Introduction to Kairos Cash
Get Ready for the Launch!
During the past two months since Kronos DAO has launched, we have been overwhelmed by the growth of the protocol and the enthusiasm of our community.
However, the Kronos DAO team did not stop to relish in our success: during the past few weeks, we have all been working relentlessly preparing the UI, smart contracts, policy mechanisms, testing, etc.
Thanks to all this hard work, we will be launching TWO NEW PROJECTS:
- First is the Kronos LaunchPad (which is called KRUNCHPAD): the foundation for new projects that are being built.
- Second is Kairos Cash: the next-generation lending protocol with interest-bearing tokens.
Introduction to Kairos Cash
Kairos Cash is a protocol built on KrunchPad. Kronos DAO is a decentralized reserve currency protocol empowering the system for growth and wealth creation. As the first Defi 2.0 on the Klaytn network, Kronos DAO aims to build a decentralized, sustainable community growth that rewards market participants.
After implementing multiple unique developments after the launch (as the first Defi 2.0 on Klaytn, everything we did was second to none), the focus of our team now lies on extending to a multi-chain service operating on KrunchPad.
As the first project to help with this mission, we introduce a new lending protocol to efficiently collateralize interest-bearing tokens(ibTKNs), Kairos Cash. The launch of Kairos Cash on KrunchPad will mark the end of Kronos DAO’s Expansion Phase.
How does Kairos Cash Work?
Currently, a lot of assets in the Klaytn ecosystem have locked-in capital: capital that you own, but can’t use. Kairos Cash is here to allow you to use them.
Kairos Cash is the next-generation lending protocol with interest-bearing tokens (ibTKNs) as collateral.
If you are a holder of sKRNO, Kairos Cash is the project for you. You can now wrap this token into wsKRNO, an ibTKN, and use this as collateral to mint KASH. Since your collateral is an ibTKN, your collateral value is always increasing.
So, what is KASH? KASH is a USD-pegged stablecoin. It can be traded with other stablecoins such as KDAI, KUSDT, and KUSDC.
What are the steps to use Kairos Cash?
- Step 1. Deposit your wsKRNO on Kairos Cash.
- Step 2. Choose your debt position (how much KASH you want to borrow with your collateral).
- Step 3. KASH tokens are deposited into your wallet.
- Step 4. Use your KASH wherever you like.
To regain your collateral, you just need to repay your debt plus the interest incurred.
Kairos Cash Stablecoin, KASH
The KASH token is a USD-pegged stablecoin that is backed by ibTKNs. KASH tokens are minted by the protocol and only after being collateralized are they injected into the circulation. Currently, only on the Klaytn chain, KASH will be extended as a multi-chain token.
How much KASH can I get?
The amount of KASH you can borrow depends on two factors for each collateral you decide to deposit. One is the Loan to Value ratio (LTV), and the other is the initial maximum KASH allocation to the collateral. Currently, we only use wsKRNO as collateral, but the collateral variety will be addressed in the future. Please contact us freely to give suggestions!
Kairos Cash Governance Token, KREDIT
KREDIT is the Kairos Cash governance token with a maximum supply of 7 billion, and it is currently live on Klaytn.
The distribution of the KREDIT token is as follows:
- 5% (0.35B): sKRNO Holder Airdrop
- 10% (0.7B): Kronos DAO Treasury
- 30% (2.1B): Team allocation (4 year vesting term)
- 3.5% (0.245B): Initial Liquidity Supply
- 51.5% (3.605B): Minting on KrunchPad (Kronos DAO’s Launchpad)
What does KREDIT do?
The main function of the KREDIT token is to stake it in Kairos Cash to obtain sKREDIT tokens, which have several benefits.
- First, they grant holders voting rights to adjust the protocol parameters, such as TVL, Liquidation Fees, future collateral options, etc.
- Second, they grant holders a claim on fees generated by the protocol.
At launch, the protocol fees derive solely from interest on borrowed KASH. As debt is paid in KASH, fees are collected. They are distributed as follows:
- 75% is used to purchase KREDIT tokens that go to sKREDIT token holders.
- 20% is allocated to the governance treasury that will be used to incentive KASH liquidity pools.
- 5% is redirected to the backup treasury that will be used when market conditions require intervention.
How and where can I get KREDIT tokens?
You can mint KREDIT tokens on KrunchPad. By providing KREDIT-KLAY LP (more assets will be added in the future), you can mint the KREDIT tokens using the same strategy as minting KRNO. Read the docs for a more detailed explanation!
Liquidation
With all lending and borrowing protocols, there is a chance of liquidation. Liquidation occurs when the value of the collateral drops to a predetermined point. In short, when your collateral is not enough to cover your debt, you get liquidated. This predetermined point is shown once you open your debt position on Kairos Cash.
When your position gets liquidatable, a third party can choose to pay off your debt in exchange for your collateral plus a liquidation fee. However, don’t be too disappointed! Even after liquidation, you still have possession of the KASH tokens and you no longer have to pay off your debt.
To Infinity and… KrunchPad!
Currently, three projects are being built by the Kronos Team and four other projects by other teams. The first project on KrunchPad will be Kairos Cash. With the launch of this protocol, Kronos DAO will meet the end of its Expansion Phase and enter into the Development Phase.
While a detailed roadmap for the Development Phase will be announced soon, for now, we can share several things:
- Automated Leveraging & Deleveraging position features will be added to Kairos Cash.
- Multiple projects will be built on KrunchPad.
- The governance token of each project will be airdropped to avid sKRNO holders.
- Kairos Cash will become one of the main devices for Kronos DAO to expand outside Klaytn.
- Various assets will be added to KrunchPad and Kairos Cash (including other network tokens).
- Current Klaytn-only tokens will be bridged to other networks.
- Treasury assets will be managed to generate more passive income.
sKRNO holders will be able to capture future values with KrunchPad airdrops and other benefits that will be announced soon.
To keep up to date, turn on notifications for #announcements in the Kronos DAO Discord and follow our Twitter account.
Kairos Cash Website: https://kairos.cash/
Kronos DAO Medium: https://medium.com/@kronosDAO
Kairos Cash Discord: https://discord.gg/kronosdao
Kairos Cash Twitter: https://twitter.com/KASH_KREDIT
Kairos Cash Telegram Global: https://t.me/KairosCash_ENG
Kairos Cash Telegram Korean: https://t.me/KairosCash_KR
Kronos DAO Website: https://kronosdao.finance/
Kronos DAO Docs: https://docs.kronosdao.finance/
Kronos DAO Discord: https://discord.gg/kronosdao
Kronos DAO Twitter: https://twitter.com/KronosDAO_fi
Kronos DAO Telegram Global: https://t.me/kronosdao_eng
Kronos DAO Telegram Korean: https://t.me/KronosDAO_KR
