Should KogeFarm create a user protection fund?

Voting ended over 4 years agoSucceeded

This proposal is to create a user protection wallet storing USDC. Security is top priority, but we must have a plan to help our KogeFarm users in the unlikely event a security incident should occur.

The KogeFarm protection wallet sets to accumulate funds to help protect our users.

Fund Disbursement Eligibility

To be eligible for our protection fund disbursement, a financial burden must be placed on one or more of our users through a problem with our smart contracts. We are not responsible for any events that result in a financial loss from our source farms.

There is no minimum amount to be covered by this fund. If a user suffers a financial loss that is eligible for reimbursement, the user should immediately report the loss to a Koge mod or team member.

A Koge team member will then review the issue for validity. If found legitimate, all users affected will be reimbursed for their loss up to the maximum amount currently available in the fund.

How the Fund Will be Built

As of 08/16/21, we are still accumulating funds for our second audit per a previous DAO vote. Without this proposal, once the second audit is paid for, we plan to burn 100% of the profits until profit-sharing begins in mid-May 2022.

This proposal changes that plan.

This proposal kicks in after the second audit is paid for and instead of burning 100% of profits, we will allocate 10% of those profits to this protection wallet and burn the remaining 90% up to the amount of TVL we currently have locked.

Once profit-sharing begins (mid-May 2022) and the protection wallet hasn't hit the same amount as our TVL yet, this proposal moves 10% of the previous burn allocation to the protection wallet.

45% dividends
40% burn
10% protection wallet
5% dev

Once the protection wallet reaches the same level of our TVL, the 10% allocated to the protection wallet will be diverted back to the original allocation of burning.

45% dividends
50% burn
5% dev

If there is feedback for this DAO proposal, please continue the conversation on discord where a conversation is most easily organized. Link: https://discord.gg/hhPaMPHt

Off-Chain Vote

Yes

192.73B 8.9%

1.97T 91.1%

Download mobile app to vote

Timeline

Aug 17, 2021Proposal created

Aug 22, 2021Proposal vote started

Aug 29, 2021Proposal vote ended

Oct 26, 2023Proposal updated

Fund Disbursement Eligibility

There is no minimum amount to be covered by this fund. If a user suffers a financial loss that is eligible for reimbursement, the user should immediately report the loss to a Koge mod or team member.

A Koge team member will then review the issue for validity. If found legitimate, all users affected will be reimbursed for their loss up to the maximum amount currently available in the fund.

How the Fund Will be Built

This proposal changes that plan.

Once profit-sharing begins (mid-May 2022) and the protection wallet hasn't hit the same amount as our TVL yet, this proposal moves 10% of the previous burn allocation to the protection wallet.

45% dividends

40% burn

10% protection wallet

5% dev

Once the protection wallet reaches the same level of our TVL, the 10% allocated to the protection wallet will be diverted back to the original allocation of burning.

45% dividends

50% burn

5% dev

If there is feedback for this DAO proposal, please continue the conversation on discord where a conversation is most easily organized. Link: https://discord.gg/hhPaMPHt