New synthetics are here! The protocol is starting off with kxUSD, a USD pegged algorithmic stablecoin. Why kxUSD? The dollar continues to dominate in volumes across all platforms, being the main medium of exchange. That, and the arbitrage possibilities of algo stablecoins, are a powerful way to grow the liquidity pool of Klondike protocol. Just look at this:

But the design has its own flaws. The stabilization fund model of Klondike protocol is more applicable for the working ape tax model. It has proven to work with kBTC amassing about 10M USD in WBTC a few weeks back!

The community…


We’re ready to introduce a new USD pegged synthetic token as previously announced — kxUSD. Our choice fell on USD because it’s the most popular asset and we believe that it will help the protocol to get more adoption. The community was rightfully expecting it all this time! Always…

Farming with kxUSD

A new token means a new farming opportunity! The kxUSD<>DAI pool farming will start in the following days right after the initial kxUSD distribution. …


Dear Klondikers, congrats on the successful tokenswap! The migration took place from 23 March 6 PM UTC to 30 March 6 PM UTC.

Tokenswap stats:

KLON supply was originally set to 1,000,000 KLON. With the changes to the protocol pre-v2 version, 306,250 KLON left in V1 and were not swapped according the proposal, majorly reducing the FDV and making KLONX holders more whole as the dilution is now also reduced.

Total KLON swapped to KLONX — 452,596. Users swapped 146,344 tokens. 2,297 KLON left in V1 by users, 2297/(146344+2297)=1.5%. This shows that the community is super active and was almost fully able to migrate in a short timeframe. Good job everyone!

KLONX token contract: 0xbf15797bb5e47f6fb094a4abdb2cfc43f77179ef

In 48 hours we’ll publish the article on next moves and synthetics, stay tuned!


The Tokenswap period:
Start — 6:00 pm UTC March 23
End — 6:00 pm UTC March 30

We’ve prepared everything for the migration and presenting full manuals to perform the tokenswap for the Klondike community. Let’s go!

How to migrate kBTC<>wBTC liquidity to v.2:

1. Go to v.1 KBTC<>wBTC staking page https://v1.klondike.finance/bank/WBTCKBTCLPTokenKlonPool

2. Withdraw LP tokens and farmed Klon tokens by “Settle & Withdraw” button

3. Go to v.2 KBTC<>wBTC staking page https://klondike.finance/bank/KWBTCWBTCLPKlonXPool

4. Approve KBTC<>WBTC (if after TX confirmation approve button won’t disappear, reload page)


V.2 launch timeline

March 21 — start of the process of transferring the protocol to V.2

The first step is to transfer KLON from timelock contract to mutisig klondike contract (with 2 days freeze period). Swap operations will be made from multisig wallet.

March 22 — V.2 contracts deployment

1. Dev fund ETH transfer to deployer

2. Contracts deployment

3. During deployment KlonX<>WBTC Uniswap pool will be created

4. Migration of the old treasury and boardroom to the new treasury and boardroom starts (and lasts 2 days on the timelock contract)

We’ll be happy to hear community feedback and answer any questions regarding the contracts. You can check the contracts in our public dashboard (connected wallet needed). …


We’re looking for community support on our way to Klondike V.2 and tokenomics update.

On Wednesday March 17 we’ll share the vote at https://snapshot.org/#/klondike.eth on token swap from KLON to the new token — DIKE.

We want to get your feedback prior to the vote start.

Why do we need an upgrade and token swap?

Initially KLON<>WBTC pool worked perfectly to bootstrap liquidity, but now it doesn’t benefit the protocol and the initial farming mechanism can’t be changed (yes, it’s smart contracts — no admin keys here). This pool works as designed — it gives some liquidity, but also dilutes the holders of KLON token. …


Hi Klondike miners!

In an effort to improve the protocol and grow the value of KLON, we have previously mentioned some ideas which we believe would be beneficial for further expansion. One of such points was the idea for econ 2.0.

We were humbled to see so many community members reach out to us with ideas and their proposals to the draft. Let’s dive into all things inflation!

Let’s start off with why we and the community thought the changes would be needed. Continuous inflation of KLON is an incentive to provide liquidity and create liquid secondary market for synthetic…


Exactly one month has passed since the start of Klondike Finance. From the very first day, hundreds of prospectors joined the Future-of-France goldrush and mined KLON. “And, how has it been so far?” — you might ask. Overall, much warmer than the local miners had it in the past.

In this article, we will recap the first month of Klondike protocol being live. We will also propose some ideas for the future steps. Put your shovels aside for a few minutes and read up!

  • Stabilization Fund and Treasury are well capitalized
  • Proposal to completely stop KLON inflation
  • Proposal for new…


In this post, we want to summarise the first rebase and our conclusions.

It should be said that we consider Klondike as a long-term project. Therefore everything that is happening now is extremely important — the calibration of the system will directly affect the stability during scaling. As an example, let’s look at our “primary source” — Basis.Cash and its numerous forks (Mithril etc.): the very first rebases caused a huge increase in the supply and which let to the inability to keep the peg. We decided to move in a fundamentally different way — progressively, gradually, step by step.


In the previous posts we described the vision we set on with Klondike. Now it’s time to move further and discuss some of the ideas for the 2021 roadmap. As the DAO would be taking over and the community growing, the roadmap can extend much further, what has happened to Sushi as well.

  1. Bootstrapping of debt market
  2. Building new synthetic tokens
  3. DAO governance and tokenomics update
  4. Migration of K-tokens to L2
  5. Bootstrapping Klondike Ecosystem

Stage 1:

Bootstrapping the debt market

Building a large liquid debt market is an extremely difficult task, and so far none of the seigniorage coins have coped with this task well. …

Klondike

Algorithmic synthetics platform

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