KIP-38: Sovereignty Phase Competition Update

Summary

Due to significant changes in the timeline of the Sovereignty Phase previously outlined in KIP-10, this proposal provides an updated allocation of KWENTA tokens and re-proposes the trading competition portion of the Sovereignty Phase.

Abstract

1% of the KWENTA token supply at launch will be allocated to the Sovereignty Phase trading competition, totaling 3,133.73 KWENTA tokens. The allocation will be used for trading competition prizes, as well as related marketing initiatives where community members may earn tokens for trading in conjunction with additional participation in the DAO or community events. All KWENTA distributed from this allocation will be on a 1-year linear vesting schedule as described in KIP-34.

Motivation

The purpose of this campaign is to amplify the launch of cross-margin, stop/limit orders, and the KWENTA token similar to the motivation described in KIP-10. Due to a significantly different overall timeline from when KIP-10 was passed, this update not only adjusts the allocation of KWENTA tokens and their use but also ensures that implementation of the trading competition can still occur outside of the original dates specified.

The trading competition structure and dates in this KIP also provide guidance for the community, but with more flexibility for contributors to administer the program and utilize incentives for related marketing initiatives, such as offering trading competition participants bonuses for detailed feedback and bug reports, which may be particularly valuable as this competition will be the first stress test after a major product release.

Specification

For more information visit: https://kips.kwenta.io/kips/kip-38/