KIP-9: Kwenta Aelin Raise

Summary

The Kwenta treasury will raise funds via Aelin to fuel DAO development.

Abstract

The treasuryDAO and Core Contributor Committee will collaborate to use the funding raised via Aelin to manage Core Contributor payroll, development expenses, and miscellaneous community expenses where applicable.

Motivation

Currently, Kwenta’s operating costs are managed with limited contributions from the Synthetix treasury. For the Kwenta DAO to sustainably operate, additional funding is needed for long-term development as well as other miscellaneous community costs.

Specification

Kwenta will sell 5% of the total token supply pre-inflation (15,668.65 kwenta out of 313,373 Kwenta) at a fully diluted 100m USD valuation using the Aelin protocol on Optimism. This will provide the Kwenta treasury with 5m USD in funding. The pool will accept sUSD and be open for a period of 2 weeks starting February 14th. Pool contributors will have a 24-hour allocation window to accept the deal terms once the buy-in period is closed. Contributors who accept their full allocation will then have a 12 hour open window to buy the remaining tokens on a first come, first serve basis. The pool will be uncapped. Pool contributors will receive vKWENTA which will be directly claimable for KWENTA once the token is live (target launch is currently late Q1 - early Q2). vKWENTA will not be stakeable or usable in Kwenta governance, it must be converted to KWENTA to be used within the DAO. The Kwenta treasuryDAO will be responsible for managing the Aelin pool.

Copyright

Copyright and related rights waived via CC0.