KYOKO and/or veKYOKO is the governance token of Kyoko.Finance. Stakeholders who own the KYOKO and/or veKYOKO token will be eligible to vote on a series of strategic decisions in the Kyoko ecosystem, including the use of DAO Treasury funds, the selection of users eligible for credit loan whitelisting, etc.
The KYOKO token was created to decentralize the management and development of Kyoko's investments and platform.
veKYOKO tokens are obtained by staking KYOKO tokens. The longer the staking time, the higher the voting weight, and the staking time varies from one week to four years.
Stakeholders can vote to decide which DAOs or guilds can be on the whitelist of DAO2DAO Loans, and users who participate in voting will likely receive future DAOs or guilds token airdrops. At the same time, Kyoko's related ecological development and major decisions are mainly determined by the community's use of governance tokens.
There are initially two powers associated with each governance token:
- The proposal power that gives access to creating and sustaining a proposal.
- The voting power which is used to vote for or against existing proposals.
The steps for a successful governance proposal are:
- 2.Use the Kyoko Snapshot to gauge community sentiment and preferences.
- 3.Prepare the Kyoko Improvement Proposal (KIP) based on the rough consensus gathered via snapshot and prepare the necessary payloads.
- 4.Submit the KIP to the protocol for a governance vote.