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Following KIP-2, the KUMA Protocol has been deployed on Ethereum. As KIBT are fully transferable, KIBT holders can use them in the whole DeFi ecosystem, thus increasing capital efficiency for token holders.
There are two versions of KUMA's KIBT tokens, namely KIBT (e.g. USK) and wKIBT (e.g. wUSK). Both are fungible tokens, but they reflect the accrued staking rewards in different ways. KIBT (e.g. USK) implements rebasing mechanics which means the KIBT (e.g. USK) balance increases periodically. On the contrary, wKIBT (e.g. wUSK) balance is constant, while the token increases in value eventually (denominated in KIBT). At any moment, any amount of KIBT (e.g. USK) can be converted to wKIBT (e.g. wUSK) via a trustless wrapper and vice versa, thus tokens effectively share liquidity.
When wrapping KIBT to wKIBT, the desired amount of KIBT is locked on the wKIBT contract balance, and the wKIBT is minted according the KIBT/wKIBT exchange rate.
When unwrapping, wKIBT gets burnt and the corresponding amount of KIBT gets unlocked.
Thus, the amount of KIBT unlocked when unwrapping is different from what has been initially wrapped (given a rebase happened between wrapping and unwrapping KIBT).
These price feeds are built and maintained by Mimo Labs.