Kolibri DAO is Live!

Photo by Marco Oriolesi on Unsplash

Friends and fellow Kolibri enthusiasts, today is a great day!

We’ve completed our testing and verification of the Kolibri DAO taking control of the protocol, and done every bit of testing and verification we can possibly think of to do to ensure that the Kolibri DAO can safely control the Kolibri protocol.

kDAO Airdrop/Migrating Control

At this point, we’ve completed the kDAO airdrop (using this data), and over the next week or so will be cutting over Kolibri’s components to their respective break glass contracts (which the DAO is an admin for) one at a time.

This process requires multisig operations from the current governance multisig, and once things are signed and the timelock has passed (8 hours), as usual, they’ll be executable by anyone in the community.

Once these operations have been completed, Kolibri will be governed by the Kolibri DAO — people will be able to submit new proposals, the community can vote on them, and adjustments will be made to the protocol solely through that mechanism moving forward.

We’re still working on getting the DAO contracts security reviewed, but once that happens we’ll likely put in a proposal to rotate out the break glass contracts, completely removing Hover Labs’ ability to exert any control over the protocol.

Farms

Just as a reminder, with this rollout, we’ve launched 3 farms (as outlined in our Kolibri DAO path to mainnet post). With these farms you’ll be able to farm kDAO tokens and help shape the future of Kolibri governance!

You can find the farms at https://kolibri.finance/farming

What’s next

From here, our main priority is to open source all the Kolibri source code, contracts, and supporting tools we’ve built.

This is an absolutely crucial gate that is opening to have anyone anywhere in the world be able to extend, change, and upgrade the Kolibri contracts to realize any vision they have (with the consent of the DAO of course). In addition to that, our security review for the DAO is at the front and center of our minds, and once that’s completed we’ll take the steps necessary to remove the break glass contracts and seal the admin paths behind us (though we’ll need the help of the community/DAO to do so!).

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Kolibri

Kolibri

Kolibri is a system of smart contracts on Tezos which issue kUSD, a trustless, algorithmic stablecoin that is collateralized to XTZ and soft pegged to USD.