# KIP-2.1┃Introducing USK, backed by 12 Months US T-Bills

**URL:** <https://gov.kuma.bond/t/kip-2-1-introducing-usk-backed-by-12-months-us-t-bills/56>\
**Category:** Approved KIPs\
**Created:** [March 6, 2023, 7:52pm UTC](https://gov.kuma.bond/t/kip-2-1-introducing-usk-backed-by-12-months-us-t-bills/56 "2023-03-06T19:52:53Z")\
**Posts on this page:** 3\
**Page:** 1

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**Author:** ![JeanBrasse](https://dub1.discourse-cdn.com/flex017/user_avatar/gov.kuma.bond/jeanbrasse/32/3_2.png) [@JeanBrasse](https://gov.kuma.bond/u/JeanBrasse)\
**Post date:** [March 6, 2023, 7:52pm UTC](https://gov.kuma.bond/t/kip-2-1-introducing-usk-backed-by-12-months-us-t-bills/56/1 "2023-03-06T19:52:53Z")

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**Summary:**  
This proposal is introducing USK, a KUMA Interest-bearing token backed by KUMA NFTs, themselves backed by US 12 months T-Bills.

**Context:**  
Last week, [KIP-2](https://gov.kuma.bond/t/kip-2-deploy-kuma-protocol-on-ethereum/46), which is introducing the KUMA Protocol, was approved by the DAO. Following this, and in view of the imminent launch of the KUMA Protocol, we propose to launch the first KIBT, called USK.

**Rationale:**  
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
- country: US
- term: 12 (months)

Edit : for a given riskCategory (US, 12month, USD), there can be multiple individuals bonds. For example the US treasury issues 1y government bonds every month, with the same inherent risk. We propose to accept a riskCategory and its subsequent underlying to ease the integration of new bonds into Kuma Protocol.

We propose to set up the SellBond Fee (via the ‘sellBond’ fees function) to 0.01%. This means that a fee of 0.01% is taken on each KIBT minted.

Since USK would be a rebase tokens, their quantity increases in the users’ wallet automatically. We propose to set up the Rebase Epoch Length to 4 hours. (via the ‘KIBT\_SET\_EPOCH\_LENGTH\_ROLE’ function)

In order to calculate the KIBT rate, an oracle is needed. As described in [KIP-2](https://gov.kuma.bond/t/kip-2-deploy-kuma-protocol-on-ethereum/46), the oracle will be provided by Mimo Labs. For the USK we propose to use an onchain oracle controlled by Mimo Labs via a multisig, which fetches the price from Bloomberg by calling the function ‘SetOracle’.

**Means:**

- Human resources: If the proposal is approved, the KUMA Multisig signers will have to execute the proposal following the technical voted technical implementation.
- Treasury resources: There is no treasury cost.

**Technical implementation:**  
To be described in the proposal that explains how the protocol can be deployed.

**Voting options:**

- Accept the creation of USK
- Against the creation of USK / Rework the proposal
- Abstain

Authors: [@JeanBrasse](https://gov.mimo.capital/u/jeanbrasse) from Mimo Labs

**Community poll:**

_Poll ([view on site](https://gov.kuma.bond/t/kip-2-1-introducing-usk-backed-by-12-months-us-t-bills/56/1))_

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**Author:** ![Starny](https://dub1.discourse-cdn.com/flex017/user_avatar/gov.kuma.bond/starny/32/11_2.png) [@Starny](https://gov.kuma.bond/u/Starny)\
**Post date:** [March 13, 2023, 10:27pm UTC](https://gov.kuma.bond/t/kip-2-1-introducing-usk-backed-by-12-months-us-t-bills/56/2 "2023-03-13T22:27:49Z")

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⚡ KIP-2.1┃Introducing USK, backed by 12 Months US T-Bills is live on Snapshot !

The vote starts today at 7pm CET and finishes on March 20th at 7pm CET.

🗳 Vote here 👇  
[https://snapshot.org/#/kumaprotocol.eth/proposal/0x9b446d72705250591bc2979cc351b7b36456a58f835e00b61aff01ca8fd30b85](https://snapshot.org/#/kumaprotocol.eth/proposal/0x9b446d72705250591bc2979cc351b7b36456a58f835e00b61aff01ca8fd30b85)

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**Author:** ![JeanBrasse](https://dub1.discourse-cdn.com/flex017/user_avatar/gov.kuma.bond/jeanbrasse/32/3_2.png) [@JeanBrasse](https://gov.kuma.bond/u/JeanBrasse)\
**Post date:** [July 26, 2023, 11:59am UTC](https://gov.kuma.bond/t/kip-2-1-introducing-usk-backed-by-12-months-us-t-bills/56/3 "2023-07-26T11:59:31Z")

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✅ With over 5.6M votes from $vMIMO holders, KIP-2.1 has been approved !

Results:  
[https://snapshot.org/#/kumaprotocol.eth/proposal/0x9b446d72705250591bc2979cc351b7b36456a58f835e00b61aff01ca8fd30b85](https://snapshot.org/#/kumaprotocol.eth/proposal/0x9b446d72705250591bc2979cc351b7b36456a58f835e00b61aff01ca8fd30b85)