Grants Council Nominations
0xC065
January 17th, 2023

With the passage of KIP-44, the Grants Council becomes part of the MarketingDAO as a pilot program. The Grants Council is a three-person body responsible for funding and managing community-driven marketing, business development, and community-building initiatives. The Grants Council will be the organization responsible for empowering the community to lead Kwenta’s growth and development.

The Grants Council is currently a pilot program, which means it will run for a single epoch. At the end of the first Grants Council epoch, Grants Council will be evaluated by the Elite Council.

How can I be elected to Grants Council?

If you’re interested in running for the Grants Council, you’ll need to nominate yourself in Discord. While there are no formal requirements to self-nominate, candidates will need the confirmation of two Elite Council members to become eligible for the election. Prospective nominees should briefly summarize their background, relevant experience, and plans for the Grants Council term.

Is Grants Council Compensated?

Grants Council will earn compensation at the same rate as Elite Council, currently set at $2,500 $KWENTA per month equivalent, escrowed for one year.

Election Schedule

Nominations: January 18th, 2023 @ 00:00 UTC - January 25th, 2023 @ 00:00 UTC

  • Candidates self-nominate by posting an introduction and pitch summary in the #grants-council-nominations channel in Discord.

  • Elite Council members signal confirmation of individual candidates. Candidates who both self-nominate and receive at least two confirmations from Elite Council members will be eligible for the Snapshot vote.

Elections: January 25th, 2023 @ 00:00 UTC - February 1st, 2023 @ 00:00 UTC

  • $KWENTA Token holders vote on Snapshot to elect new Grants Council representatives. The top three candidates who receive the largest vote share are elected to Grants Council.

What happens after the election?

Following the election, the incoming Grants Council will be announced to the community and scheduled to meet with CCs to discuss infrastructure for grants and community proposals and upcoming projects and goals for the epoch.

Grants Council will be an independent body. While news and updates will be shared through Kwenta’s social media channels, and core contributors will offer support, communication and interaction with the community will ultimately be led by the new Grants Council. The new Grants Council will release information relevant to the community as it becomes available.

Once the infrastructure is set up that can place Grants Council assets under the collective control of the Grants Council, AdminDAO will be responsible for fulfilling any funding mandates outlined in the original KIP.

Other Considerations

Even if you’re familiar with other Grants Council organizations and subDAOs, it’s important to be aware of these specific aspects of the Kwenta Grants Council pilot.

How long does Grants Council serve?

As a pilot program, the first Grants Council epoch will be shortened to allow subsequent elections to co-occur with Elite Council. This means Grants Council will serve about a four-month term and be evaluated after about three months.

Will there be core contributors on the Grants Council?

There is no explicit rule around core contributors or those with any other role in the DAO serving on the council. The three community seats are open to anyone who believes they would be a good fit and will be working closely with core contributors.

During the pilot, the MarketingDAO PM will have temporary voting power, which they may choose to exercise when necessary. In practice, this measure is simply one of the checks and balances and is only likely to be used in extreme cases. It will be up to the incoming Grants Council to propose any adjustments they see fit for subsequent epochs.

How is the success of the Grants Council evaluated?

KIP-44 includes two specific projects the Grants Council must undertake or propose an alternative. These projects are:

  • Community Growth Project - A project meant to create brand awareness and encourage users to display their involvement in the Kwenta community on social media.

  • Platform Usage Incentive Project - a project meant to directly reward and encourage trading on the platform through trading competitions or similar events.

In the final month of the epoch, Grants Council will update the community and elite council on the progress of these projects, the Grants Council infrastructure, and other key milestones and achievements. The Elite Council, using this presentation and the community's input, will evaluate the council’s success and vote to continue or dissolve the Grants Council.

Join the Kwenta Community

If you haven't already, join the Kwenta community on Discord.

To be the first to learn about new updates to Kwenta, follow us on Twitter.

To trade futures, spot, or earn $KWENTA rewards visit Kwenta or try the new Perps v2 alpha.

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