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Enable A New Vault Type With KINT As Collateral
3mos ago
Executed

As part of this proposal, I also suggest that we Fast track its enactment so that we can allow for new issuance, given that we have already had a lengthy time to discuss; and there has been no contention from the community.


Summary

This proposal enables the usage of KINT as collateral for Kintsugi vaults.

Proposal

ℹ️ The full discussion of this proposal can be found in this post

Currently only KSM is accepted as collateral for vaults. One of the main goals for kBTC stability is to diversify the number of tokens that can be used as collateral. This has also been requested by current kBTC vault operators.

The next asset suggested as collateral is the KINT governance token. It is the quickest to enable and has also been one of the main requests from active vaults.

In order to enable KINT as collateral, to activate the new Vaults, parameters need to be changed on-chain as following:

  • Initial collateral ceiling: 100,000 USD equivalent (26,200 KINT)
  • Secure collateral threshold: 900%
  • Premium redeem threshold: 650%
  • Liquidation threshold: 500%
  • Minimum Collateral: 55 KINT

Further Resources

Edited
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Passed

How Kintsugi Governance Works.

Metadata
Proposer
Hash
Delay
02022-06-08 11:32:24
End
02022-06-08 11:31:36
Threshold
Call
Table
Json
callIndex0x0202
sectionutility
methodbatchAll
args
calls
0
callIndex0x1408
sectionvaultRegistry
methodsetSystemCollateralCeiling
args
currencyPair
collateral
tokenKINT
wrapped
tokenKBTC
ceiling26200000000000000
1
callIndex0x1409
sectionvaultRegistry
methodsetSecureCollateralThreshold
args
currencyPair
collateral
tokenKINT
wrapped
tokenKBTC
threshold9000000000000000000
2
callIndex0x140a
sectionvaultRegistry
methodsetPremiumRedeemThreshold
args
currencyPair
collateral
tokenKINT
wrapped
tokenKBTC
threshold6500000000000000000
3
callIndex0x140b
sectionvaultRegistry
methodsetLiquidationCollateralThreshold
args
currencyPair
collateral
tokenKINT
wrapped
tokenKBTC
threshold5000000000000000000
4
callIndex0x1407
sectionvaultRegistry
methodsetMinimumCollateral
args
currencyId
tokenKINT
minimum55000000000000
TimelineLatest activity 3mos ago
2022-06-07 14:42:54
Proposed
Index
#40
2022-06-08 07:46:42
FastTracked
2022-06-08 07:46:42
Started
referendumIndex
38
voteThreshold
SuperMajorityAgainst
2022-06-08 11:31:36
Passed
referendumIndex
38
2022-06-08 11:32:24
Executed
result
ok
Comments
3mos ago

I know it's a bit late now, but if I read this correctly this proposal will lead to about 11k$ worth of KBTC being minted...

That's, uhm, a start.

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