A New Era - The story behind our evolution to eckoDAO
Kaddex was born as a necessary answer to the issues faced by decentralised exchanges related to usability, high gas costs and protocols’ vulnerabilities, making it difficult for users to contribute to the real vision of decentralised finance.
In July 2021, Kaddex positioned itself as the first structured DEX built on Kadena’s scalable proof-of-work blockchain network. The goal was simple and yet delicately intricate simultaneously: creating a truly open and inclusive decentralised marketplace for everyone, improving the trading experience and efficiency for end-users.
In doing so, the Team soon realised that much more could be done to and for the overall Kadena ecosystem and many other new opportunities to explore. The mission extended to promoting community ownership and democracy by establishing a decentralised autonomous organisation, designed to be completely community-driven in a gas-free environment.
Then the very first financially sustainable liquidity mining program was implemented, leveraging on a system of incentives to attract liquidity providers and create a profitable and risk-averse environment. Alongside a favourable tokenomics allocation aimed at boosting the long-term DEX activity and ensuring a fair and decentralised benefit distribution, Kaddex raised to the challenge.
The only missing piece was enabling non-custodial digital asset ownership to its users. That is how X-Wallet came to light, creating a secure and user-friendly platform for storing and managing users' Kadena assets. Its creation was driven by the need for a native wallet solution and it has become the popular choice, with over 40,000 downloads, through its focus on security, privacy and UX.
It is now clear that Kaddex developed into way more than just a DEX. Kaddex is now a pivotal element and DeFi product tool suite designed and operating to support Kadena’s network and bring DeFi closer to its intended goals of being open to all, community-owned, easy to use and to access. Kaddex evolved into its own Kadena-based DeFi Ecosystem.
We are now a collective community of builders, products, and mutually beneficial platforms for all token holders. New upcoming User Interface and Experience will revamp and uplift the DEX itself while introducing awaited new concepts such as multichain operations. Ultimately, a new and revolutionary DAO governance system and DAO Portal will soon allow users to take on active lead towards new horizons for the project.
Through this paper, we are excited to announce that Kaddex is undergoing a rebranding effort to better reflect our extended vision, values, and commitment to DeFi excellence.
Kaddex will become eckoDAO.
Introducing Our Comprehensive Product Suite
eckoDAO is a DAO that aims to advance Kadena and the PACT language through its suite of products including eckoDEX, eckoWALLET, and eckoGOV (in development). This foundation of products encompasses the theory and practice of ‘the blockchain trilemma’ in DeFi presenting a scalable solution, supported by on-chain advancements. At its core, eckoDAO is driven by the following core values:
- Innovation: Continuously improving processes, products, and services to remain at the forefront of the rapidly evolving landscape.
- User Focused: Putting users first and delivering a secure platform with exceptional service.
- Responsibility: Acting in a socially responsible manner and ensuring sound financial practices to protect clients' assets.
- Teamwork: Foster a collaborative work environment to achieve common goals.
- Transparency: Maintaining clear and open communication with clients, employees, and KDX Holders.
These values define eckoDAO's commitment to building a decentralised and user-focused ecosystem for the future of Kadena.
eckoDEX - eckoDEX is a decentralised exchange providing scalable swapping, staking, and farming solutions to accommodate the requirements of an expanding user base. The platform is designed for mass adoption, granting users a quick, secure, and user-friendly way to trade their Kadena assets. eckoDEX is positioning itself as a leading solution for the decentralised exchange of digital assets, with a focus on scalability and ease of use.
eckoWALLET- eckoWALLET is 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. The secure and trustworthy wallet is a critical precursor to any ecosystem innovation and a central product to its growth. It serves as the foundation for users to participate in the ecosystem and interact with their digital assets with confidence. A secure and user-friendly wallet not only protects users' assets but also enhances the overall trust in the ecosystem and helps to drive its growth and adoption.
eckoGOV (In Development) - eckoGOV is a DAO portal that enables anyone on Kadena to use its modular tools to create their own DAO on-chain. eckoGOV invites individuals and institutions to participate in decentralising the entire Kadena chain by providing a comprehensive platform for creating, managing, and growing a DAO. eckoGOV is more than just a platform; it is a decentralisation catalyst, laying the foundation for anyone to launch and grow their own DAO on the Kadena network. eckoGOV makes it easier than ever to participate in the decentralised economy with its user-friendly interface and ongoing support.
The rebranding itself will allow us to better serve our purpose for our community while remaining ahead of the curve, in an ever-changing environment.
Our commitment to ecko’s position with Kadena’s network remains unchanged, as for our focus on the quality, efficiency and safety of our community products.
Our Vision – how far have we come?
In the rapidly evolving world of blockchain technology and decentralised finance, new platforms and innovations are constantly emerging. What really sets projects apart is their long-term sustainability plan. Hard work, dedication, and a clear forward-looking vision are essential to determine the longevity of an ecosystem. This is exactly the approach that ecko has internalised from the very beginning. Although we are still in the early stages of development, Kadena is already making waves in the decentralised space and is poised to be a major player in the years to come.
As mentioned, our original name was a pure reflection of our mission to become the go-to decentralised exchange for the Kadena community. Therefore the choice of our name seemed pretty straightforward, a no-brainer.
However, in less than 2 years, we achieved results that go well beyond the initial goal of building the first feature-rich DEX and we have extended our scope to all those additional tools and products that strengthen the Kadena ecosystem and community as a whole. This started with the development of the first Kadena-based DAO and the non-custodial X-wallet, now eckoWALLET.
The creation of these free tools for the Kadena community is a testament to ecko’s commitment to providing a comprehensive environment built on top of Kadena’s revolutionary tech, that can meet the needs of all end-users.
The platform has thus outgrown the name “Kaddex.” Much more than a DEX, we have evolved into a complex and comprehensive ecko-system.
A revamped mission
This step represents a new beginning for ecko. This in turn means that our mission has not changed but rather expanded.
ecko is more eager than ever to achieve greatness within and for the Kadena ecko-system.
One of the key factors that we firmly believe differentiates us from other solutions is our long-term focus on decentralisation, while at the same time creating a self-sustainable product that will become an integral part and building block of Kadena’s environment.
Focusing on the first element, full decentralisation is a process that highlights the importance of choosing the right path, from both a technical and structural perspective. And as with every process, it will take time but we are committed and prepared for the long journey ahead. Moreover, all our milestones are presented and reflected in the newly developed ecko roadmap for 2023. Stay updated on our progress and plans by visiting our new DAO website for the latest information on our roadmaps and advancements.
Project sustainability comes in different forms, but it eventually reflects the balance between efficiency and soundness of operations. At ecko, we recognise that in order to achieve long-term success, it is essential to maximise available resources and ensure that the platform is developed according to industry best standards, ensuring operational effectiveness. 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.
In addition to all of this, ecko is also committed to promoting the growth of Kadena’s blockchain technology globally. Our platforms will be able to support multi-chain growth, which is essential in order to help drive blockchain adoption across industries.
Overall, Kadena’s revolutionary technology opened a door to an endless range of possibilities. ecko 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 ecko is poised for long-term success. We are dedicated to making a real impact in the ecosystem and to helping to drive its growth and development. Whether you are a seasoned blockchain enthusiast or a newcomer to the world of decentralised technology, ecko will surprise you with a seamless DeFi experience.
Relevant Information for KDX Holders
How is this rebranding going to impact our community and end-users? Does it affect their KDX holdings in any way?
- We cannot stress enough that the rebranding purely reflects the broadening of our vision and mission to incorporate more comprehensive interrelated dynamics.
- Any technical feature you have seen and encountered throughout these 2 years will remain the same, while new ones will be developed and deployed.
- The KDX token will remain KDX, and there won’t be any changes to your holdings nor to the way the DEX operates and interacts with users.
- During the rebranding process, the integrity and functionality of smart contracts will remain intact and unaffected.
On the other hand, this transformation into a ecko-system of products does have many benefits. By having a full circle of integrated tools, the interoperability between platforms will only improve, fostering a truly seamless experience for users. Additionally, the deployment of the DAO portal will improve community management of the products.
At ecko, our goal is to create a community that not only participates, but also grows– leveraging on our ecosystem. That's why we have designed our tokenomics to reward long-term KDX holders through our unique KDX Multiplier system.
We are also very happy to see other protocols building on top of what we have created and we wish to encourage and support any other positive initiative. We believe in an open and collaborative ecosystem where innovation can flourish.
For the same reason, we will always strive for an even more simple and effective onboarding of new users. We want to ensure that our technology is accessible and understandable for everyone. This focus on simplicity and accessibility is essential for our future growth and adoption and ecko wants to take a leading role in this.
KDX – The Key to ecko
KDX serves as the cornerstone of the ecko-system, providing access to our DeFi product suite and unlocking a world of possibilities for its holders.
Within eckoDEX, KDX is a multifaceted tool that empowers users to choose their own path of utility. As a liquidity provider, users can access the KDX multiplier system for boosted rewards while taking advantage of the single-sided liquidity UX, where only one side of the pair needs to be provided to enter a LP position. In addition to being an LP, users can participate in our proprietary governance system on Kadena by staking their KDX. This allows users to receive rewards and accumulate voting power, granting a voice in the executive management of ecko through our algorithmic voting power function.
eckoWALLET provides a safe and secure, non-custodial solution, giving users full control over their KDX tokens. In our short-term roadmap users will be to manage their staked positions and voting power directly from the wallet UI, streamlining the process for governance participation. To make the end-to-end purchase of KDX easier, our future integration of fiat on-ramps will allow users to easily purchase KDA with their native Fiat currency and swap to KDX through our in-app integration of eckoDEX. Overall, holders can confidently store and manage their KDX tokens with ease.
The heart of community decision-making is within the modular DAO portal, eckoGOV. This provides a platform for not only KDX holders, but any Kadena project to exercise their accumulated voting power and make a tangible impact. KDX stakers can vote on initiatives that shape the direction of ecko, ensuring individual interests are represented. With the KDX token at their fingertips, users can dictate the trajectory of the future of ecko.
ecko is proud to be one of the pioneers in the Kadena decentralised space, but we also acknowledge that being the first comes with its own set of difficulties. We are grateful for our strong community, who have guided the development and evolution of the protocol to date. The community’s priorities are reflected in the continuous improvements and refinements our platform has undergone, and reflected in our newly-released roadmaps that outline our priorities and upcoming milestones.
As always, we want to strongly encourage any constructive criticism. Should you have any remaining questions on the rebranding process, feel free to raise them in our Discord community.
Let’s shape together the future of Decentralised Finance!