An important step in Kwenta governance has officially begun. Synthetix Spartan council voted to establish a temporary governing council for Kwenta until Kwenta community members were able to vote for nominees of their own, following the process outlined in SIP-178: Formalize Kwenta Interim Council in late 2021.

A token-holder elected council will replace the Kwenta Interim Council and make decisions on behalf of the DAO, further transitioning Kwenta to a fully decentralized governance structure. Once voted in the new council will be responsible for voting on Kwenta Improvement Proposals (KIPs), as well as deploying officially endorsed code to the Kwenta frontend via a 2/6 multisig.

Kwenta KIP-24 calls for, a council of 5 community members, elected via token holder vote, to make decisions on behalf of the DAO. Nominate yourself to be 1 of 5 Kwenta Council members by making an introduction in our Discord.

The Council election and transition process can be viewed below:

Nominations: Open from November 15th until 10:30 pm UTC on November 22nd until 10:30 pm

• Candidate nominates themselves in the Kwenta Discord with a synopsis of why they would be a suitable member of the Kwenta Council

Elections: Open from November 22th until 10:30 pm UTC on November 29th until 10:30 pm

• Top 5 nominations by # of $KWENTA elected as new Council

Transition: November 29th to December 1st

• NFT issued and distributed to new council members

• Replace old multisig signers with newly elected council

December 1st: Transition complete

• Token-voted Council will now help act on behalf of the Kwenta community

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