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Kodo Improvement Proposal - 000 - Decentralization & Sustainability Plan

Introduction

Dear Kodo Community,

We, the initial team behind Kodo, have noticed that our control over Kodo has hindered its further development. In our pursuit to transform Kodo into a true public good within the Taiko ecosystem, we've come to appreciate the indispensable roles of transparency, fairness, and the collective intelligence of our community. Additionally, we understand the critical importance of trust and official support from Taiko. After careful consideration, we, the initial team, propose the following changes to help Kodo grow better.

Proposal

Transfer of Control

The original team will give up all control of Kodo, transferring it to the community (specificallly, a multisig wallet controlled by community-nominated individuals). This comprehensive transfer includes:

  • Smart Contract Permissions

    • voter.governor for whitelisting tokens
    • voter.emergencyCouncil for killing/reviving a gauge
    • minter.team for team emission each epoch
    • ve.team for controlling veNFT display
    • pairFactory.feeManager for controlling stable and volatile fees
    • pairFactory.pauser for controlling whether all swaps are paused
    • Action: Transfer all permissions to the multisig wallet.

  • KODO and veKODO Holdings

    • Liquid KODO: 8M KODO for bootstrapping liquidity, with 1 ETH provided by the initial team in the KODO/WETH pool. Of the 20M allocated for voting rewards, 14M remain for future voting incentives, marketing, etc.
    • veKODO NFTs: Details at veNFT Documentation
    • Action: We'll deploy a secure, multi-signature wallet as a temporary measure until Gnosis Safe can be used on Taiko, ensuring a high level of security.

Beyond the control mentioned above, due to Kodo's contracts being 100% immutable and non-proxied, the team no longer has any control over the smart contracts and core assets.

Open-Sourcing and Domain Transfer

  • Client and Backend

    • Action: We're making all our code public, so anyone can easily start their own version of Kodo client. This move will not only bolster the dapp's robustness but also facilitate the community in setting up backup sites for https://kodo.exchange. (Thanks to Frank for the kind reminder)

  • Domain

    • Action: The kodo.exchange domain will be transferred to System32 for safekeeping.

Social Media Accounts

  • Platforms: Twitter, Discord, and Medium
  • Action: We're entrusting System32 with our social media accounts to ensure they remain in safe hands.

Nomination

We warmly invite our community to nominate individuals (themselves or others) to control the protocol, aiming for up to 5 community members plus Andy. Anyone can nominate. We'll check and get in touch.

We'll ask the nominee if they're willing to be the sole representative for Kodo. If they agree, they will have two spots in the multi-sig wallet, but they're willing to reveal their identity to Taiko.

The controllers of the multisig wallet have the authority to decide on the key operational actions within the protocol and deployment of funds, in addition to implementing the decisions made through community governance. We are looking forward to Taiko integrating DAO infrastructure, such as snapshot.org, to enable timely and effective community participation in the governance of the protocol. We will expedite the adoption of DAO tools by Kodo to facilitate effective community governance.

Initial Team's Reward

Just like initially planned (check here), the original team will retain 3% of the initial tokens as a reward for past work and effort. These tokens will unlock according to a set schedule (six months of locking, followed by six months of linear unlocking). The allocation of these tokens will be to Anonymous B, Anonymous D, Snake, and Andy (Hiro decided to forego any token rewards until after Kodo's first successful year.).

Ongoing Support

Our team is committed to tirelessly supporting Kodo's journey behind the scenes until it can operate smoothly by the DAO without us.

Core Values

We believe the success of Kodo stems from transparency and fairness to all our participants. The initial Kodo team loves Kodo like our own kid and wants it to succeed, just like you. With this initiative, we aim to empower Kodo's growth, drawing upon the unparalleled strength and wisdom of our incredible community.

Progress Tracking

  • Set up multisig wallet (completed)
  • Transfer all contract permissions (completed)
  • Transfer all assets (completed)
  • Open source frontend codebase and backend API codebase (completed)
  • Transfer the kodo.exchange domain (completed)
  • Transfer social media accounts (Twitter, Discord, Medium) (completed)

The multisig wallet is deployed at address 0xB020af366819E68eCbD8ed5EC345FD85D7b1D6B2.

Transactions for transferring permissions:

Transactions for transferring assets:

  • Information for Kodo-held veLocks have been updated here
  • Transactions of transfering WETH/KODO trading pair: deposit, transfer LP, stake LP
  • Transactions of transfering liquid KODO: transferring 14M KODO
  • Transactions of transfering team emissions KODO: Currently there are 2,148,328 KODO accumulated from team emission, transfering

Social Media and Website (including the kodo.exchange domain)

  • System32 has the ownership over Kodo's Twitter, Medium, GitHub, Warpcast, DNS records, and website hosting.

Multisig Members

Name Address
Andy Bush (Taiko & Kodo) 0x5905cc1474eCeFA14A25b2B3ad23F5B327B1C78d
Frank (Loopring & Taiko Community) 0x7b63B3037D37751bb25c067552f44b25Ff453702
Jonathan Herrera (Capa.fi & LaDAO) 0xA613877f3A2A73D67c313fB43B740C5f877E98B9
Nirry (Loopring & Taiko Community) 0x3f745DC9B84BF74aB47f2A845f45C47cbD90CF56
System32 (Loopring & Taiko Community) 0xBC266bBE872168aE943296C1bc0770A38580893b (kodo.system32.eth)
System32 (Loopring & Taiko Community) 0xbaC7eF49840c2b673Cd28A9048e0107631f32d17 (kodo2.system32.eth)
the Narator (Aave & Cian) 0xA03335791A592AFc626276D1EbE195A12A7C086e (tri-angles.eth)

System32 represents Kodo, thus he holds two spots in the multisig.

The initial threshold is 4/7, with a timelock of 0s, adjustable as needed.

The entire community nomination process is publicly visible in the kodo-nominee channel on Kodo Discord.