Unveiled on March 27, 2024, K9 Finance DAO's governance process marks a significant stride towards transparent and accountable decentralized operations.
As an official partner of Shiba Inu, K9 Finance lays down a comprehensive framework involving token holders, expert committees, and a structured decision-making pathway, promising a sustainable future for its liquidity staking platform.
Dive into the details of this innovative governance model and its implications for the DeFi community.
Contents
Introduction to K9 Finance DAO's Governance Process
On March 27, 2024, K9 Finance, an official partner of Shiba Inu (SHIB), unveiled the governance process of the decentralized autonomous organization (DAO) supporting F9 Finance, named "K9 Finance DAO."
The governance process refers to the framework and procedures for decision-making, oversight, and management within an organization or corporation, playing a crucial role in ensuring transparency, accountability, and sustainability.
K9 Finance has developed a liquidity staking platform based on Shibarium, the Layer 2 for Shiba Inu, issuing a governance token called $KNINE. This enables token holders to participate in critical decisions shaping the project's direction.
As a "SHIB Official Partner's Liquidity Staking Platform," K9 Finance has garnered attention. This announcement elaborates on the governance of the supporting "K9 Finance DAO."
According to the official statement, K9 Finance DAO will be managed by three primary groups, detailed on the official announcement page under "K9 Finance DAO Committee" and "K9 Finance DAO's Governance Process."
The contents of the announced governance process are summarized as follows.
Key Groups within K9 Finance DAO
K9 Finance's governance decisions will be made by the following three main groups:
$KNINE Token Holders
$KNINE token holders play a crucial role in the "K9 Finance DAO" decision-making process. All $KNINE token holders are granted voting rights based on the number of $KNINE held at the snapshot (record time), allowing them to participate in significant votes that determine the project's future.
Roundtable of Dogs
The Roundtable of Dogs is a committee comprised of selected members. It reviews community proposals at monthly meetings and decides on the next steps.
Operating independently from the management council, this committee makes independent decisions. Comprising 9-19 members from various fields, it brings valuable experience, connections, and guidance for the benefit of the entire K9 Finance DAO community.
Meetings are held at least once a month, where proposals discussed in the discussion forum are reviewed, and viable proposals are moved to the voting process. A minimum of 75% approval is required at the meeting to proceed to the voting stage.
Management Council
The Management Council is responsible for executing decisions passed by the community, overseeing the implementation of delegated governance tasks.
Four-Stage Governance Process
K9 Finance DAO's governance process consists of the following four stages:
Discussion Forum
Initially, ideas or proposals are posted on the "K9 Finance DAO's official forum" to seek recommendations and opinions from the community. The purpose of the discussion is to engage community members in meaningful dialogue.
Once a proposal is welcomed by the community and feedback is integrated, it can move to the next step. Ideas or proposals must remain on the discussion forum for at least 7 days before being reviewed by the "Roundtable of Dogs."
>> Proposal submission guidelines
>> Discussion forum
Roundtable of Dogs
The Roundtable of Dogs, a committee of selected members, holds monthly meetings to review forum proposals and elevate viable proposals to the next step.
To proceed to the "Snapshot Voting" stage, a proposal needs to secure 75% approval at this meeting.
Snapshot Voting
In the final stage, "Snapshot Voting" takes place. The "Roundtable of Dogs" prepares official proposals for community-wide voting on selected proposals from the discussion forum.
The voting period for the snapshot lasts five days, requiring a quorum of 5% of the circulating $KNINE token supply.
Voting power is linearly proportional to the number of $KNINE tokens held by a user at the designated block snapshot (1 token = 1 vote).
>> Snapshot
Execution
Once the snapshot voting passes, the voted proposal is handed over to the "Management Council" for execution.
Emergency Governance Process In case of urgent situations requiring immediate response, such as significant vulnerabilities, it's possible to bypass the discussion forum and proceed directly to a 24-hour snapshot vote.
Rapid Governance Process For proposals with low likelihood of divided opinions, a simpler voting procedure can be proposed. However, only approved addresses can propose this voting. This rapid governance process lasts 72 hours, and the proposal is approved unless the proportion of dissent exceeds a certain threshold (0.5%).
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