2024-7 eckoDEX: Proposal to Unverify $MOK

Cycle: 2024-7

Title: eckoGov WalletConnect Integration

Proposal Owner: k:2ae9eaee783b47f695efd702e03135467032f4aeed143c1e346ab7563982c56c

Proposal Id: JBszSug1QaovHLzCawUjDnrnL5O7mzCYOb34MirrbOo

Proposal Contract: n_a8dcd1dcdb7454dc6f29828feff9cd86c6546d12.ecko-dao on chain 2

Start Date: Jul 15,2024 00:00:00 UTC

End Date: Jul 21,2024 00:00:00 UTC

Minimum Quorum Percentage: 5.00 %

Quorum (VP): 22,119.31 VP

Majority Percentage: 50.00 %

Description

This proposal aims to unverify “The Miners of Kadenia” token ($MOK) in eckoDEX due to concerns over its performance, compliance, and potential risks to investors. The primary reasons for this action are detailed below.

Detailed Reasons for Unverification

$MOK was listed on eckoDEX on August 1, 2022, as a verified token. Since then, there have been several concerns and issues that have come to light, including:

  • Market Performance: $MOK has shown poor market performance, including low trading volume and significant price volatility, which negatively impacts investors.

  • Market Liquidity: The trading volume of $MOK has consistently been below acceptable thresholds. Low liquidity increases the risk of market manipulation and makes it difficult for users to execute trades at fair market prices.

  • Project Viability: The development and progress of the underlying project appear to be stagnating, raising doubts about its long-term viability and the commitment of the development team. Additionally, on June 5, 2024, the $MOK team announced on X (formerly “Twitter”) its intentions to migrate the project to a different blockchain and abandon the Kadena ecosystem.

  • Community Feedback: The exchange has received numerous complaints and negative feedback from users regarding their experiences with $MOK. The community’s trust in the token is diminishing.

Proposed Action Plan

  • Announcement: Issue a formal announcement on the main eckoDAO communication channels - X (formerly “Twitter”) and Discord - regarding the downgrade to “Unverified” status of the $MOK token.

  • Status Change: The eckoDAO Team will modify the status of the $MOK token to “Unverified”.

Team and Experience

  • Team members: The current eckoDAO development team, with possible assistance from the eckoWALLET team.

  • Relevant experience: Team members possess extensive knowledge of the eckoDEX architecture and logic, having been directly involved in its development and implementation.

Timeline

  • Announcement Date: Anytime during the “Role Update” phase following the “Election” phase results on eckoGOV.

  • Status Change Date: Same as the Announcement Date

Conflict of Interest Disclosure

No eckoDAO team members have any personal or financial interests in the unverification of the $MOK token.

Conclusion

The decision to unverify the $MOK token from eckoDEX is made to protect users and maintain the integrity and security of the platform. This action is in the best interest of the $KDX community and aligns with the team’s commitment to providing a safe and compliant trading environment.

Voting

  • Approve: To support the proposal to unverify $MOK.

  • Reject: To oppose the proposal to unverify $MOK.

  • Abstain: To abstain from voting.
    All stakeholders are encouraged to participate in the voting process and provide their input on this important decision.

1 Like

Makes sense. If at any point they decide to reignite the project verification can be reassessed.

Absolutely, if the project is now inactive and doesen’t plan to deliver, it is best to unverify it before new people buy the coin and then blame kadena it self for losing money

1 Like