Kleros -the justice ⚖ protocol- deserves a mini-series of explanation as it's one of the most unique Ethereum projects out there. Community members crucially play its role in keeping its dapps achieve the protocol’s proposition of decentralization.
Let’s start with Kleros Tokens.
The decentralized app quite nails its purpose of a vetted token list not by the exchange team themselves but by a whole community that results in safer token swaps. You can see Kleros Tokens integrated in Uniswap, Sushiswap, Paraswap and CowSwap.
At the moment, only Ethereum-based tokens are accepted in the list. But it’s a shame 🤷♂️ really as there’s already a handful of chains and reputable decentralized exchanges that Kleros Tokens can be integrated into and expand its purpose of high quality token curation.
First off, none is excluded from adding a token from the list. Whether you are a founder or developer or just a strong supporter of a project, you can submit a request to add the token to Kleros Tokens unlike centralized exchanges listings where a form has to be filled out only by a project’s key team members.
However, it must go through a period of checks by community members before a token gets listed or registered.
The period of checks is where the app gets more interesting 👀
Although it doesn’t require a listing fee, the submitter has to put in an ETH deposit which serves as a possible reward to someone who finds the submission not in accordance with the listing criteria. The person who finds fault called challenger also puts in an ETH deposit. Whenever this instance happens - a submission is opposed by someone - a dispute is created and 3 jurors will arbitrate the case. The jurors get some juicy fee in ETH for their work. 💰
Submitter vs Challenger . Jurors vs Jurors
The image above if expanded on will show the dispute number (998) and the current dispute period. That’s 1 day for evidence, 3 days for voting and 3 days for appeal as standard. Or you can use Dispute Resolver to check time remaining for each period along with other ongoing cases.
Evidence period, as the name implies, is when the submitter and challenger provide evidence supporting their claim and refute each other. Jurors can join in the discourse too once the voting period starts.
A selected juror only has to choose from two options Yes or No on disputes created on this particular app. An appeal can be made if the losing side thinks the ruling was incorrect and so wants to have another set of jurors arbitrate the case.
However, both sides need to be fully funded for the appeal round to push through.
Interestingly, anyone in the community 👩👧👧can fund the appeal, not just the two parties involved. What’s even more fun is funding a winning side equates to some ETH rewards so it's a cleverly-devised incentive opportunity for everyone! 🎲
One downside of the appeal process is that a win by technicality can happen. That is if only one side managed to fully fund the next round of arbitration, the side with 100% funding becomes the winner. So you see, a losing party can win if the winning side did not get his funding for the next round. But to be fair, at least as I see it, the losing party has a shorter period to appeal than that of the winning side. ⏳
Thus if you are involved in a dispute it’s imperative to monitor the progress until it’s closed.
Below are the main things to be mindful of when submitting a request to register:
Most common name
Unique and correct token address
Token logo with all the image guidelines met
Submission requests will take 🗓 5 days and 6 hours to get registered if no one challenges it.
Moreover, not only the request to list is subjected to the vetting process but also a request to remove. An ETH deposit ( which varies depends on parameters proposed and voted on at Kleros governance ) is also required and follows the same challenge process and period.
You might ask why would someone request to remove a token? 🤔
Well once at least one of the three fields need updating, removal requests can and have to be made. Found a recently removed token as an example:
Aside from requesting to list and remove tokens in the registry, anyone can add badges on registered tokens with quite high-stakes.
Compliant with ERC20 Standard Token
Compliant with True Cryptosystem Listing
Compliant with Stablecoin Listing
Compliant with DutcX Badge
They ramp up the registry by launching a reward program that will keep it updated as well as adding badges! 🥇
Go ahead and give Kleros Tokens a try!
Follow for updates:
https://twitter.com/klerosTokens
Website:
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