As of 28th February 2023 - Kaddex/KaddexDAO/X-Wallet undertook a rebranding into a new vision and mission into ecko. To avoid confusion, the bifurcation between Kaddex - KUSH has been rewritten under ecko branding.
At eckoDAO we are dedicated to promoting innovation and maintaining a leading role for DeFi on Kadena. In keeping with this vision, we recently initiated the comprehensive restructuring initiative planned from the project’s very inception to streamline our structural set-up and improve operational effectiveness. Through this process, we established an efficient organisational system that enables us to represent and benefit KDX holders optimally.
Our strategy is in line with our dedication to transparency and decentralisation, and we think it will help us create a more resilient, long-lasting ecosystem that is better prepared to handle the maintenance and future growth of the DEX, non-custodial wallet and DAO.
As eckoDAO continues to evolve and adapt to the ever-changing business landscape of crypto, we aim to take action in increasing our organisation's productivity, transparency, and community involvement in decision-making.
Within a wide variety of industries, there has been a growing trend toward decentralisation in recent years. Increasing numbers of businesses and organisations are turning to decentralised solutions as an alternative to conventional centralised models with the arrival of blockchain technology and smart contracts. DAOs, which offer a new way for organisations to run and govern themselves through a decentralised voting mechanism, are a leading example of this trend.
Kadena is the first enterprise-grade public blockchain that can handle the demands of high-throughput and complex smart contracts. This platform will provide the necessary infrastructure for our DAO, ensuring that our operations are secure, transparent, and efficient.
We recognise the importance of staying ahead of the curve and continuously improving our organisation. Having transitioned to a DAO, we believe that we can tap into the benefits of decentralisation and offer a foundation for mass adoption in which we can onboard users/institutional clients from traditional finance backgrounds.
Description of changes
eckoDAO is a non-profit association based in Switzerland that promotes transparency and decentralisation. Being such a non-profit association, it places a greater emphasis on attaining desired goals and objectives that are consistent with its mission. Through research, instruction, and community involvement, eckoDAO aims to innovate blockchain tech on Kadena and its capacity to revolutionise gas-less DeFi.
eckoDAO is a DAO that was created as a result of a demerger between the traditional eckoDEX (formally known as Kaddex) team. The demerger resulted in the split of eckoDEX into two separate entities:
eckoDAO and Kaddex US Holdings (KUSH)
eckoDAO maintains all the rights to the protocol code and treasury funds of the previous team. This means that the DAO has full control over the protocol and can make decisions about its development and maintenance. Additionally, the treasury funds, which are the assets and funds of the previous team, are also under the control of the DAO. This allows the DAO to manage its own finances and resources in a decentralised and autonomous manner.
On the other hand, KUSH is a standalone entity contracted for 6 months until May 2023 by eckoDAO to execute a section of the organisation's roadmap. This means that KUSH will be responsible, until necessary, for certain aspects of the development and maintenance of the protocol, as determined by the eckoDAO.
In addition to Kaddex US Holdings, KUSH — led by former Kaddex CEO Nicolas Ramsrud — eckoDAO also works with other contractors to execute its roadmap and continue the development of the protocol. These contractors include Architech, Kadefi and a number of individual operational support roles.
Furthermore, eckoDAO utilises external legal advisors, CFDB, for matters of guidance and support to executive decisions and regulatory compliance. They are considered to be one of the leading firms in the industry, known for its expertise in navigating complex legal issues and staying current with the latest developments in regulations. They work closely with the DAO to help us build effective frameworks and processes, to safeguard legal compliance and minimise risk to KDX token holders. Overall, their services ensure we are compliant and protect the ecosystem’s interests in the constantly changing legal landscape.
The DAO board was constituted to perform its fiduciary obligations to the DAO and the eckoDAO Nonprofit Association. It is dedicated to establishing an effective DAO governance framework where the votes of tokenholders can be implemented, rooting direction of the protocol in the hands of the community.
• Andrea Tulli (Chairman)
• Liam Hill
• Adrian Cardoso
We think we can build a more robust and long-lasting ecosystem for eckoDEX, eckoWALLET, and eckoDAO through community decision-making and in the efficacy of the organisational structure. We are dedicated to making constant advancements and staying one step ahead of the competition. We think that this transformation will be a crucial step toward the widespread adoption and onboarding of users and institutional clients with backgrounds in traditional finance. Overall, we envision long-term ecosystem development and community empowerment.
As part of our commitment to transparency and community involvement, we are planning on increasing our engagement through frequent AMAs and opening up the protocols to more public intervention. The hard work of the DAO board in restructuring and moving towards a fully decentralised model is an important step to make sure that the community’s best interests are addressed.