Kite Overview

The KITE token is an ERC-20 governance token which enables holders to participate in HAI Governance. If you possess KITE tokens, you can submit and vote on proposals influencing the operation and evolution of the HAI protocol and its underlying technologies. This includes proposals for protocol upgrades (such as the addition of new collaterals) and the allocation of funds within the DAO Treasury.

When you engage in on-chain voting, your vote reflects your support or opposition of a given proposal using KITE tokens. The voting power of your tokens directly corresponds to their quantity, as the smart contracts within HAI Governance implement a token-weighted voting system.

It's important to note that Delegation of your KITE is required to participate in HAI Governance; you can delegate your KITE tokens to yourself for direct participation, or to other wallets, granting them the ability to vote on your behalf. This feature allows for flexible participation in DAO decision-making, particularly beneficial for members who may not have the time to thoroughly review and engage with proposals on a regular basis.

The KITE token has a supply of 1,000,000 tokens. The DAO carries out minting events for KITE tokens via a constitutional proposal.

Tribute to the Money God

20% of the KITE supply will be deposited in a Sablier stream on Ethereum Mainnet, with the Altar contract as the recipient. Every month, anyone can call a function to 1) withdraw the streamed KITE to the Altar contract and 2) bid using FLX for KITE on CowSwap. Any received FLX will remain on the Altar permanently, effectively burned in sacrifice to the Money God.