SIP: Formalize Kwenta Interim Council

sip: TBD
title: Formalize Kwenta Interim Council
status: Draft
author: Andrew (@andotlas)
created: <2021-08-13>

Summary

This SIP proposes that the Synthetix Spartan council vote in a temporary governing council for Kwenta until Kwenta community members are able to vote in their nominees.

Abstract

Synthetix and Kwenta community members will have the ability to put their name down as a candidate for the Kwenta Interim Council. The spartan Council will select 5 members from the list that they deem the best choices to make effective decisions as the Interim Kwenta Council. The Interim council will vote on KIPs until the governance model for Kwenta community members is in place. At least four out of the five Interim Elite Council must vote in favor of a new KIP for the KIP to be implemented. If a proposal does not have the required support, the proposal will be marked rejected and would not be implemented. Once the first election for the Kwenta Council has concluded, the Interim council would be disbanded. The KIPs the Interim Council will vote on would include the long-term governance framework, KWENTA tokenomics, and staking infrastructure, as well as any other decisions needed to move the protocol or product forward.

Motivation

Currently, Kwenta Core Contributors are working on the delivery of UI designs originally established by the Synthetix Core Contributors while using community member feedback to guide cosmetic product changes. In this state, the Kwenta community does not have the decision making power to alter the product and develop a roadmap towards becoming an independent protocol built on top of Synthetix. By using Synthetix’s decentralized governance infrastructure to vote in a council for Kwenta, it will legitimize the Kwenta community’s independence and decision making power, setting Kwenta on a path to govern its own protocol.

Specification

For this SIP to go through,

  • A vote will be held by the Spartan Council to select an interim council based on the candidates that apply for the role. This vote will include a document where Spartan Council members will flag which five candidates they feel would be optimal; the candidates with the most cumulative votes will compose the interim council.
  • A Snapshot instance will be set up for the Interim Elite Council to vote on publicly viewable KIPs
  • A framework for Kwenta Improvement Proposals (KIPs) will be added to the Kwenta codebase here: Kwenta · GitHub
  • A KIP-specific interface containing a record of all the KIPs as well as their status
  • Alongside the Kwenta DAO governance token launch, a new SIP regarding Kwenta Governance Council formation which legitimizes Kwenta token holders as the DAO’s operators, must be proposed and voted in.

Copyright

Copyright and related rights waived via CC0.