Kuma Protocol
WebsiteTwitterGovernance Forum
  • Introduction
  • KUMA Protocol
    • How does it work ?
    • Regulated NFTs
      • Real World Assets, onchain
      • Mimo Capital AG, a regulated entity
      • KUMA NFTs
    • Composable Interest-bearing tokens
      • KUMA Swap
        • User Scenario 1: Kuma Bond Token With Swap
      • KUMA Interest-bearing tokens
        • USK
        • FRK
        • EGK
      • Interest accrual
    • DeFi Integrations
      • DEXes Protocols
      • CDP Protocols
      • Lending Protocols
      • Yield Aggregators Protocols
      • Fixed Yield Protocols
      • Bridges
  • DAO & Governance
    • What is MIMO (Governance Token) ?
      • Where can i get MIMO ?
    • vMIMO and Voting Power
    • Governance process
      • Govern with MIMO tokens
    • Proposal Framework
      • KUMA Integration Request (KIR)
      • KUMA Governance Proposal (KGP)
      • KUMA Improvement Protocol (KIP)
    • Multisig
    • KUMA Emergency Guardians
  • developers
    • Developer Guide
    • Smart Contract Architecture
      • KUMA Interest Bearing Token (KIBT)
        • Interest Bearing Logic
        • ERC-20 Compliance and Updates
        • Balance Accounting
      • Decentralized Access Control
        • Pause/Unpause Access Control
      • KUMASwap
        • sellBond
        • buyBond
      • KUMA Bond Clone Tokens (KBCT)
      • Keepers
      • Deprecation Mode
      • Rate Feed
        • Central Bank Rate Validation
        • MCAGAggregator Volatility Check
    • Code Repositories
    • Contract Addresses
      • Ethereum
      • Polygon PoS
      • Linea
      • Mantle
      • Telos EVM
      • Neon EVM
  • Ressources
    • User Guides
      • Setting up
      • Managing transactions on EVM chains
      • Troubleshooting
      • Lock MIMO for vMIMO
    • Links
    • Security & Audits
    • Glossary
    • Press Kit
Powered by GitBook
On this page
  1. developers

Smart Contract Architecture

PreviousDeveloper GuideNextKUMA Interest Bearing Token (KIBT)

Last updated 1 year ago

Overview of Components

The following components comprise the KUMA protocol:

  • Mimo Capital AG (MCAG) - The centralized entity that holds the physical bonds represented by KUMA NFTs is MCAG. MCAG mints new KUMA NFTs every time a user buys a claim to the physical bonds off-chain. Users are able to trade and sell the tokenized versions of the bonds, but the physical bonds are always held solely by MCAG. Additionally, MCAG maintains the central bank oracle and a multisig with a manager role in the MCAG access controller to manage centralized aspects of the system.

  • KUMA Swap Contract - The KUMASwap contract for a risk class holds all KUMA NFTs that back the KIBT for the risk class. Users can sell and buy bonds from this contract by burning or minting KIBT. Each risk class has its own Interest Bearing Swap Contract.

  • Central Bank Oracle - Informs the protocol of the central bank rates for newly issued bonds. The central bank rate is used to keep the protocol competitive and avoid an excessively high KIBT rate. There is one oracle for each risk class, since different risk classes have different interest rates.

  • Rate Feed - The Rate Feed contract reads rates from the central bank oracles. Unlike oracles, of which there is one oracle per risk category, there is only one RateFeed for the whole protocol, and the risk category is passed in as an argument for fetching data.

  • Keepers - Keepers monitor the KIBT and KUMASwap contracts to keep the KIBT yield up-to-date. Keepers are incentivized through the KUMAKeeper contract

  • KUMA DAO Access Controller - The Access Controller for the decentralized contracts of the KUMA protocol.

  • MCAG Access Controller - The Access Controller used to enforce centralized MCAG access.

KUMA Bonds NFTs - NFTs that represent ownership of a physical bond. The NFT holder can redeem the NFT off-chain from MCAG for the market-rate bond value at any point.

KUMA Interest Bearing Bond Tokens (KIBT) - Rebase tokens that represent a share of all bonds backed by the protocol. These tokens automatically accrue interest for token holders, meaning that users' balances will increase over time just by holding the token in their address. This allows users to interact with a more liquid and divisible form of bonds while still earning real-time interest on their tokens. KIBT are backed by the bonds held in the KUMA Swap Contract (see next point). Each risk class has its own KIBT.

ERC-721
ERC-20
An Overview of the Technical Components of the KUMA Protocol