Hi there owls,
Since last month I have been appointed ambassador to the Kyber Network, and it is time for an update. I was asked to fill this position due to my 5 years of research experience and me being close to the Kyber team (I’m based in Vietnam).
Kyber Network can be seen as one of the OG decentralized exchanges within the Ethereum ecosystem. It has been live since February 2018, and had a rough patch last year, where it lost a lot of ground towards Uniswap and all the other DEXs. This year it is bouncing back with its DMM (launched even before Uni v3 came out, and arguably better technology) and it’s deployment on Polygon. Kyber stands out as decentralization purists, which is super respectable but also shows us the limits of what DAOs can do. As a DAOist myself, and with Index Coop leading the charge when it comes to Meta Governance, I think this is an exciting project to be involved in.
Through my work as a researcher and DAOist I had met the Kyber team in Hanoi and maintained good contacts. So as soon as I was asked to be ambassador, I started connecting both of the project’s dev and bd teams in early July. It started off full of spirit with clear enthusiasm and cooperation from both sides but hasn’t had any deliverables yet.
Kyber Governance & Meta Governance
Kyber governance is pure on-chain, and therefore has limitations on what can be voted on. Mainly a couple of parameters that get activated by votes. They also experiment with optimizations on governance. Only staked KNC that participates in governance gets rewards. Naturally, Kyber has therefore one of the highest voting turnouts in the space. Having to stake KNC is also the reason, at least for now, why Index cannot participate through metagovernance with the KyberDAO. This has been raised and discussed between both dev teams after I made the intro.
Regarding participating in on-chain votes, that depends on whether changes are made on the DPI contract to allow the staking of tokens or if we can find a solution with the KyberDAO community. If any new developments occur in that regard I will push to integrate that as well into meta-governance.
In regards to DPI listing, the bd and dev teams have been in contact and the last communications hinted on it being near.
The Index Coop can expect the following from me as an ambassador:
- Attending KyberDAO’s community calls to keep updated with all developments at the Kyber Network.
- Attempt to integrate KNC tokens held in the DPI contract to participate in KyberDAO Governance.
- Assist in listing of Index Coop products on the multiple Kyber exchanges.
- Communicate any major developments involving Index Coop and Kyber to the community.
- Leverage my network and expertise to get the most out of this position and bring both DAOs together.
From my conversations with Kyber and its founder Loi Luu, it is clear that they want to explore metagovernance and other possible collaborations. Listing and governance seem to be the most obvious, but perhaps some of our owls have more ideas? Really open to discuss and strategize.