KogeCoin May Plans

KogeCoin was launched by providing an airdrop allocation to all early Polygon users. 100% of the unclaimed airdrops are being distributed to holders at a rate of 2.8/block, until May 2022.

Due to a slowdown in the block production time of Polygon, we've got some tokens leftover if we were to end in May 2022. The team's proposal is to use the remaining funds to keep Koge sustainable for a long time, and to move it further towards decentralization. More specifically, we propose:

1. End the KogeCoins distribution in May 2022 as planned,

2. From remaining KogeCoins, lock 5 million tokens for 1 year, then vest it over 4 years. This (~$300/week) vesting is small and below our current fee rate, but covers operating costs and basic KogeFarm development.

3. Again from the remaining KogeCoins, move 3 million to a formal DAO fund. We plan to create a Discourse forum where people can discuss how to spend the tokens, with Harmony One's forum as a model, before a formal vote. All spending will have to be approved by DAO and tracked on the forum. Want more marketing? Want Koge to become than KogeFarm? Now the DAO can decide who to pay to make it happen! Providers of services can propose to work directly for the DAO. We further plan to eventually delegate the DAO fund to a community-elected multi-sig, so that it is not controlled by team and Koge can become a truly decentralized organization with the spending power to determine its own future.

4. Burn the remaining 1-4 million KogeCoins.

We hope this structure will help Koge become sustainable and decentralized.

Another note: 100% of KogeFarm fees (minus gas costs) are currently being used to buy and burn KogeCoin. After distribution was scheduled to end on May 2022, the plan was to burn 50% and distribute 50% through a USDC yield farm. Some people mentioned liking receiving USDC yield more than burns. So, we'd also like to gauge interest in switching to 100% USDC yield distribution instead.

Options:

A. End KogeCoin distribution in May, use above distribution plan for unused tokens, 100% of KogeFarm fees minus expenses to usdc yield farm. B. End KogeCoin distribution in May, use above distribution plan for unused tokens, 50% of KogeFarm fees minus expenses to usdc yield farm and 50% to burn. C. No change to current distribution plan, distribute all remaining KogeCoins until ~July, then 50% of KogeFarm fees minus expenses to usdc yield farm and 50% to burn.