Kyber Network is preparing for KyberDAO experiment #2

Kyber Network Team is preparing for KyberDAO experiment #2 which will be hosted in Daostack Alchemy platform. This DAO is a form of decentralized governance experiment and it is meant to give the team valuable data on building up a proper decentralized governance system.

The team recently announced the details about the experiment in a medium blog post. The team stated that they will allocate 4500 dollars in Kyber tokens and distribute them to winning DAO proposals.

Total of 17,000 KNC (about $4500) provided in the KyberDAO. Each proposal can request for any portion of this budget, up to the full amount.

Request for funds is meant to reward good ideas or for funding the proposals that get passed. Once the proposal is passed, requested funds can be redeemed and sent to the participating Ethereum address.

Anyone with a balance of 1000 KNC tokens can participate in the DAO. The announcement said the DAO will start in Friday, 21st June 9pm GMT+8. Users who want to participate will need a metamask wallet and connect it to Daostack.

The DAO will open to the public in 21st of June. Participants can then visit https://alchemy.daostack.io to connect their metamask to gain voting power / reputation points. Reputation points will be distributed based how many tokens the user has or some other factors such as how much the user has traded on Kyber.

See below for the different criteria to earn Reputation points and voting power. Do note that you need to hold a minimum of 1000 KNC to participate in KyberDAO Experiment #2.

KNC Holder: up to 150 points
1000–3000 KNC (10 pts)
3001–5000 KNC (30 pts)
5001–10,000 KNC (50 pts)
10,001–20,000 KNC (70 pts)
20,001–50,000 KNC (90 pts)
50,001–100,000 KNC (120 pts)
100,000 KNC (150 pts)

1. Traded on Kyber (in the last 3 months): up to 40 points

120 ETH (40 points)
80 ETH (30 points)
50 ETH (20 points)
20 ETH (10 points)

Reserve managers and wallet integrators will also receive additional 40 points. The users who participated in the first DAO experiment will receive 30 extra reputation points.

There will be two types of participants. Requestors will request funds for their proposals and voters will vote on the proposals. Proposals that gain 51% vote of all reputation points will win.

Requestors can increase the chances of winning by boosting their proposals. Learn more about boosting proposals here. Boosted proposals only need relative majority to win. Proposals that win will receive the requested funds in their Ethereum wallet.