Hakka Governance Roadmap
Decentralized Governance Milestones of Hakka Finance
Hakka Finance is a decentralized autonomous organization, or DAO, that launched last month. The team behind Hakka Finance plans to continue our efforts in delivering quality DeFi products to the community. To empower crypto enthusiasts, we will be hosting a number of events in the coming months to give participants the opportunity to acquire Hakka Finance’s governance token “HAKKA”.
Hakka Finance’s role is to empower individuals by giving them access to contributing a fully decentralized governance. We plan to distribute Hakka’s governance token “Hakka” into the hands of users as part of our strategy for building thriving communities.
In the early phase of Hakka Finance, it’s hard to effectively implement decentralized governance because Hakka tokens have not yet been well-distributed to users and the community. Therefore, to balance between decentralization and developing efficiency, governance of Hakka Finance will be put into practice step by step as described below:
Phase 1. Divine Right of Kings
At the very beginning, developing team of Hakka Finance would take responsibility for the majority of works, including product developments, implementation, and maintenance as well as the design of yield farming model and bounty programs. Although the developing team initially controls the timeline of Hakka Finance, we will proactively plan a series of programs to distribute Hakka tokens to the users and community, moving progressively toward decentralized governance.
Why? Because I said so.
Phase 2. Enlightened Despotism
Hakka token will be distributedly allocated to the wide community of Hakka Finance along with the activation of liquidity mining and bounty programs. The “off-chain” voting system would be implemented as the early governance model in this phase. Stakeholder can propose issues on the governance website and let the community vote. Although the results of off-chain voting, unlike on-chain voting, cannot be directly executed, they will be adopted as crucial references for strategic decisions by the developing team. There is no gas price included in the off-chain voting system, which means community members can express their opinions regarding the development of the ecosystem without any costs.
Phase 3. Constitutional Monarchy
As the products of Hakka Finance have been steadily operating for some time, Hakka tokens are expected to be well-distributed to users and the community. Since Hakka Finance has grown to be a mature and strong ecosystem, an on-chain voting system is ready to be deployed. From this point forward, the developing team of Hakka Finance will retire, and reside as a ceremonial head of state. Governance powers are fully released to all the community members along with token distribution, the developing team will no longer take charge in the directions of Hakka Finance.
Phase 4. HAKKAnarchism
The ultimate phase of Hakka Finance is a prosperous DeFi ecosystem governed and maintained by all the community members. All the product users, value investors, and joint developers are able to receive corresponding returns from the DAO as they contribute themselves to the ecosystem. When it comes to this phase, there will be no difference between founding members of Hakka Finance and other community members. Hakka Finance will keep growing as all the community governs, operates, maintains, develops, and upgrades the protocol together. In the near future, we will embrace and take part in actively growing an ideal and wonderful future of decentralized finance.
The governance roadmap of Hakka Finance is described as above. Through the gradual implementation of the governing mechanism, we will have a steadily growing DeFi community built by grassroots actors rather than merely lofty ideals. It requires the efforts of every valued community members to collaborate in achieving the ideal final phase as soon as possible. Cheers to the community and decentralized world!