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Great wrote up about the centralization on #Kava
The problem is that not many users(except for active community members) know the Kava team has dominant voting power to control results.
Kava is a relatively old chain in COSMOS eco-system, but is far from decentralization.
1/ In this new episode of Governance in Cosmos: let's talk about Kava proposal #96 and the general governance situation on that "decentralized" blockchain.
The proposal has been rejected a few hours ago, and I took some time to extract on-chain data and see what happened 🧐
Thank you for sharing this sheet.
One question:
How did you detect "Kava Labs / Foundation / Team Member"'s wallets?
I know some of their wallets but didn't expect 17 wallets in total.
Ruby Finance retweeted
I was tagged in this thread & taken aback once I realized a protocol ON the $KAVA chain is calling out the developers for doubling the $KAVA supply in a year in questionable ways.
Check it out #IBCGang/#Cosmonauts.
1/ What's happened in Developer incentive program on Kava chain:
In short,
Kava team distributed 99% of the reward to team's wallet while other outside developers received 1%.
app.kava.io/vote/governance/…
Ruby Finance retweeted
1) Scott it seems Kava labs should just have been excluded from payouts all together. Then set better minimums on how/who gets the payments. Maybe a modified proposal. Why dilute token holders to essentially excessively increase Kava Labs platforms.
Ruby Finance retweeted
Do you think its a fair competition to put own protocols has fruntrunner with existing liquidity of 300 millions?
Ruby Finance retweeted
Do we have any official answer on this @Scott_Stuart_ or are you going to ignore it as you are doing for the last many weeks? Why create a program to take Kava from Stakers and then distribute it between your own 3 protocols? @kava_platform
1/ What's happened in Developer incentive program on Kava chain:
In short,
Kava team distributed 99% of the reward to team's wallet while other outside developers received 1%.
app.kava.io/vote/governance/…
@cosmosinstantly @Kavaskous @KavaKnights @osmosis @Definews_Info @DeFi_Volcano @DexerXP @Defi_Eagle @CosmosHOSS @ObjetivoCrypto @MrCryptowisser @Altcoinbuzznews @vfat0 @L1am_Crypto
10/ In fact, lots of developers on #Kava ethereum chain are feeling betrayed or unsatisfied.
hope as many developers/investors as possible know this and Kava team gets back in the right direction.
9/ They suddenly started to claim so "after" voting began.
They should have communicated like
"Dear community members/developers, in terms of the developer program, we expected XXX, but actually we're facing YYY now. We would like to propose ZZZ. What do you think?"
8/ What is worse, their decision-making process on this issue was very self-enclosed and unilateral, compared to other chains I’ve experienced so far.
No deep discussion on forum or community call “before” governance vote
7/ In addition, they haven’t announced how and when to distribute them even now.
For Investors:
supply of $KAVA token will be doubled in a year.
Be careful to invest in them.
6/ But wait, team said “We will distribute the reward we received to users”. Sounds nice?
Actually, not at all.
If so, They just inflated $KAVA token 100% and redistribute them, which means just creating sell pressure and damaging token holders’ value.
5/ They have other choices like reducing reward amount or introducing vesting, etc, to deal with the situation, and many wise community members/developers proposed.
but Kava team decided to distribute rewards to themselves.