Governance Roadmap

Hakka Finance is a decentralized autonomous organization, or DAO. This page lays out the stages in which the governance of Hakka Finance will evolve.

Phase 1. Divine Right of Kings

At the very beginning, the developing team of Hakka Finance would take responsibility for the majority of works, including product developments, implementation, and maintenance as well as the design of yield farming model and bounty programs. Although the developing team initially controls the timeline of Hakka Finance, we will proactively plan a series of programs to distribute Hakka tokens to the users and community, moving progressively toward decentralized governance.

Hakka token will be distributedly allocated to the wide community of Hakka Finance along with the activation of liquidity mining and bounty programs. The “off-chain” voting system would be implemented as the early governance model in this phase. Stakeholder can propose issues on the governance website and let the community vote. Although the results of off-chain voting, unlike on-chain voting, cannot be directly executed, they will be adopted as crucial references for strategic decisions by the developing team. There is no gas price included in the off-chain voting system, which means community members can express their opinions regarding the development of the ecosystem without any costs.

Phase 3. Constitutional Monarchy

As the products of Hakka Finance have been steadily operating for some time, Hakka tokens are expected to be well-distributed to users and the community. Since Hakka Finance has grown to be a mature and strong ecosystem, an on-chain voting system is ready to be deployed. From this point forward, the developing team of Hakka Finance will retire, and reside as a ceremonial head of state. Governance powers are fully released to all the community members along with token distribution, the developing team will no longer take charge in the directions of Hakka Finance.

Phase 4. HAKKAnarchism

The ultimate phase of Hakka Finance is a prosperous DeFi ecosystem governed and maintained by all the community members. All the product users, value investors, and joint developers are able to receive corresponding returns from the DAO as they contribute themselves to the ecosystem. When it comes to this phase, there will be no difference between founding members of Hakka Finance and other community members. Hakka Finance will keep growing as all the community governs, operates, maintains, develops, and upgrades the protocol together. In the near future, we will embrace and take part in actively growing an ideal and wonderful future of decentralized finance.

The governance roadmap of Hakka Finance is described as above. Through the gradual implementation of the governing mechanism, we will have a steadily growing DeFi community built by grassroots actors rather than merely lofty ideals. It requires the efforts of every valued community members to collaborate in achieving the ideal final phase as soon as possible. Cheers to the community and decentralized world!

Source: https://medium.com/hakkafinance/governance-roadmap-4c39ff5f35a7