Proposal for Kagla/Muuu Finance Operations Sunset and Transition Plan

Proposal
1

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Title: Kagla/Muuu Finance Operations Sunset and Transition Plan

Date: 26th Oct 2024

Proposed by: Starlay Chan Initiative (SCI)

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Summary

  • Kagla/Muuu operations shutdown: The core team has decided to sunset Kagla/Muuu due to resource constraints and lack of product-market fit.
  • Starlay Finance continues: Starlay Finance will remain operational.
  • Next steps:
    • UI for Kagla/Muuu will be shut down by February 2025.
    • Maintenance and rewards (muLAY, muKGL, veMUUU) will cease.
    • Liquidity for muLAY<>LAY pool will be provided by Starlay’s Treasury.
      • Efforts will be made to ensure that the LAY token’s ratio does not fall below 10-20%, maintaining stability in the exchange rate.
    • Smart contracts will remain functional, and the remaining assets will transfer to Starlay’s Treasury.
  • Actions for users:
    • Withdraw assets from Kagla/Muuu pools before the UI is disabled.
    • Convert muLAY to LAY; veLAY voting will still be possible via Starlay’s UI.
  • Timeline:
    • February 2025: UI shutdown and cessation of operations.
    • March 2025: Asset transfer to Starlay’s Treasury, Relevant info migration to Github

Specification

Timeline

February 2025

  • The UI will no longer be available.
  • The core team will cease Kagla/Muuu operations.
  • Starlay’s Treasury will provide liquidity for LAY exchanges in the muLAY<>LAY pool on Kagla Finance.

March 2025

  • Smart contracts will remain functional.
    • Relevant information will be migrated to GitHub.
    • Remaining rewards on Kagla and Muuu may be accessible via smart contract but will not be officially supported.
  • Kagla and Muuu’s assets will be transferred to Starlay’s Treasury.

Next Steps

We will put the proposal to a vote via Snapshot in 3 days

Voting Schedule

Voting Period: 29th Oct, 09:00 UTC - 1st Nov, 09:00 UTC.
Vote Here: Snapshot

Voting Option

YES - Approve the proposal
NO - Reject the proposal