Summary:
Mimo Labs, with support from Neon EVM team, proposes to deploy the KUMA Protocol on Neon EVM Mainnet.
Context
Mimo Labs has spent these last few weeks working in collaboration with Neon EVM team, dedicated to the growth of Neon EVM, to propose the KUMA DAO to deploy the KUMA Protocol on Neon EVM Mainnet.
The proposal presents an overview of the KUMA smart contracts (the “KUMA Protocol”) with the main features as well as proposed KIBT(s) (already approved by the DAO) to be deployed. The proposal requests a vote from vMIMO holders regarding a potential deployment on Neon EVM Mainnet.
Rationale:
Neon EVM is a fully compatible Ethereum environment solution built on the Solana blockchain. The platform allows developers to deploy Ethereum dApps without undertaking any reconfiguration.
Neon EVM enables Solidity- and Vyper-based dApps to tap into Solana’s native liquidity and network benefits: low fees, high transaction speeds, and parallel transaction execution capabilities.
Neon EVM is the solution that makes Solana’s throughput, swift block speeds, and low gas prices available to Ethereum contracts. Neon EVM interacts directly with Solana nodes to carry out transactions on Solana. The service is made up of three main components:
- Neon EVM
- Neon Proxy
- Neon DAO
You can learn more about Neon EVM in their technical documentation: Quick Start | Neon Docs
We propose to initially deploy only the USK on Neon EVM Mainnet, then depending on demand, potentially deploy FRK in a second time.
- USK: The KIBT would be backed by 12 months US T-Bills, tokenized on-chain as NFTs by Mimo Capital AG. Below are the informations of the KUMA NFT:
- currency: USD
- issuer: US
- term: 12 (months)
Note: The KIBTs deployed on different chains wouldn’t be seamlessly bridgeable between chains. However, KIBTs holders would be able to get back the KUMA NFTs from KIBTs then ask Mimo Capital AG to burn their NFT on a chain A to mint them on a chain B, then sell the NFT for KIBTs.
If the proposal to deploy the KUMA Protocol on Neon EVM Mainnet is approved by the KUMA DAO, a treasury manager responsible for managing funds for numerous Web3 projects, such as Neon EVM or Solana will extend support for deploying the protocol on Neon EVM by providing seed liquidity.
Deploying the KUMA Protocol on Neon EVM Mainnet would open up new markets, both in terms of users, liquidity, community growth and integrations, with the expansion to the Solana ecosystem. This would also make KUMA the first RWA tokenization protocol deployed on Neon EVM and second only in the wider Solana ecosytem.
Note: The Mimo Labs team is currently in discussions with DEXs and Lending protocols teams that will deploy on Neon EVM Mainnet to integrate wUSK inside their protocols.
Means:
-
Human Resources: Multisig signers will need to sign transactions to execute the proposal
-
Treasury Resources: There is no cost for the treasury to deploy the protocol on Neon EVM Mainnet. (as it is a testnet)
Technical implementation:
If the proposal is approved, a second proposal will be posted detailing the protocol deployment plan.
Voting Options:
- Accept to deploy the protocol on Neon EVM Mainnet
- Against/Rework the proposal
- Abstain
Authors: @JeanBrasse from Mimo Labs
Sentiment poll:
- Accept to deploy the protocol on Neon EVM Mainnet
- Against/Rework the proposal
- Abstain