The first KawaDAO vote has taken place. We are happy to see that the team’s proposal has received a huge support. In this short update, we’d love to share the details of our first vote with you, as well as our learnings for continued development of the KawaDAO infrastructure.
KawaDAO, using the Snapshot platform, officially launched on December 27th, 2021 with a proposal to change the tax fee structure for $KAWA transactions. The proposal included a 5 day discussion period, followed by a 3 day voting period. $xKAWA holders were able to choose between 4 different tax structures using ranked choice voting.
The choices available to vote on were:
- 7% dev/marketing, 0% reflections
- 6% dev/marketing, 1% reflections
- 5% dev/marketing, 2% reflections
- 2% dev/marketing, 1% reflections (unchanged)
In the end, DAO members voted to implement the highest tax proposed, with 7% of all transactions getting sent back to the Development and Marketing wallet in Eth.
- While Snapshot provided a powerful DAO experience with very little friction, we are going to work on a more sophisticated infrastructure to enable a more engaged voting process for KawaDAO.
- The majority of voters were in favor of having an increased tax to get more funds into the Development & Marketing Wallet, (whether 5% or 7%), which is significantly more than the initial 2%.
- Several Community Members mentioned not being fully satisfied with the voting options that we presented. In the future, we will allow for more discussion prior to the posting of a proposal in order to better understand the community’s wishes.
- Snapshot prevents vote manipulation by taking a count of tokens held at the time of proposal creation — this should have been communicated in a clearer manner in order to prevent confusion.
As a result of the vote, the $KAWA tax fee will be changed to 7% dev/marketing, 0% reflections with immediate effect. The passage of this proposal prior to the launch of $KAWA on BSC later this month will enable the entire community to benefit from increased volume on that network.
We thank the community for its continued support and we are thrilled to further develop the KawaDAO infrastructure with their input. We look forward towards creating additional proposals that will bring more value, transparency and strength to the Kawakami Community.