Kyokoans, in this announcement, we’ll be introducing a community vote regarding CCAL testnet reward distributions.
Here’s what you need to know:
- We’re holding a community vote to choose the best CCAL testnet event reward distribution method.
- The vote will open on October 27 and conclude on November 3. It will last for 7 days and require 600,000 votes or more to take effect.
- The vote will be open to those that have a stake in Kyoko, including $KYOKO token holders and stakers, Kyoko LP liquidity providers, and Kyoko Pawn holders.
- Join the forum discussion: https://bit.ly/3SEJF2c
- Vote: https://bit.ly/3gLZneB
Testnet Event Resources
Challenge: Higher-Than-Anticipated Participation
We originally allocated 350,000 $KYOKO tokens as rewards for the CCAL testnet event. From this pool, all participants that complete the lender+borrower process were to equally share the remaining tokens after bug bounty rewards had been subtracted from the pool.
After subtracting for bug bounties and accounting for our 16,421 users that completed eligible test transactions, we discovered that testnet users would only receive between 15–40 $KYOKO tokens under our original rewards structure. This is far below what we’d anticipated.
Unfortunately, we are also aware that this is crypto and there are likely thousands of bots that were programmed to participate in the testnet event. Under the original rewards structure, the bot programmer would receive testnet rewards across all bot test wallets, transfer the rewards to a primary wallet, and flood UNISWAP with $KYOKO tokens. While this is harmful to Kyoko, it’s most unfair to our community of amazing Kyokoans who put in the hard work to test our cross-chain asset lending platform and deserve to be rewarded for their effort and loyalty.
At this point, we have little ability to identify which of these test transactions were conducted by bots. Therefore, we want to raise a community vote to identify the best path forward:
Option 1: According to the original rewards structure, distribute 350k $KYOKO to all 16,421 users, each with a reward range of 15–40 $KYOKO.
Option 2: Publish the list of eligible testnet wallets and give the community a 1-month period to identify and report suspected bot wallets and sybil attacks. Scam wallets would be verified by the team and removed from the distribution whitelist before sending rewards — therefore increasing the amount of tokens that remaining wallets would receive.
Kyokoans, this is a major decision that directly affects you. It wouldn’t be fair for us to make this decision on your behalf — so we decided it most appropriate to let you decide your preferred path forward. Simply put, we want to put this decision to vote by the people that it directly affects.
Therefore, we will host a vote on Snapshot that will last for 7 days and only be conclusive once the equivalent of 600,000 votes has been reached. We will create a Kyoko forum discussion post on which you can discuss your thoughts. Links to both are below:
- Want to learn more about your peers’ thoughts? Join the discussion on the Kyoko governance platform: https://bit.ly/3SEJF2c
- The Kyoko community vote will take place here: https://bit.ly/3gLZneB
As always, the vote will be open to those that have a stake in Kyoko, including $KYOKO token holders and stakers, Kyoko LP liquidity providers, and Kyoko Pawn holders. We will respect the voice of the community and approve the majority vote.
What else to know:
- Vote totals will be automatically calculated automatically once a user’s wallet is connected to the voting platform.
- Users are allowed to vote multiple times through multiple wallets if their Kyoko assets are spread across different wallets.
- There is no maximum individual quantity of votes.
We know this is a difficult decision, Kyokoans. Should you have any questions about the vote or CCAL testnet results in general, feel free to reach out to the Community Managers in the official Kyoko Discord.
About Kyoko
Kyoko.Finance is a DAO-to-DAO credit provider and cross-chain GameFi NFT lending market for guilds and players. Kyoko’s DAO-to-DAO lending offers liquidity to promote Web3 development, while its guild-to-guild lending, P2P NFT lending, and cross-chain asset lending platforms aim to solve the most pressing issues challenging the GameFi market, including the rising cost of entry and siloed in-game assets across different blockchains. Kyoko’s metaverse will also allow Guilds to display their history, progress, and other accomplishments, while players can connect with others in a world that can be built in, developed, and sold off.
Follow Kyoko at the links below to stay up to date on upcoming events, releases, and news.
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