Kwenta: “Kwenta Provisional Council and TreasuryDAO Established”

Kwenta announced last Thursday, September 30, through its Twitter account, that the Provisional Council of Kwenta and the TreasuryDAO have been established.

Image about Kwenta’s Twitter post

“The Kwenta Interim Council and the TreasuryDAO have been established. We would like to thank everyone who applied for a position on one or both governing bodies. The Spartan Council voted on the composition of these councils following the process outlined in SIP-177 and SIP-178. The results have already been finalized”, he said through an article published on his website.

The Kwenta Interim Council

The company explained that the Kwenta Interim Council will be responsible for voting on proposals related to the establishment of the Kwenta DAO, which includes topics such as the governance framework, tokenomics, participation mechanism, and any other proposals that require voting to move forward. the protocol. Council members will receive one of five NFTs that they will use to vote via Snapshot.

In addition, he indicated that the elected members to lead the Interim Council are the following:

• Redmarglar (community member)

• JVK (community member)

• Adnauseum (community member)

• Andrew (Main Contributor to Kwenta)

• db (Synthetix main contributor)

DAO Treasury

The company indicated that Kwenta’s TreasuryDAO will be responsible for managing the treasury, managing the funds used for the growth of the protocol and working with other governing bodies to coordinate budgets. Transactions managed by the TreasuryDAO multi-signature wallet will require 2/3 signatures from members. Members of TreasuryDAO will remain anonymous for OPSEC reasons.

Also read: The HUSL announced participation in Unizen

Establishment of Kwenta DAO

In his opinion, for the next steps, the members of the council will be contacted and they will be incorporated into their functions. This will allow the Kwenta community to begin submitting proposals related to the establishment of the Kwenta DAO. A snapshot instance and Kwenta Enhancement Proposals (KIP) repository will be set up to facilitate this process.

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