KIR-0┃Introducing FRK, backed by 360 days French T-Bills

Integration Request (KIR) Approved KIRs
1

Summary:
This proposal is introducing FRK, a KUMA Interest-bearing token backed by KUMA NFT, themselves backed by 360 days French T-Bills.

Rationale:
Following the approval of the first KIBT backed by US sovereign bonds (USK), and the first KIBT backed by corporate bonds (EGK), we propose to launch the first KIBT backed by french EUR sovereign bonds, called FRK.

The FRK would be backed by 360 days French T-Bills, tokenized on-chain as NFTs by Mimo Capital AG. Below are the informations of the KUMA NFTs:

  • currency: EUR
  • issuer: France Bons du Tresor
  • term: 360 (days)

For a given riskCategory (FR, 360 days, EUR), there can be multiple individual bonds. For instance the France Bons du Tresor issues 360 days sovereign 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.

The first sovereign bonds to be accepted as backing of FRK would have the parameters: (further France Bons du Tresor related bonds may be added by the KUMA governance automatically in the future due to the fact the protocol would accept a riskCategory)

  • cusip: nil
  • isin: FR0127921080
  • currency: EUR
  • issuer: France Bons du Tresor
  • term: 360 days
  • issuance: 19 Jun 2023
  • maturity: 12 Jun 2024
  • coupon: 3.355%
  • principal: EUR 100,000

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 FRK would be 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, the oracle will be provided by Mimo Labs. For the FRK 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’.

Once the vote is accepted on Snapshot, the governance will determine the chain(s) where the token would be deployed on a second KIR discussion.

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:

  1. Smart contracts:
  • KUMASwap : Deployment for FRK
  • KIBToken : Deployment for FRK
  • KUMAFeeCollector : Deployment for FRK
  1. Setters on the KUMAAddressProvider smart contract:
  • setKIBTToken : Setter for FRK
  • setKUMASwap : Setter for FRK
  • setKUMAFeeCollector : Setter for FRK
  1. Setters sur le MCAGRateFeed :
  • setOracle : Setter for FRK
  1. Roles attributions :
  • Attribution of KUMA_MIN_ROLE to each KUMASwap contract : Attribution for FRK
  • Attribution of KUMA_BURN_ROLE to each KUMASwap contract : Attribution for FRK

Voting options:

  • Accept the creation of FRK
  • Against the creation of FRK / Rework the proposal
  • Abstain

Authors: @JeanBrasse from Mimo Labs

Community poll:

  • Accept the creation of FRK
  • Against the creation of FRK / Rework the proposal
  • Abstain
0 voters
2

:white_check_mark: With over 2.1M votes from $vMIMO holders, KIR-0 has been approved !

Results:
https://snapshot.org/#/kumaprotocol.eth/proposal/0xe4e26a787e17402f5d16b68f12695283e9d41d26b75bf4f1da5b93e6e17c9457