HAVAH: The Beginning of On-Chain Governance and a New Era of Massive Content Onboarding

HAVAHNAMATATA! Hello from the team HAVAH.
In March 2024, we’re initiating the on-chain governance for the HAVAH network announced in our last report.

Starting with the official planet sale in January 2023, the HAVAH team has spent the past year focusing on expanding the interchain infrastructure, recruiting various partners to use this infrastructure, and growing the HAVAH community.

2024 marks the year to truly enhance the utility of HAVAH. There must be an increase in content utilizing HAVAH’s infrastructure, and HAVAH coins (HVH) must play a practical role. The team needs to provide reasons for HVH holders to keep their coins, and planet holders must play a role in maintaining a healthy ecosystem.

Transparent governance is essential for this. Important decisions will be made through the governance system, fostering a healthy cycle for the HAVAH ecosystem. In particular, we hinted at the debut of the HAVAH Content Fund in our previous quarterly report. The HAVAH team intends to reduce long-term and uncertain resources by directly constructing huge games, instead focusing on immediate, specific content to increase ecosystem activity.

This fund is notably different as it will not utilize the additional circulation of unissued volumes common in other projects but will use team HAVAH’s own holdings. We anticipate direct and transparent effects from deploying coins intended for internal content development into the ecosystem.

The proposal to launch the HAVAH Content Fund will be the first issue put to a vote by planet holders following the governance system update. Activating the content fund should benefit HVH holders while increasing demand for HAVAH coins.

Below is a brief overview of on-chain governance and the content fund.

1. Governance Operations Policy

• Voting Rights: one vote per planet.
• Proposer: Beginning with proposals from the HAVAH Foundation, with plans to expand so that anyone can propose in the future.
• Quorum
• 1) Participation Quorum: 1/3 of all issued planets as of March 20th (xxxx units)
• 2) Decision Quorum: 1/2 of participating votes, excluding abstentions.
• Voting Period: Minimum one week to maximum four weeks, as determined by the proposer.
• Options: Agree / Disagree / Abstain
• Join via scan.havah.io/vote by connecting a planet-holding wallet.
• Note: The foundation’s 5,000 planets may abstain or not participate in voting, depending on the issue.

2. First Agenda: Launch of the HAVAH Content Fund (Contribution of 1 billion HVH)

• Objective: Instead of developing original HAVAH games, activate the network and increase demand for HAVAH coins through the content fund
• Resources — Total of 1,000,000,000 HVH (contributed from team holdings)
• 1) Amount earned from the foundation’s 5,000 planets in 2023: 370 million
• 2) Contributed from Project Development: 630 million
• Resource Management Plan
• 1) Principle: Operate strictly adhering to the announced total circulation plan
• 2) First Year — 370 million, Second Year — 330 million, Third Year — 300 million
• 3) Second and third-year distributions adhere to Project Development lock-up schedules
• Expected Effects through the Content Fund
• 1) Supported projects issue digital assets based on HAVAH

• 2) HVH stakers will receive an airdrop of all digital assets (FT/NFT/RWA, etc.) supplied by supported projects.

• 3) Demand for HVH holdings will increase while real circulation declines as a result of increased staking.
• 4) Supported projects can rely on the large HAVAH community to secure early users and transactions.
• The vote to launch the fund will be accompanied by a comprehensive operation plan.
• Voting Schedule: One week of voting will begin in March.
• Regarding this agenda, the HAVAH team’s self-held planets are expected to abstain (the decision is totally up to the planet holders).

We’ve already seen many projects like Injective, Celestia, and Ronin continually provide various benefits to token holders, increasing participants’ benefits. The HAVAH Content Fund exists and operates for HVH holders, creating more direct and certain demand for HVH.

Projects supported by the HAVAH Content Fund are not required to exclusively use the HAVAH Network. Regardless of the network used, as long as they operate within the interconnected world of HAVAH, they can interact with the HAVAH community, encouraging increased diversity and engagement across projects.

Numerous excellent projects have already chosen to participate in Airdrops. We hope that the HAVAH community will support more diverse projects with the introduction of the HAVAH Content Fund and transparently operated HAVAH on-chain governance.