Hey KongSwap community. Congratulations on the successful launch of the KongSwap SNS. There are a few things everyone should know in order to begin preparing for KONG SNS governance, especially if you want to maximize voting rewards.
(A) Configure your neurons with Followees on the topics listed below (unless you plan to always vote manually)
- Transfer SNS Treasury Funds (critical)
- Mint SNS Tokens (critical)
- Deregister dApp Canister (critical)
- Motion
- Manage Nervous System Parameters
- All Non-Critical Topics
Your neurons will not vote in their default state. SNS neurons are configured by default to follow your neuron with the longest dissolve delay on All Non-Critical Topics, but that neuron is not configured to follow anyone. Critical proposal topics and the Motion proposal topic do not have any default following at all, but you can set Followees. Hence, you must decide for yourself who to follow and configure your neurons with Followees that you believe will vote reliably and with your best interest in mind. You can set any Followee for any topic. You can also set more than one Followee for any topic. The latest discussion on SNS critical proposals and default following can be found on the forum here and the latest discussion regarding SNS voting rewards distribution can be found on the forum here.
(B) Known Neurons in the KongSwap SNS
- KONG Dev Team neuron ID: 8493928f6a5fe63b7e84c53e900e795c090b51ece721ce7ffe0278f0ace04eff
- CodeGov KONG neuron ID: 7c9b2c9a34256de9915767af6af0b57d7754059f7a2dc7b3dfd114ad4d553cde
An announcement regarding the CodeGov KONG neuron can be found here.
(C) SNS voting rewards are distributed to everyone who votes proportional to their voting power. If you don’t vote, then you don’t get voting rewards, and your voting rewards will go to the people who did vote. The APY for voting rewards is unknown since it is not know who will actually vote, but the SNS is designed to mint 2.5% of total KONG in existence every year to distribute as voting rewards. If you don’t set Followees for all the topics listed above (and you don’t vote manually on all proposals), then you will likely be giving up voting rewards. This can be substantial in the early days of the SNS before everyone gets their neurons configured with trusted Followees.
(D) Ballots are created the moment a proposal is submitted, so if you don’t have your neuron configured before the proposal is submitted then you won’t vote via liquid democracy (you still have the option of voting manually). The KongSwap team has announced that they are ready to ship some big changes next week that they have been working on over the last 2 weeks. It’s time for the KONG SNS to make some governance decisions, so please be ready by setting up your neurons now. Previously the dev team was able to push updates for the KongSwap app almost immediately. However, now that KONG is an SNS it will typically take longer. The minimum voting period for most proposals is 4 days and it is 5 days for critical proposals. The only way changes can happen faster is if they pass by absolute majority (greater than 50% for most proposals and greater than 66% for critical proposals). Hence, if the community wants to see changes happen quickly, then we need to be ready to vote.
The information provided above is intended to help everyone get involved in the governance process for the KongSwap SNS. Please make educated and intentional decisions with your vote and with your Followee selections. Let’s go KongSwap!