KNS Updates and Plans Under Review
Read this post in: 한국어
Greetings from the KNS team!
As we’ve been communicating more actively on Discord than Medium, the KNS team would like to share the updates and plans under consideration through this Medium post.
Note) The following post was written and translated until Monday, January 15th, and does not contain any information about the recently announced mainnet merger proposal between Klaytn and Finschia. The KNS team got to know about the news through the press release yesterday, and will be discussing its impact on KNS with the Klaytn Foundation in the coming days. Therefore, please note that a significant portion of the following information may change depending on the outcome of the merger, and we will provide further updates as they become available.
Launch of KNS Governance Voting
Governance voting for KNS has become available since July 2023. It’s conducted through a decentralized governance platform “Snapshot.”
Suggestions and votes can be made at https://snapshot.org/#/knsdao.eth
Guidance on Governance Voting
- The voting currency is sKNS (not KNS tokens, which are rewarded when staking KNS tokens).
- All proposals are voted on by selecting one of the following options: For, Against, and Abstain.
- To prevent spamming, a proposal can only be created by a holder of 50,000 sKNS or more.
- Voting begins immediately after the creation of a proposal and lasts for 5 days (120 hours).
- The current quorum for the vote is 35 million sKNS, which is subject to change based on future changes in issuance.
- All passed proposals will be reviewed by the KNS team and implemented in good faith.
- Upon review, malicious proposals that will result in negative consequences for KNS may be dismissed.
- If a proposal is dismissed, we will provide a detailed rationale through the community.
- If you have any questions regarding governance voting, please get in touch with us through our community channels or tickets on Discord.
Domain Resolution and Reverse Resolution for the Kaikas Wallet
Domain Resolution has been announced through the Discord community, but some of you may not know that Reverse Resolution has also been applied. Reverse Resolution is the resolution of a Klaytn address to a domain, and it works on the same principle as the corresponding feature in the Ethereum Name Service (ENS). In other words, whereas previously, it was only possible to convert a domain like “kns.klay” to a Klaytn address (Domain Resolution), Reverse Resolution displays the corresponding KNS domain from a Klaytn address.
Discussions with Klaytn Foundation on KNS Token Allocation (Ongoing)
The KNS team has an agreement to pay a portion of the KNS token’s marketing & partnership allocation (which is set at 5% on Tokenomics), for Kaikas wallet integration.
As mentioned above, the .klay domain has been made available within the Kaikas wallet, but the payment of KNS tokens has not yet been made. At the request of the Klaytn Foundation, we are currently discussing a plan to gradually burn the equivalent amount of Klay (e.g., from domain sale revenue) without actually paying them. This is a win-win for KNS token holders and Klay holders regarding token circulation and token value, so we are looking at it positively.
Dedicated Discord Channel for .klay Domain Holders
NFT (.klay domain) holders can access https://club.klaytn.domains/ and complete the following steps to be granted the nft-holder role on Discord.
- Connect the wallet holding the NFTs
- Connect your Discord account
- Sign messages with your wallet
- Users with this role can use the #nft-holders channel.
Error Fix Regarding Domain Ownership Expiration
There was an error where if a new owner did not appear after domain ownership expired, it would appear that the existing owner still owned the domain. With a code update, the domains are now properly removed from the list when ownership expires.
The following are plans that the KNS team is reviewing for the first half of next year.
Reviewing Domain Price Reductions
The KNS team raised domain prices in January 2023. This decision was made due to the decline in Klay prices resulting in domain sales revenue not being able to cover the team’s operating expenses. However, the idea of adjusting domain prices has been raised repeatedly in the community and governance recently. We believe that higher domain prices could have been a factor in reducing the accessibility and liquidity of domains.
If the team is to adjust the domain price, we would consider either 1) reverting the USD-based domain price back to KLAY, or 2) keeping the USD-based price but reducing the price. We will continue collecting opinions in the discord, and we plan to hold a governance vote on the price reduction proposal.
Burning Team Allocation for KNS Tokens
Many holders have expressed concern about the inflation of KNS tokens and the subsequent price decline. In response, the KNS team intends to periodically burn the team allocation of KNS tokens, which is set at 15% under the Tokenomics. We are continuously discussing when and to what extent the actual burning should take place. We will provide more information on the specific amount and schedule in Q1.
Domain Diversification
Currently, .klay domains can only be minted if they are at least 3 characters long with a combination of lowercase Roman alphabets and numbers. However, name services of other chains allow emojis and other language characters. Specifically, we are considering 1) allowing 1-letter and 2-letter domains, and 2) allowing characters from languages other than English, such as Hangul, Chinese Characters, and Hiragana/Katakana.
- 🐸.klay
- whale.klay
If we can mint the domains like the above, it could provide new momentum to the .klay domain ecosystem.
Further Integration with Wallet Services
While it’s difficult to name services, we are discussing integration with wallets other than Kaikas. We will also increase integration with services other than wallets.
Backing Away from Enterprise Domains
A number of users have expressed concerns about the Official TLD, which was a roadmap on the website, that it could lead to the devaluation of .klay domains. The KNS team had decided to put the Official TLD on hold, but to clarify the roadmap, we are officially scrapping the plan and making .klay the only TLD in the KNS ecosystem.
KNS Token Price Integration
We realize some may have experienced inconvenience because the token price is not recorded in token price platforms. We will integrate with third-party services that provide price information on tokens to solve this issue.
Token Listing
Regarding the listing of the KNS token, the Team intends to take a more long-term approach. Rather than trying to get listed in a hurry and disappointing holders, we will focus on strengthening the fundamentals and metrics of the service.
Others
As of January 2, 2024, the cumulative number of KNS domains issued is 6,446.
Stay Tuned
Don’t miss out on the latest news from KNS. We are best reached by Discord, so hope to see you there!
Klaytn Name Service (KNS)
Your .klay domain, your on-chain identity.
Website: klaytn.domains
Twitter: twitter.com/klaytn_domains
Discord: discord.gg/AANEeUsemK
