vKP3R Governance Rights

Hi All,

Setting up this thread so that vKP3R holders can discuss / share thoughts on governance rights that were previously communicated to be held by vested token holders & additionally, what rights were expected through setting of prior precedents

Purpose of this thread is to highlight to new management team of protocol prior expectations that were set, and that led to 860 unique addressess locking 78,631 KP3R for an avg lock of 3.35yrs.

Please share thoughts, links and examples below.

Thanks!

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Gauge Voting Rights

Update: Edited to correct on 27th May

vKP3R previously could vote via Fixed Forex for directing rKP3R rewards to curve pools / gauges

Functionality and record of previous vKP3R votes is still maintained on fixedforex.fi site as per below;

There does not appear to be any vote or statement of change to this right included in any subsequent documentation or announcements

Functionality was a little bit frustrating because required vKP3R to spend gas to place votes vs doing this costless via snapshot.

Since the creation of new pools for ib tokens + USDC are now in place, the right should be extended to the total allowance of rKP3R across ALL POOLs. There has been no statement or announcement to except or amend this right for new USDC pools

EDIT: Update provided by Keep3r team via official twitter account on 31st May - votes updated to be for USDC pool pairs only

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Fee Setting

vKP3R previously had right to vote, via snapshot for changes to fee payment % that would be directed to vested token holders

Example of vote for change in % of discount for rKP3R redemptions including rate sent to vKP3R is included here

This vote happened ended on November 22nd 2021 and resulted in a change in level of discount offered on rKP3R from 50% to 10%, with all fees being passed through to vested token holders.

There does not appear to be any vote or statement of change to this right included in any subsequent documentation or announcements

Note; Multisig have removed award of rKP3R to vKP3R holders without use of vKP3R right to vote on topic as per the post & timing outlined here. This appears to be a removal of established rights for active vested token holders as per expectations & precendent setout above.

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Not easy to find info on the FF project. Finally found this thread. As 4 year token lockers people would want clarity. If the project is dead at least lets dissolve the treasury and distribute it to the token holders. If not…would be good to get some clarity. Even the fee payments have stopped now?

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Treasury Ownership

Early documentation dating to 28th October 20 establishes that;

  • KP3R governance controls treasury

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  • Governance is managed by bonded KP3R

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Since Keep3r network expanded to consolidate Fixed Forex in August 21 which established vKP3R for first time, then bonded KP3R rights should be considered to have been fully inherited by the vested KP3R mechanism. As vested KP3R also inherited the right to dividends by way of fee payment to vested token holders - it should be noted that fee claiming moved from bonded KP3R to vKP3R at this time.

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There does not appear to be any vote or statement of change to this right included in any subsequent documentation or announcements

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Use of Treasury Funds

Governance rights for token holders over treasury use & distribution was established in Oct 2020 where the following conditions were established;

  • Governance (owned by bonded KP3R) can vote on how treasury is used & distributed

There does not appear to be any vote or statement of change to this right included in any subsequent documentation or announcements

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KP3R Emissions & Pool Allocation

Announcement in August 2021 establishes rights to emissions & pool allocation

  • vKP3R used to vote on Fixed Forex KP3R emission
  • vKP3R used to vote on Fixed Forex pool allocation

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There does not appear to be any vote or statement of change to this right included in any subsequent documentation or announcements

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Governance Participation

Article posted in Oct 2020 establishes Governance Participation

Launching this forum as the governance section.

Including rights to have open discussion on;

  • Open discussion on which contributors to assign voting rights (non-transferable voting shares)
  • Open discussion on how to allocate & use treasury funds

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Governance participation precedent was then subsequently set through voting allowances for vKP3R holders via Keep3r Snapshot page

There does not appear to be any vote or statement of change to this right included in any subsequent documentation or announcements

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Thanks, I think as a starting point the dev team need to establish communication lines. Even if it’s to start winding down the project and figuring out how to compensate those locked. Personally I have lost faith in those involved and consider this a lesson learned putting faith in a group of individuals backed by my own money who then have abused that good faith. It doesn’t bode well for the space and is far from the ideals of providing an alternative to the current incumbent financial system.

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Guys!! Yes does not look good on the team/people involved. The goal was to setup an automated onchain system like curve with the fee payment for lockers. Not some manual multisig that decides when/if it should make the payments. Lets push for some resolution with all parties involved.

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This was supposed to be a top project in the automation of processes and even the rewards are given manually depending on a governance team that has no interest in their community that I trust them, we only ask for transparency and communication, we know that it is our responsibility this investment but the value of vKP3R is still blocked there, if they have to dissolve the treasure they should do it or if they have a roadmap they should publish it, but why the silence?

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