Table of contents
Our manifesto
This is an important development for the Kujira ecosystem. Please take the time to read through carefully.
Our manifesto states “everyone deserves to be a whale”. We know that means more than big bags. Whales also have influence. With that in mind, we are very proud to introduce the first iteration of governance in our world, and a way to give everyone the chance to use their influence to improve it.
Let’s run through the process step by step, and we’ll add more detail afterwards:
Governance process
- Stake your $KUJI. It’s your voice in your ecosystem, and needs to be staked in order to be used in a vote. First comes staking, then comes voting.
- A proposal is created. By us, to start with and, at a later stage, by you and your fellow users.
- Each proposal will have a “reward”. This will likely be 200,000 $KUJI1.
- In order to vote on a proposal, a user must stake $KUJI. Single side stakes count towards voting. LP tokens do not.
- The amount of $KUJI used in your stake determines its weight in the vote. In other words, each $KUJI staked is worth one vote.
- A proposal reaches quorum2 when 10% of the total staked $KUJI has been voted with. For example, if 100,000 is staked, 10,000 $KUJI need to be used in the vote for it to pass quorum.
- When you vote, everything you have staked counts towards your vote. You cannot vote with a portion of your stake. Once a vote is concluded the “reward” in point 3 is distributed between stakers who voted. The reward is for voting, not staking. If you stake and do not vote, you cannot participate in the reward.
- This is currently the only reward for staking.
- There is a 14 day unstaking period. When the unstaking period ends, you will need to withdraw your tokens to your wallet.
You probably have questions
Why can’t users submit proposals?
The Kujira ecosystem is in its infancy. We believe it will grow to be resilient but in these early days, we are protecting it very carefully. Once we’ve stress tested the system, and our baby is ready to fly, we’ll open up proposal submission to users. Please don’t ask wen 🙂
How long will a proposal last?
A proposal can last from a few days to 2 weeks, depending on the magnitude of the vote, and to give people in different time zones the opportunity to have their say. All proposals will have a start and end date clearly displayed.
When is the snapshot for the rewards taken?
To be rewarded, you must have tokens staked BEFORE the proposal is open for voting.
A snapshot is taken at the start of a proposal’s vote window.
Your vote weight is determined by the size of your stake before the snapshot. Adding more tokens after the start of the votes window will not increase your vote or your reward.
You must vote to be included in the distribution of the reward. Staking on it’s own does not earn anything.
Rewards are claimable after the proposal voting window ends.
Rewards are distributed fairly according to the size of your vote relative to the total vote. For example, if you alone made up 1% of the total $KUJI used in the vote, you get 1% of the rewards.
Where can I find the proposals?
The proposals will live in a governance section on the BLUE website, and we will share links and announce that they are live through our other communication channels like Twitter, Telegram, and here on Medium. We’re hoping Kujira users will actively discuss them in their own channels.
Where can I learn more about the proposals?
Please visit https://blue.kujira.network/govern to see the proposals and their results.
Won’t whales control the voting?
It’s true that some wallets hold more $KUJI than others. But with over 8 million in circulation and counting, even the largest single holder doesn’t have enough to control the vote. That power lies in the hands of the collective.
When will this launch?
Ser, it already has. Go here to view our first proposal. Voting starts on December 6th, so you must stake before then to participate.
I’m in! How do I stake?
Head to https://blue.kujira.network/govern to stake your $KUJI and become a part of shaping the future.
Stay bullish.
