Mimo Labs, in collaboration with the Telos Foundation, proposes to deploy the KUMA Protocol on Telos EVM Mainnet.
Mimo Labs has spent these last few weeks working in collaboration with the Telos Foundation to propose to the KUMA DAO to deploy the KUMA Protocol on Telos 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 Telos EVM Mainnet.
Telos EVM is a Layer-1 blockchain launched in December 2019 and known for its compatibility with the Ethereum Virtual Machine (EVM), allowing developers to create smart contracts using Solidity and Viper. It employs a Delegated Proof of Stake (DPoS) consensus mechanism with 21 block producers. Telos EVM boasts a fast transaction processing speed, averaging around 10,000 transactions per second, with a block time of 0.5 seconds. Its energy-efficient network maintains low gas fees, making it appealing to developers and users seeking cost-effective solutions.
You can learn more about Telos EVM in their technical documentation: Telos EVM | Telos Docs
We propose to initially deploy only the USK on Telos 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:
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 deployment is approved, the Telos Foundation, in collaboration with Mimo Labs, would provide liquidity incentives for wUSK based on these KPI:
$25’000 (twenty-five-thousand) for 2 months
additional $10’000 will be provided upon hitting a TVL of $1’000’000 on Telos EVM and maintaining it at that level for a month
additional $25’000 will be provided upon hitting a TVL of $5’000’000 on Telos EVM and maintaining it at that level for a month
Telos EVM Foundation would also commit $150,000 ($150k) for the partnership launch and will be the first buyer of a tokenized US T-Bills on Telos EVM. Telos EVM Foundation will purchase a tokenized asset (as an NFT) and will swap the NFT on the KUMA protocol for its stablecoin counterpart and ensure seed liquidity within the pool(s) on Telos EVM.
Note: The Mimo Labs team is currently in discussions with DEXs and Lending protocols teams that will deploy on Telos EVM to integrate KUMA KIBTs inside their protocols.
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 Telos EVM Mainnet. (Mimo Labs team will cover the cost of deployment)
If the proposal is approved, a second proposal will be posted detailing the protocol deployment plan.
Accept to deploy the protocol on Telos EVM Mainnet
Against/Rework the proposal
Authors: @nickychalabi from Telos Foundation
- Accept to deploy the protocol on Telos EVM Mainnet
- Against/Rework the proposal