What Is Kava Swap (SWP)?
This proposal is intended to signal acceptance/rejection of the plan that will upgrade from the current kava-7 blockchain to kava-8. As a Text Proposal, this is a non-binding proposal and is meant to inform the Kava community about the new features they are proposing, the timing of the upgrade, and next steps. If this proposal passes, they will submit a follow-on Software Upgrade proposal that specifies the exact block height at which the kava-7 chain will shutdown.
Kava Swap core developers have completed a new application, Swap, which is a constant-product automated market maker (AMM) that enables the trading of tokens between a user and a pool of liquidity. The specification of the module can be reviewed here. To date, the swap module has been tested as part of the Swap Incentivized Test net, has undergone one internal audit, and is currently completing an external audit with CeritK. Once audit reports are completed, they will be published publicly. At this time, we believe the code has been sufficiently tested and reviewed and is ready for deployment.
Kava Swap Storage Key Points
| Coin Basic | Information |
|---|---|
| Coin Name | Kava Swap |
| Short Name | SWP |
| Circulating Supply | 33,854,166.00 SWP |
| Total Supply | 250,000,000 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
SWP Token
As part of the Swap application, they introduce SWP, a governance token that is used to vote on parameter changes to the Swap application and changes to LP rewards for Swap pools. Further, token holder may vote on proposals that update or upgrade the functionality of the Swap application. In order for validators and network participants to test their deployments and any new functionality proposed for kava-8, kava-testnet-13000 is available. See full information about accessing the test net here.
SWP Airdrop
Kava Swap propose a retroactive airdrop of 1,000,000 SWP tokens from the ecosystem pool to USDX suppliers to Hard protocol. The airdrop will be calculated using a snapshot of the kava-7 blockchain at block 1543671 (approximately 14:00 UTC on Aug 4th, 2021). Any account that was supplying USDX to HARD protocol at that block height will receive a ratable share of 1,000,000 SWP tokens when kava-8 launches.
For example, if an account had supplied 0.5% of all USDX to Hard protocol, that account would receive 5,000 SWP tokens. The goal of this airdrop is to reward early adopters of applications on the Kava Swap platform, and this rewards both USDX minters and HARD suppliers.
SWP and HARD Token Governance
Kava-8 introduces on-chain governance for the Swap and Hard applications. On-chain governance for Hard and Swap are controlled by the committee module, see the updated [spec] For each application, they are proposing a Token Committee that has the ability to changes the parameters and incentives of the Hard and Swap applications, respectively.
Token committee governance is similar to the existing Member Committee governance of the Kava Stability Committee, but rather than being voted on by a m-of-n committee of members, proposals can be voted on by any address that holds SWP or HARD tokens, including tokens which are currently vesting. Note that proposals for token committees are still scoped to a white-listed set of addresses.
Software Upgrade Proposal
If this proposal passes and no critical issue are found that require a launch delay, Kava Labs will submit a Software Upgrade Proposal that specifies the exact block at which the Kava Swap chain will shut down, the version of the software for kava-8, and the migration procedure. The block height specified will target approximately 13:00 UTC on August 30th, 2021.