect to this future governance.

Motivation

Much of the governance framework for Kwenta was inherited from Synthetix. KIP-2 already envisioned the use of a President on the Elite Council to create a more focused strategic execution. The changes below further distinguish Kwenta governance as focused on strategic execution while operating as a DAO.

Specification

The following provisions shall supersede the terms of KIP-2, which shall otherwise continue if not otherwise amended herewith. For ease of reference, superseding terms are emphasized below.

Elite Council:

Token holders will vote every six months (bi-annually) on 5 community members to operate the Elite Council. The Elite Council will be responsible for voting to pass or block Kwenta Improvement Proposals (KIPs). KIPs are proposals that anyone from the community can create and lobby for. If a KIP receives support from the community or directly from core contributors, the proposal will be voted on by the Elite Council. Proposals must reach a majority to pass. Meta-Governance proposals require unanimous support.

Removal Mechanism:

In the event that the community feels a member of the DAO is acting maliciously, a KIP can be written to remove a member of the DAO. This KIP would be voted on by the Elite Council and would require a majority to pass. If a council member is removed, the seat will remain empty for the remainder of the epoch unless filled sooner pursuant to the terms of another applicable KIP.

Implementation:

Token managed governance will go into effect once the Kwenta token is live. Until the Kwenta token is live, the Interim Kwenta Council will act as the official governing body. The first token election will be held promptly after the Kwenta token launch, which is presently scheduled for November 1, 2022, the second election shall take place on April 1 2023, and so forth thereafter.