This proposal is intended to signal acceptance/rejection of the plan that will upgrade from the current kava-7 blockchain to kava-8. As a TextProposal, this is a non-binding proposal and is meant to inform the Kava community about the new features we are proposing, the timing of the upgrade, and the next steps. If this proposal passes, we will submit a follow-on SoftwareUpgrade proposal that specifies the exact block height at which the kava-7 chain will shutdown.
Kava core developers have completed a new application, Swap, which is a constant-product automated market maker (AMM) that enables the trading of tokens between a user and a pool of liquidity. To date, the swap module has been tested as part of the Swap Incentivized Testnet, has undergone one internal audit, and is currently completing an external audit with CeritK. Once audit reports are completed, they will be published publicly. At this time, we believe the code has been sufficiently tested and reviewed and is ready for deployment.
Swap uses governance to specify which pools are allowed to be created. At launch, we propose creating a pool for all available tokens on the Kava platform against USDX.
Swap also specifies the SwapFee parameter, the fee applied to each trade with a pool, with fees accumulating to liquidity providers (LPs). We propose an initial fee of 0.15%.
As part of the Swap application, we introduce SWP, a governance token that is used to vote on parameter changes to the Swap application and changes to LP rewards for Swap pools. Further, the token holder may vote on proposals that update or upgrade the functionality of the Swap application.
At genesis, there will be a maximum supply of 250,000,000 SWP tokens.
Note that the exact distribution of LP incentives at launch will be the subject of a forthcoming Medium article, which will be used as a basis for gathering feedback from the community. After gathering feedback, we will publish a follow-on article that specifies the exact LP incentives at launch, as well as include those numbers in the SoftwareUpgradeProposal. Further, the distribution of LP incentives is controlled by SWP token holders, and so could be changed via governance once kava-8 launches.
We propose a retroactive airdrop of 1,000,000 SWP tokens from the ecosystem pool to USDX suppliers to Hard protocol. The airdrop will be calculated using a snapshot of the kava-7 blockchain at block 1543671 (approximately 14:00 UTC on Aug 4th, 2021). Any account that was supplying USDX to HARD protocol at that block height will receive a ratable share of 1,000,000 SWP tokens when kava-8 launches. For example, if an account had supplied 0.5% of all USDX to Hard protocol, that account would receive 5,000 SWP tokens. The goal of this airdrop is to reward early adopters of applications on the Kava DeFi platform, and this rewards both USDX minters and HARD suppliers.
SWP and HARD Token Governance
Kava-8 introduces on-chain governance for the Swap and Hard applications. On-chain governance for Hard and Swap are controlled by the committee module, see the updated [spec] For each application, we are proposing a TokenCommittee that has the ability to changes the parameters and incentives of the Hard and Swap applications, respectively. Token committee governance is similar to the existing MemberCommittee governance of the Kava Stability Committee, but rather than being voted on by an m-of-n committee of members, proposals can be voted on by any address that holds SWP or HARD tokens, including tokens that are currently vesting. Note that proposals for token committees are still scoped to a white-listed set of addresses. We propose that the same members of the Kava Stability Committee be the members of the Hard and Swap Token Committees
Max Supply: 250,000,000 token
How and Where to Buy SWP token?
SWP has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT, BNB from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy SWP token.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…