As part of the Klaytn-Finschia chain merge proposal, a migration reward of 25 million KAIA has been allocated to support projects and teams impacted by the transition. This includes assisting with the technical adjustments and migration costs involved.
In alignment with the Finschia ecosystem and its community, Bughole and Good Gang Labs have been selected as recipients of the migration reward. Below, you can find the detailed plans from both teams on how they intend to use the reward to successfully migrate the Finschia-based ecosystem to the Kaia chain.
Good Gang Labs
Good Gang Labs is committed to enhancing the value of BeerGang while contributing to the growth of the Kaia ecosystem. Their approach focuses on transforming BeerGang’s governance to maximize transparency and community participation, as well as launching the SGS Fund alongside key Web3 industry builders.
Key Initiatives
- Transformation of BeerGang into a DAO
- Good Gang Labs will convert BeerGang into a decentralized autonomous organization (DAO), promoting a transparent and efficient governance system built on the Kaia chain.
- They will launch the GangHouse governance forum to facilitate decentralized decision-making processes.
- Development of a Transparent Governance System
- A governance system that allows community-led decision-making will be developed, decentralizing the operational processes of the project.
- Issuance of BOOZE Token
- The BOOZE token will serve as the governance token for the BeerGang ecosystem, with the entire token supply owned by the community.
- As a native token on the Kaia chain, BOOZE will boost the token economy, increasing transaction volume and liquidity within the ecosystem.
- BOOZE will also generate multiple use cases by connecting with various DApps.
- Further details on the BOOZE token will be provided soon for DAO members’ review and discussion.
- Launch of the SGS Fund
- In collaboration with Planetarium and SuperWalk, Good Gang Labs will launch a Web3 investment fund aimed at supporting DApps and projects built on the Kaia chain.
- The SGS Fund will help raise global awareness of the Kaia ecosystem by partnering with Web3 projects that have a strong international presence.
- The fund will also promote diversity within the Kaia ecosystem by attracting cross-chain projects.
- All profits generated by the SGS Fund will be reinvested into the Kaia ecosystem.
Milestones
| Milestones | Due Date |
|---|---|
| Launch governance forum | September 2, 2024 |
| Launch fund website and whitepaper | September 9, 2024 |
| Establish legal entity for the fund | September 16, 2024 |
| Launch snapshot voting Dapp on KAIA | October 7, 2024 |
| Launch token | October 28, 2024 |
| Complete 50% of the capital injection into the fund | October 31, 2024 |
Bughole
- BUGHOLE’s Background and Role in Kaia Merger Process
BUGHOLE is currently performing the following activities in the Finschia ecosystem:
- Operating as a Validator
- Developing and operating Game-Fi
- Developing and operating Governance Voting Dapp
During the process of Kaia’s creation through the merger of Klaytn and Finschia, BUGHOLE played the following roles:
- Establishment of Community Committee program: Created a system to collect and reflect community opinions.
- Conducted AMAs targeting the Finschia community: Focused on increasing understanding of the merger and addressing community concerns.
- Collaborated with Finschia Foundation to develop relevant policies and programs: Laid the groundwork for a smooth transition.
These activities played a crucial role in the stable launch and initial growth of the Kaia ecosystem.
- Migration Reward Utilization Plan
Following the principle of returning 70% of the migration rewards to the Kaia community, BUGHOLE is distributing rewards to Kaia staking participants through Lair Finance. This strategy creates the following effects:
- Promoting Community Participation:
- Kaia staking participants receive additional rewards along with GC staking interest rewards.
- This encourages more users to actively participate in the Kaia ecosystem.
- Activating the DeFi Ecosystem:
- Provides stable liquidity to the Kaia DeFi ecosystem through staking.
- Contributes to improving the overall ecosystem’s health and stability.
- Creating Long-term Value:
- Adopted a long-term distribution strategy instead of immediate distribution.
- This mitigates immediate selling pressure and rather encourages holding.
- By enabling rewards to be earned only through participation in the Kaia ecosystem, it promotes sustainable growth of the ecosystem.
- Establishing a Virtuous Cycle:
- Contributes to ecosystem stabilization by encouraging long-term user participation.
- This leads to an increase in Kaia’s value, positively impacting the entire ecosystem.
- Milestones:
| Milestone(s) | Due Date |
|---|---|
| Lair Beta Service Launch | 30 August 2024 |
| Lair Onboarding of GC | 5 September 2024 |
| Lair Point Reward System Feature Update | 30 September 2024 |
| Lair Kaia DeFi Dapp Integration | 30 September 2024 |
| Governance voting Dapp planning | 30 October 2024 |
| Governance Voting Dapp launch | 15 November 2024 |
- Role and Importance of Lair Finance
Lair Finance is a core infrastructure in the Kaia ecosystem with the following characteristics:
- It is Kaia’s first decentralized LSD (Liquid Staking Derivatives) platform.
- It is the only service that supports multiple GCs (Governance Councils).
Effects realized through Lair Finance:
- Support for Various GCs:
- Enables staking for various GCs contributing to Kaia. The delegation amount to Delight GC is increasing, and it extends to other GCs like BUGHOLE GC, Everstake, StableLabs, etc., each contributing to Kaia in their unique way.
- This contributes to the distribution of Voting Power generated by Kaia staking and ensures ecosystem diversity.
- Expansion of Community Liquidity:
- Staking for various GCs increases the liquidity of the entire network.
- This liquidity is compatible with and supplied to DeFi DEX protocols and Lending protocols, enhancing overall ecosystem liquidity.
- Promoting Kaia Ecosystem Development:
- Increased liquidity and participation stimulate the development of new DApps and services.
- As a result, the overall value and utility of the Kaia ecosystem are enhanced.
- Enhancing Safety and Transparency:
- The decentralized structure disperses risk and increases the stability of the entire system.
- Future Plans and Outlook
BUGHOLE contributes to the organic growth and development of the Kaia ecosystem through migration rewards. These efforts focus on strengthening the foundation of the Kaia ecosystem and laying the groundwork for long-term success, beyond simple token distribution.
- Continuous Innovation: Starting with Lair Finance, we plan to continue introducing innovative DeFi protocols to the Kaia ecosystem.
- Community-Centered Development: We plan to continuously gather community opinions to determine the direction of ecosystem development.
BUGHOLE will use these migration rewards to circulate liquidity within Kaia and contribute to the growth of DeFi.