SIP-178: Formalize Kwenta Interim Council

Summary

This SIP proposes that the Synthetix Spartan council vote to establish 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 pnominate themselves 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

The interim Council is specified below:

1. An open nomination process will be announced that is aligned with the governance epochs specified in SIP-137
2. A vote will be held by the Spartan Council to select an interim council
3. The vote will be conducted via an internal process where Spartan Council members will select five candidates each
4. The candidates with the most cumulative votes will compose the interim council
5. In the event that there is a tie amongst interim council candidates, both candidates will be added to the council (Ex. If there is a tie for last place between two candidates, both will be added to the council for a total of 6 interim council members).
6. A Snapshot instance will be set up for the Interim Elite Council to vote on KIPs
7. A template modelled off SIPs for Kwenta Improvement Proposals (KIPs) will be added to the Kwenta codebase here: https://github.com/kwenta
8. A KIP-specific interface containing a record of all the KIPs as well as their status

Copyright

Copyright and related rights waived via CC0.