Kronos DAO — the first decentralized reserve currency protocol, available on the Klaytn chain, based on the KRNO token. Each KRNO token is backed by a basket of assets (e.g. KDAI tokens, KRNO-KDAI LP, etc.) in the Kronos DAO treasury, which gives it an intrinsic value below which it cannot fall. Kronos DAO also brings economic and game-theoretic dynamics to the market through betting and mining.
About the Kronos DAO project
The aim of the Kronos DAO - to build a policy-driven monetary system, embedded in the Klaytn chain. The developers believe that in the long term, this system can help to provide stability and consistency so that KRNO can function as a global unit of account and currency exchange. Klaytn aims to achieve massive blockchain adoption by providing a user-friendly interface and having Klaytn Governance Council corporate consensus nodes. However, the ecosystem is easily affected by market volatility and the decentralization of the ecosystem is sacrificed, which prevents a significant part of the blockchain community from participating in the Klaytn chain. KRNO can function as a currency capable of maintaining its purchasing power regardless of market volatility and become the infrastructure for a decentralized community.
There are two main strategies for market participants - staking and mining:
| 1. | Stakers are betting on their KRNO tokens in exchange for more KRNO tokens. |
| 2. | Miners provide LP or KDAI tokens in exchange for discounted KRNO tokens after a fixed vesting period. |
The main benefit for "stakers" - the increase in supply. The protocol mints new KRNO tokens from the treasury, most of which go to the participants. Thus, the profit for the stakers will come from their balance with automatic compounding, although price risk remains an important factor.
Miners deposit capital up front and are promised a fixed income at a set point in time. This income is given in KRNO tokens, and the miner's profit will depend on the KRNO price. With this in mind, miners benefit from the rising or static price of the KRNO token.
More information about defi app
At a high level, the Kronos DAO consists of its protocol-driven treasury, protocol-owned liquidity, bond mechanism and high-rate rewards that help to drive the expansion of the supply. Linking on the mining page generates profits for the protocol, and the treasury uses the profits to create KRNOs and distributes them to the stakers. With an LP bond, the protocol can accumulate liquidity to ensure system stability. An introductory document is available on the site. Thus, each participant can study the features of the site.
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The smart contract audit is available here.