Hakka Finance Governance Upgrade
Upcoming Great Changes and Important Updates of Hakka Governance Roadmap
After around half a year since the launch of Hakka Finance, we have achieved several amazing milestones together. We sincerely appreciate the dedicated support of our awesome community. To improve HAKKA ecosystem, we have made several important updates to deliver a greater future of Hakka Finance:
1. Decentralized Online Forum
Currently, most of our community interactions take place in our Telegram channel, which can make it difficult to have detailed discussions for specific topics. To address this issue, we are launching Hakka Finance’s official Discourse forum. HAKKA discourse will be the first Discourse that supports login with decentralized identification (DID) system: EAuth (Ethereum Foundation Grantee). What’s more, integration with additional ENS/3Box components will be introduced in the near future. The complete decentralized governance roadmap is close at hand.
2. Brand New Official Website
One of the Hakka community’s wishes is realizing. HAKKA website is undergoing a huge update. Our new frontend is much concise with a function-based flow design. It will be a lot easier to navigate for those seeking mining, staking, as well as governance.
3. Staking-Based Governance Model
HAKKA Staking is going LIVE! We are in the process of delivering governance straight to the community through liquidity mining and community fund programs. Implementation of the vesting contract has aligned the long-term interest of HAKKA holders. Our last infinity stone: HAKKA STAKING is coming very soon!
a) Separation of Governance Power and Beneficial Rights
Two different privileges have been bestowed to HAKKA holders in our staking model: governance power and beneficial rights. Governance power is immutable and non-transferable, anchoring with the address of the staker; Beneficial rights, on the other hand, come with a transferrable ERC20 token: sHAKKA (sealed HAKKA), which means they can be employed, transferred, lent, as well as sold. Even though, HAKKA holders will not lose their control of the protocol.
b) Time Factor for Staking
To create strong tokenomics, we have deployed a time-weight system in the staking model. Given the same amount of HAKKA being staked, there will be different weights in terms of privileges for both voting power and beneficial rights under different periods of lockup term. After implementation, governance rights are limited to HAKKA stakers. We believe we are welcoming a better quality of decision-making.
More details about Hakka Staking will be introduced very soon. Stay tuned!
4. Migrate HAKKA Governance to Snapshot
Our voting system gov.hakka.finance has accompanied us for a long time and has provided us with a very good user experience. Nevertheless, Snapshot has been maintained by a much more powerful ecosystem. Therefore, we have decided to migrate to Snapshot and join the big family of DeFi governance. We will contribute ourselves to the Snapshot community and make it a better place.
5. Utilize Assets in HAKKA Guild Bank
Since the launch of Hakka Finance, there is ~$1.6 Million worth of tokens earned by Hakka protocol and stored securely in the Guild bank of Hakka Finance. Thanks to the unprecedented bull market, the treasury has a much higher valuation. However, improvement of the utility is something we have been considering. After much comprehensive thought, withdrawing part of the assets and putting them into yield farming protocols might be an option worthy of consideration. Nevertheless, any final decision would require consent under the governance of the community. Additionally, these interest-bearing tokens would be returned to the guild bank, which would end up with little influence on our core burning (ragequit) function.
All of the above proposals will first pass through a formal governance process. After that, they’ll be introduced in the very near future.
The best of Hakka Finance is yet to come :)