Token holders will vote every six months (quarterly) to elect 5 community members to operate the Elite Council. The Elite Council will be responsible for voting to pass or block Kwenta Improvement Proposals (KIPs).
KIPs are proposals that anyone from the community can create and lobby for. If a KIP receives support from the community or directly from core contributors, the proposal will be voted on by the Elite Council. Proposals must reach a majority to pass. Meta-Governance proposals require unanimous support.
Elite Council Members Compensation:
- 2.5k USD in KWENTA each month.
- An additional 2.5k USD in KWENTA for the President.