A transcript of the Town Hall held on 9/22.
Dingo:
Hey everyone, thanks for joining us for our town hall — I’m joined today by Psykeeper, Zack, and Maze. You’ve already gotten a chance to meet with Psykeeper, but in case you haven’t met Zack and Maze yet they’re apart of the marketing/bizdev and dev team respectively.
Maze:
Hey all, in reference to the latest governance proposal we’ve got the core infrastructure updated and running on our servers. Pending the results of the proposals integration with new chains is being tested on a dev staging server and going through an independent audit. Moving fast is definitely a goal, but first we want to review the existing code and make sure we can do so safely most importantly
Psykeeper:
Hey everyone, we’ll begin taking your questions now so feel free to type them in the chat.
Claudiu:
The existing code was audited twice from what i know right ?
Psykeeper:
Yes, but integrations with new platforms always open up questions of new interactions causing issues. There is also an immuneFi bug bounty open ($25,000 for critical issues).
Maze:
There are 2 audit reports yes, however we have new interactions with new platforms to verify and reconciling different versions of the koge code V1 vs v2 (edited)
Smurf:
How long should this take in finishing the interaction tests?
Psykeeper:
I’d like to see a zk-sync chain here because arb/opti both use centralized sequencers at the moment and zk-sync will soon release an EVM-compatible chain.
Maze:
IIRC we’ve got a 2week estimate from our auditor and then any time for back/forth to fix if necessary
Claudiu:
What about adding new farms , new lp’s , staking …? how will this topic be handled ?
Psykeeper:
I described my proposed strategy in the recent blog post https://medium.com/@psykeeper/on-governance-and-dao-procedures-c31752ac1381
Smurf:
I have doubts regarding our relationship with this integration with SFI, both our work as moderators, etc. or simply our work will remain as multisig of koge?
Psykeeper:
@Smurf can you go into more detail? Which doubts do you have specifically? And any guidance needed on moderation roles can be given by myself or the rest of the team
Claudiu
how this will be measured ?
psykeeper — Today at 3:26 PM
@Claudiu the Saffron DAO has a vested interest in KOGE because of its ownership of the KogeFarm dev team token allotment, dev efforts are intended to maintain and improve KogeFarm based on this
Smurf:
Previously and since the beginning of koge all of us here or at least those of us who continue had roles of moderators receiving a payment for it, (clearly this when the project was in full operation) the question is if currently the position that we have now will be to maintain the community multisig security or at some point we will be more integrated into our regular work or something new, I don’t know if I can explain myself
Psykeeper :
@Smurf this is something I wasn’t aware of and should be made a proposal on the DAO, in general all payments should be made by the DAO as a decentralized decision-making entity. Saffron DAO has a vested interest in KOGE because of its ownership of the KogeFarm dev team token allotment, dev efforts are intended to maintain and improve KogeFarm based on this
Claudiu — Today at 3:27 PM
Yes,but i see there a cost of code which i am not sure what is that about , it will influence community like need of payment for developers to implement a proposal ? or it will need the DAO to pay from what funds are there ?
Claudiu:
agree , here we should all decide if / how / who should be payed or not for activity .
Maybe we can discuss with a proposal about raising the fee’s and allocate a part of it somehow to “good actors”
Psykeeper:
@Claudiu I would be happy to help promote any new proposal on twitter/through the Koge main telegram+discord channels
Claudiu:
may I ask if we have an initial form of a roadmap , lightpaper or something from you ?
Psykeeper:
@Claudiu I believe it’s best to have roadmap constructed as a summary of proposals to-be-implemented
Claudiu:
ok , so the initative should come from proposals and will also define the future in a way ? i am understanding ok ?
Psykeeper:
Yes, that would be best. If we define a process for creating a roadmap based on proposals and the community’s will, then we can make this into a sustainable decentralized system
Claudiu:
what about implementing eth farms possiblity ?
Psykeeper:
Sure, we should vote on it, and maybe consider gas costs of each underlying protocol
Maze:
As we finish up initial security review and integrating new farms/chains pending proposal results some brief to-do tasks in no particular order:
- Update protocol earnings and koge farm rewards to be automated rather than a weekly manual admin process
- add monitoring to existing vaults to detect ending rewards and close or migrate to updated farm swiftly
- automated monitoring of all permissioned addresses to “immediately” detect any possible compromise (edited)
Psykeeper:
Arbitrum has good TVL. In the short term, it might make sense to target that for new farms. I believe we’re looking there next after DogeChain which is the most recent proposal that is ending soon
Claudiu:
so from community perspective should get up good ideas which should go through dao , afterwards we should discuss / colaborate with you guys about the implementation of this new code modification to farm and what implies.
Psykeeper:
This brings up a good point, which is that we can use our own discretion as well as the community’s knowledge of which underlying farms have high/sustainable APR for us to target
Claudiu:
ok so for example if i will propose right now , what exactly are all details needed in this kind of proposal to be accepted. Can we have a template?
Psykeeper:
It would be best to at least include: (1) the APR of the current farm, (2) the tokenomics of the rewards mechanism, and (3) the amount of funding/dev power behind the farm’s team (to ensure longevity).
Other things to consider are social reach, popularity, and general brand value of farms we implement. But these somewhat are encapsulated in the token value/tokenomics because people generally vote with their dollars. For example, LooksRare on eth mainnet had high APR at the start, but emissions were halved aggressively and fell off a cliff). Worst-case scenario for KogeFarm is to implement a farm that goes to zero soon after, lots of wasted effort. The ideal candidate is a new farm with a popular token on something like QuickSwap
I think right now @maze is working on Yuzu from DogeChain.
Claudiu:
how about dystopia, velodrome , which are solidly code behind , can we implement new type of farms which are not so “standard”
for example games ( gamefi like ) ? on Harmony we got Defira for example to give (edited)
Smurf:
Or some automated system to add farms faster?, I don’t even know if that’s possible.
Psykeeper:
We’d have to look at each farm specifically to evaluate the risks of adding it vs a known platform.
Even a slight change can open up a vulnerability. In DeFi, if it’s not perfect, it’s rekt.
Maze:
We will likely not reach a point of full automation but I’m definitely looking into ways to streamline and optimize the developer workflow which is part of why we’re taking it slow at the beginning to get going strong later
Snocone:
What is the status of a stats page so we can understand which votes have been producing the most return for the platform and which ones are really possibly a waste of our time?
Psykeeper:
@Snocone I believe someone could create a DUNE dashboard for this, though it would take dev time away from adding new farms
Snocone:
I think that’s a great idea the question is who is competent platform to start it? I looked into it but my coding skills are nonexistent so that wasn’t going anywhere.
Claudiu:
will we increase our fee’s for Kogefarm ? If yes what will happen with extra fee’s earnings , will something be changed from perspective of where new extra fee’s will go ?
Maze:
Unless there’s a future proposal passed to increase the fees, there is currently no plan in place to adjust it. I think the community is definitely aligned around the concept of increasing fees and allocating that value into the DAO, especially after beefy increased their fees, but we can adjust it to be voted on.
I should also clarify I’m referring to the transfer fees or performance fees on the farms, without a proposal passing saffron will not be arbitrarily deciding to change them. That’s up to the group to decide
Smurf:
Perhaps we could have a notion or something similar to be able to visually have what is being worked on, what are the plans that are being followed?
Psykeeper:
Yes, this was something I had considered as a tool for the Koge community to use to track progress and ongoing efforts, because Snapshot gets a bit… disorganized
Snocone:
Part of what was holding up many folks increasing fees was knowing what the fees are generating now- w/o any form of dashboard, the community really didn’t know what farms/vaults were really generating funds for the platform.
Psykeeper:
It would also be good for us to calculate how the fee increase would affect user APR on each vault
Maze:
More public analytics enhancements can certainly help, in some of the small scale reviews I’ve done so far there are more than a couple farms which have less than 3 deposits
0x275b00:
I’m curious about the plan for kogecoin and kogecoin/matic vault distributions. On-chain, it looks like kogecoin is still being burnt, but there hasn’t been a distribution to either staking vaults for over a month. Those funds appear to just be accumulating in the kogecoin dev wallet. Is this just part of the transition? In addition, would it be possible to add a telegram relay channel in discord?
Maze:
Yes. This is known, and part of the transition. As you saw the funds are accumulating, so long as you do not withdraw your assets from koge farm you will receive everything as entitled when the process finishes.
In the current form rewards were manually processed on a weekly basis, as the harvesters and farms are being reviewed the distribution will be upgraded to a quicker more consistent automated processing workflow
feldwebeljack:
it would be nice for new investors to easily buy KogeCoin on other cex / dex — maybe small a cex with very low fee for listing (edited)
Psykeeper:
Not a bad idea, maybe something that the DAO can be involved in when we have some fee revenue to spend
Dingo:
Alright guys, we’re a bit past time here but this concludes our Town Hall for 9/22. Thank you everyone who participated and helped us shape the future of KogeCoin. We’ll see you guys next time!
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Thank you all to everyone who participated in the Town Hall, and we look forward to getting your feedback on this format. You can let us know how we did on our Discord or Telegram.
