Klondike (https://klondike.finance) held its first AMA on Telegram on March 10, 2021. For the full AMA, visit the Klondike Telegram: https://t.me/klondike_discussion/46016
Here is a summary of what was discussed:
On the team
The team is anonymous, but there are three team members. Their telegram usernames are @WaysKagway, @Ox112358 and @Oxb09a97a. They have experience in other DeFi and core crypto projects, and their capabilities span math, tech, economics, marketing, etc.
The team’s philosophy is #BUIDL — putting out an experiment to see if it gets traction from the community, and they thank the community that has been built up around Klondike!
They are open to new devs, and the two stacks are Solidity (smart contracts) and React (website). You are welcome to apply by messaging any of the existing team members. Regarding non-technical roles, there may be an ambassador program launched after V2 is ready.
On an audit
Right now auditors are in demand and the backlog is 2–3 months. Waiting for an official audit would delay V2 too much. Instead the devs are getting peer reviews of the code from experienced developers at other protocols (though the identities will not be shared).
On V2
V2 includes the following (in rough order):
New boardroom
- The boardroom will support locking KLON for different intervals of time using the CRV-veCRV model
- The boardroom will split rewards between a) KLON-WBTC LP stakers, b) KLON holders, and c) KLON lockers (i.e. veKLON holders). KLON holders who lock will get b) + c) rewards.
KLON Emissions
KLON emissions for the KLON-WBTC pool will stop (instead LPs will stake and get rewarded in the boardroom)
New kAssets & Treasury
- The treasury will support an arbitrary number of kAssets
- These kAssets will be synthetic versions of ERC-20 tokens
- There will be one bond for each asset, i.e. kBTC — kbWBTC, kETH — kbETH, etc.
kSwap
kSwap will include 0.3% trading fee, which initially will go to the stabilization fund. Perhaps they can be distributed later to Klon lockers, depending on a governance vote.
Liquid Bond Market
KLONv2
It is unclear whether V2 includes migration to a new KLON (i.e. KLONv2). In the beginning, Ways stated that the team wanted feedback from the community on this, but later on, 0x12358 stated that most likely V2 would include migration to a new KLON.
Post-V2 improvements (unknown timeline, no particular order)
- There are plans to bring liquidity pools to Sushi Onsen
- Dashboard showing rebase stats
- Transition to L2 given high gas prices on L1
- Non-ERC20 synthetics
- The team is exploring derivatives such as VIX for crypto
- Lending is possible but “not our first priority for now”
On Feedback from Community
The devs are looking for feedback on the following:
- They would like to further cut KLON inflation. There is a technical obstacle in that the current pool can not be modified, so what do people think about migration to a new token, i.e. KLONv2?
- There will likely be a proposal for the new boardroom split — how much of the rebase reward should go to LP stakers vs KLON holders vs KLON lockers?
On Partnerships/Integrations
The team is working on these, but nothing to announce right now.
On the Roadmap
The team is fully focused on building, but realizes a roadmap with clear dates is needed for good communication. It is targeted to be published next week.
Miscellaneous
- @WaysKagway on Klondike: “We’ve build algorithmic synthetics platform based on Basis 3-token model with some improvements: main of which is stabilization fund. It allows us to very effectively keep the peg (already 1.5 month since launch) in comparison with BasisCash and it’s forks.”
- Bonds are redeemed manually, on a first come first serve basis. There will be one bond for each asset, i.e. kBTC — kbWBTC, kETH — kbETH, etc.
- To stabilize a non ERC20 synthetic such as kDot, one potential way is to use an oracle that tracks the DOT/DAI price, create a kDOT/DAI Uniswap pool, and then keep the peg in line with the oracle price.
- The purpose of the neutral rebase (i.e. when 0.95 WBTC < kBTC < 1.05 WBTC) is to allow arbitrageurs to act on setting the price faster than the stabilization fund is able to.
- Regarding how the stabilization fund influences kAsset expansion, inflation of the kAsset supply only happens once the stabilization fund has run out of synthetics. I.e. kBTC minting and distribution will happen only after the stabilization fund has run out of kBTC.
- At the current time, assets from the stabilization fund are not burned, because that would hurt the collateralization ratio. Burning is under consideration, as there may be scenarios where burning kAssets could speed up a rebase. If the team can figure out a way to make this work without decreasing the CR, it will be put to vote.
- kSwap is what should generate demand for kTokens.
- Regarding the top two holders (Chairman and Vice Chairman) — it’s great, but the team would love to have a more diversified userbase.
