Summary:
Mimo Labs, in collaboration with Sei Labs, proposes to deploy the KUMA Protocol on Sei V2 Testnet.
Context
Mimo Labs has spent these last few weeks working in collaboration with Sei Labs, the company building Sei V2, to propose the KUMA DAO to deploy the KUMA Protocol on Sei V2 Testnet.
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 Sei V2 Testnet.
Rationale:
Sei currently allows for Cosmwasm smart contracts, which are written in Rust. To increase the flexibility in the execution environments that Sei supports, Sei Labs decided to build Sei V2, a parallelized EVM. This upgrade will result in Sei having the following functionality:
- Backward compatibility of EVM smart contracts - allowing developers to deploy audited smart contracts from EVM-compatible blockchains with no code changes
- Reusability of familiar and widely used applications and tooling such as Metamask
- Optimistic parallelization - allowing the chain to support parallelization without requiring developers to define any dependencies
- SeiDB - improvements to the storage layer to prevent state bloat, improve state read/write performance, and make it easier for new nodes to state sync and catch up
- Interoperability with the existing chain allows seamless composability between EVM and any other execution environments supported on Sei.
You can learn more about Sei V2 here (additional links provided in the article): Sei v2 - The First Parallelized EVM Blockchain
We propose to deploy only the USK on Sei V2 Testnet:
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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:
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currency: USD
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issuer: US
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term: 12 (months)
Deploying the KUMA Protocol on Sei V2 Testnet would open up new markets, both in terms of users, growth, and integrations; as well as taking the pulse of Sei V2’s traction for a potential future deployment on Sei V2 Mainnet.
Means:
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Human Resources: Multisig signers will need to sign transactions to execute the proposal
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Treasury Resources: There is no cost for the treasury to deploy the protocol on Sei V2 Testnet. (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 Sei V2 Testnet
- Against/Rework the proposal
- Abstain
Authors: Kenneth Lim from Sei Foundation
Sentiment poll:
- Accept to deploy the protocol on Sei V2 Testnet
- Against/Rework the proposal
- Abstain