In these last 2 years, eckoDAO achieved results that have been far greater than originally planned and have gone well beyond the initial goal of building the first Kadena DEX.
On March 1st, 2023, eckoDAO presented itself to the industry with a tailored set of blockchain services.
- eckoDEX - a decentralised exchange providing scalable swapping, Governance-mining, and farming solutions for Kadena assets, to accommodate the requirements of an expanding user base.
- eckoWALLET - a non-custodial digital asset wallet that places an emphasis on user security. It provides users with total control over their private keys and a secure environment for storing and managing digital assets.
- eckoGOV (in progress)– a DAO portal that once fully developed will invite individuals and institutions to participate in decentralising the entire Kadena chain by providing a comprehensive platform for creating, managing, and growing a DAO.
The success has been outstanding, and we couldn’t be more grateful to our ever-growing community, that has fully embraced eckoDAO's commitment to building a decentralised and user-focused ecosystem for the future of Kadena.
As many of you might have already figured out, “ecko” is meant to represent the entirety of the KDX Ecosystem. “DAO”, on the other hand, is the key factor that we firmly believe differentiates us from other solutions. eckoDAO’s ultimate long-term goal has always been achieving full decentralisation, in both smart contracts and governance. While at the same time creating self-sustainable solutions that will become an integral part of Kadena’s environment.
Decentralisation is a process that highlights the importance of choosing the right path, from both a technical and structural perspective. We believe that this can best be implemented through a DAO structure.
The advantages of a DAO are undeniable.
- Decentralisation: In a DAO, all members function as peers - contrasting the most traditional top-down approach. Members of a DAO provide financial support, suggest, and work on projects and make decisions collectively. Power is decentralized across a much wider variety of users.
- Participation: With a direct say and voting power on all issues, members feel connected to the entity's mission and are able to contribute to its success. Bounties provide a flexible way to participate and take on small tasks.
- Transparency: DAOs leverage blockchain technology to promote transparency and incentivize positive actions, while discouraging behaviour that goes against the community's interests.
- Community: DAOs encourage people from all over the world to seamlessly come together to build on a single vision. Moreover, a DAO structure gives a wider group of people the opportunity to own a piece, participate in management, and share in the potential upside.
- Fair opportunity: Ultimately, DAOs have the potential to increase opportunity and allow more people to benefit from their participation within the community, through firmly and securely defined rules based on equality, fairness, and transparency.
eckoDAO aims at decentralizing decision-making, increasing participation and transparency, fostering community, and creating various opportunities. This leads to a more fair and transparent structure, where everyone has a voice and a stake in the company's success.
On the other hand, we are aware that implementing a DAO is no easy task. It requires careful considerations and sound risk analysis to make sure that the DAO’s building blocks are secure, operating effectively and as intended for our community.
As with any structural process, it will take time. However, we are committed and prepared for the long journey ahead. All the milestones are presented and reflected in the newly developed eckoDAO roadmap for 2023.
This being said, there are two additional advantages that we haven’t talked about yet: efficiency and sustainability.
Fully transitioning into a DAO has always been the envisioned end-stage of the project. Here we are using the word “end-stage” – and not goal – for a very specific reason. We all knew what we wanted to become as we all believe that optimising the Decentralised Structure is the only way to unlock the full potential of the eckoDAO product suite.
Resources will be allocated based on real development needs – either structural or ad hoc – seeking for the most optimal solution in terms of proposition (cost-result trade-off), flexibility, and speed. eckoDAO would so achieve the real concept of full efficiency.
This in turn would create a platform that can learn by doing, maturing, and improving on its own.
Project sustainability comes in different forms, but it eventually reflects the balance between the first element of efficiency and soundness of operations. At eckoDAO, we recognise that in order to achieve long-term success, it is essential to maximise available resources in the best interest of the protocol and ensure that the platform is developed according to industry best standards.
At the same time, we are not willing to compromise on the safety and soundness of any of our developed solutions. We will make sure to comply with critical audit processes – whenever deemed necessary – in order to maintain the highest level of security for our community. This interaction is crucial for the future growth of the platform and will help ensure that it remains sustainable for the years to come.
As said before, guaranteeing long-term development is not an easy nor immediate task and it requires guidance until fully rolled out.
The role of the eckoDAO team is to facilitate this transition in the fastest and most secure way possible, safeguarding the community as a whole in its various counterparties.
Once secure and ready, the community will direct all decision-making through the eckoGOV portal, by submitting and voting on the proposals they see as most beneficial. A self-reinforcing mechanism that will exponentially grow the eckoDAO product suite.
THE DEVELOPMENT FUTURE
The strategic bifurcation of KaddexDAO into eckoDAO and KUSH enabled focused development and efficient governance. KUSH, the development arm, has entered a six-month agreement to build eckoGOV, our governance portal and eckoDEX. This partnership demonstrated effectiveness of development with an arm’s length relationship, ensuring eckoDAO's continued growth and innovation in the DeFi space.
The conclusion of the development agreement with KUSH at the end of May marks the initial phase in our long-term, sustainable strategy for eckoDAO. This milestone allows the DAO to have a greater influence on the development objectives of the ecosystem, fostering increased input and collaboration moving forward.
Our commitment to providing efficient fundamentals for a decentralised protocol has led to multiple service agreements with various development providers. These collaborations enable the organization to leverage diverse expertise, promote innovation and allocate resources efficiently. By engaging with different developers, we stay true to our decentralised nature, preventing the concentration of power and control.
eckoHUB, a UAE-based entity, has been established to foster long-term sustainable growth for the eckoDAO project aims to offer technical expertise and experience to strengthen the growth of the DAO at an arms-length. This strategic collaboration ensures the continuous advancement of eckoDAO's ecosystem while maintaining its commitment to innovation and decentralization within the DeFi space.
eckoGOV is a ground-breaking platform that brings decentralization to the Kadena ecosystem through community empowerment, KDX voting power, and support for Kadena-based DAO projects. Paving the way for decentralization in the Kadena ecosystem, with the potential to revolutionize decision-making and collaboration in the digital era.
eckoGOV empowers the community to take control of decision-making processes, encouraging collaboration through a decentralized voting system. The platform utilizes KDX voting to foster collective decision-making. eckoGOV V2 will serve as a launchpad for projects seeking to establish DAOs on the Kadena blockchain, providing a robust framework and support system.
Effective treasury management is essential for eckoDAO, ensuring sustainability and growth of the ecosystem and utilizing the eckoGOV portal to promote decentralization, foster innovative projects and DAOs, bolster the network's strength and resilience, and attract new users and partners.
Overall, Kadena’s revolutionary technology has opened a door to an endless range of possibilities. eckoDAO acts as a single platform and tool suite to allow users and community members to explore them in the most efficient and secure way. With these important elements in place, we believe eckoDAO is poised for long-term success. We are dedicated to making a tangible impact on the ecosystem and contributing to its growth and development. Whether you are a seasoned blockchain enthusiast or a newcomer to the world of decentralised technology, eckoDAO will surprise you with a seamless DeFi experience.