# Kyoko Introduction
### The Kyoko Origin Story
**As the industry becomes more crowded, there are fewer resources to go around.**
The GameFi market is seeing a surge in the popularity of DAOs and guilds, which is aligned with the growth of the Web3 and GameFi industries. However, numerous organizations with substantial potential are struggling to expand due to limited resources. DAOs face challenges in accessing their Treasury reserves, while Guilds are grappling with a shortage of funds to scale their operations. This underscores the need for blockchain-based credit solutions.
As the popularity of play-to-earn games grows, the cost of entry is increasing, making it challenging for new players to participate. Nevertheless, the play-to-earn market continues to attract thousands of players daily, many of whom aspire to join gaming guilds to reduce the cost of entry. Smaller guilds often lack quick and affordable access to in-game resources, making it difficult for them to grow.
### **Who Is Kyoko?**
**Kyoko offers a comprehensive solution that combines industry financing with enhanced connectivity, all within a single, convenient platform.**
Kyoko is a one-stop platform that provides liquidity to the Web3 and GameFi industries. Its P2P NFT lending platform and cross-chain asset lending market offer a solution to the traditionally illiquid NFT market while lowering the cost of entry into popular P2E titles. This is accomplished by bridging gaming blockchains through a single marketplace for Guilds, investors, and players to bring their game to the next level.
From Bitcoin to Ethereum, DeFi, and NFTs, Kyoko is ready to tackle the challenges that still lie ahead in this emerging market.
### Highlights
**As the industry moves into the GameFi era, Kyoko will remain steadfast in keeping play-to-earn accessible and profitable for all.**
* Kyoko is a P2P NFT lending platform and cross-chain GameFi NFT lending market for Guilds and players.
* Kyoko solves the most pressing issues challenging the GameFi market, including the rising cost of entry and siloed in-game assets across different blockchains, through its innovative cross-chain asset lending platform.
# Peer-to-Pool NFT Lending Platform
Kyoko aims to be the pioneer in decentralized, dual-rate NFT lending protocol by supporting multiple NFT collections. This allows for a one-stop comprehensive solution to NFT market liquidity issues.
Users can participate in the platform as either depositors or borrowers. Depositors can provide ETH liquidity to the market and earn a passive income. On the other hand, borrowers can obtain loans by using NFTs as collateral.
**Kyoko's key differentiator lies in its ability to provide lending pools for multiple NFT collections. This means that the platform is not limited to blue-chip NFT projects, making it accessible to a broader range of users in the NFT market.**
## The Kyoko Solution
One of Kyoko's primary goals is to improve inclusivity in the NFT lending space by allowing for multiple NFT collections to participate in the lending protocol. This is a departure from the current limitation of most NFT lending protocols, which typically cater to blue-chip collections, thereby excluding many other NFT owners from participating in the lending market. By allowing a wider range of NFT collections to be used as collateral, Kyoko is making NFT lending more accessible and inclusive for a broader range of participants.
Furthermore, Kyoko is committed to improving the lending risk control model by employing two key risk variables: time-based liquidation and health score liquidation. This approach helps to construct an effective and diversified risk evaluation mechanism that minimizes lending risk exposure. The time-based liquidation system sets a time limit for borrowers to repay their loans, after which the collateral is automatically liquidated. The health score liquidation system evaluates the overall health of a borrower's portfolio and may trigger liquidation in the event of a decline in portfolio health. By employing these two risk variables, Kyoko aims to provide a safer and more reliable lending platform for NFT owners.
# P2P NFT Lending Introduction
### Kyoko's P2P NFT lending testnet platform was officially released in March 2023
Kyoko aims to become the first decentralized, dual-rate NFT lending protocol that supports multiple NFT collections, providing a comprehensive solution for liquidity issues in the NFT market.
Users can participate in the protocol either as depositors or borrowers. Depositors provide ETH liquidity to the market and earn passive income, while borrowers can obtain loans by using NFTs as collateral.
Kyoko's key differentiator is that it offers lending pools for a wide range of NFT collections, rather than limiting itself to blue-chip NFT projects. This ensures greater inclusivity for NFT owners, making the platform accessible to a broader range of participants.
To ensure the safety and security of its users, Kyoko Protocol will undergo audits and security checks. The platform is completely open source, which means that anyone can interact with it using a user interface client, API, or directly with the smart contracts on the Ethereum network. This allows for the development of third-party services and applications to interact with the protocol, enriching the overall user experience.
Kyoko welcomes everyone to join its community Discord server, where both the team and members of the community are available to provide assistance and support in understanding and utilizing the platform.
### What Problem Is Kyoko Solving?
Kyoko has identified three significant challenges facing NFT financialization protocols:
* Lack of scalability: Currently, only blue-chip NFT collections that have achieved strong price consensus are accepted as collateral. This limits the potential pool of eligible borrowers and the overall scalability of NFT lending platforms.
* Lack of market liquidity: Long-tail or niche NFT assets continue to be impaired by poor liquidity, resulting in unfulfilled demand for lending services in the NFT market. This situation presents a significant obstacle for NFT owners seeking to access liquidity through lending protocols.
* Capital inefficiency for NFT collections: Many NFT collections have low trading volumes and demand, leading to poor price discovery, difficulty in fair asset valuation, and muted transaction activity across the market. These factors present challenges for NFT owners looking to leverage their assets for liquidity.
### What Is the Kyoko Solution?
To address these challenges, Kyoko has implemented the following solutions:
* Expand inclusivity: Kyoko allows for a wider range of NFT collections to participate in the lending protocol, providing greater inclusivity and scalability. This approach ensures that the platform is not limited to blue-chip collections and can cater to a broader range of NFT owners.
* Improve lending risk control: Kyoko's lending risk control model employs two key risk variables – time-based liquidation and health score liquidation – to minimize lending risk exposure. The time-based liquidation system sets a time limit for borrowers to repay their loans, after which the collateral is automatically liquidated. The health score liquidation system evaluates the overall health of a borrower's portfolio and may trigger liquidation in the event of a decline in portfolio health. This approach helps to construct an effective and diversified risk evaluation mechanism, providing a safer and more reliable lending platform for NFT owners.
By expanding inclusivity and improving lending risk control, Kyoko is able to provide greater accessibility, liquidity, and scalability for the NFT market. This approach helps to overcome the challenges currently facing NFT financialization protocols, making it easier for NFT owners to leverage their assets for liquidity.
### How to Use the Kyoko Protocol?
To interact with Kyoko Protocol, you can choose to participate either as a lender or a borrower. As a lender, you can deposit your ETH into the platform and earn passive income based on the market borrowing demand. This is a simple and straightforward way to interact with the protocol.
As a borrower, you can deposit multiple types of NFTs, including blue-chip and emerging NFT collections, as collateral to borrow ETH. This enables you to unlock the value of your NFT assets without having to sell them. The amount of ETH you can borrow is based on the value of your NFT assets and the loan-to-value ratio of the lending pool.
It's important to note that interacting with the protocol requires transaction fees for Ethereum Blockchain usage. These fees depend on the network status and complexity of the transaction. It's recommended to factor in these fees when using the platform, as they can vary depending on the level of network congestion and the gas fees set by the user.
### What Are the Risks of Using Kyoko's Protocol?
It's important to acknowledge that no platform can be considered entirely risk-free, and Kyoko is no exception. The risks associated with the Kyoko platform include smart contract risk (the risk of a bug within the protocol code) and liquidation risk (the risk of collateral liquidation).
However, every possible step has been taken to minimize the risks as much as possible. The Kyoko protocol code is public and open source and independent security audits have been conducted by third-party experts to identify and resolve any vulnerabilities. Additionally, the lending risk control model employed by Kyoko aims to minimize the risk of liquidation by setting a time limit for loan repayment and evaluating the overall health of a borrower's portfolio.
While there are inherent risks associated with any lending platform, Kyoko has taken significant steps to minimize these risks through open-source protocol code and a carefully designed lending risk control model. It is important for users to conduct their own research and fully understand the risks before interacting with the platform.
### Scams and Phishing Attempts
It is important to be aware that Kyoko does not have any downloadable mobile application available. If you come across a mobile app claiming to be Kyoko, it is likely a scam and should be avoided.
It's also worth noting that Kyoko will never ask for your seed passphrase. Seed phrases are private keys that provide access to your crypto wallet, and should be kept confidential at all times. If you are asked for your seed passphrase, it is likely a scam and you should not provide this information.
Kyoko also never advertises on any social media or search engine. If you come across any advertisements claiming to be from Kyoko on these platforms, it is likely a scam or phishing attempt.
# As Lenders: Earning Interest
### Only ETH is acceptable as deposit liquidity
Only ETH could be the borrowing asset, and the oracle machine will use ETH as the unit of account.
As the lenders, you could deposit your ETH and earn the interest.
Browse to the "Deposit" section and click on "Deposit" for the Pools you want to deposit. Select the amount you'd like to deposit and submit your transaction. Once the transaction is confirmed, your deposit is successfully registered and you begin earning interest.
stKYOKO Tokens holders receive continuous earnings that evolve with market conditions based on:
* **The interest rate payment on loans** - depositors share the interests paid by borrowers corresponding to the average borrow rate times the utilization rate. The higher the utilization of a reserve the higher the yield for depositors.
Each pool has its own market of supply and demand with its own APY (Annual Percentage Yield) which evolves with time. You can find the average annual rate over the past 30 days to evaluate the rate evolution, and you can also find more data on the reserve overview of each asset in the home section on the app.
**Is there a minimum or maximum amount to deposit?**
You can deposit any amount you want, there is no minimum or maximum limit. Still, it's important to take into account that for really low amounts it is possible that the transaction cost of the process is higher than the expected earnings. It is recommended that you consider this when depositing very low amounts.
**Can I use stable or variable rate for depositing ETH?**
No, only the variable rate.
### Where are my deposited ETHs stored?
Your funds are allocated in a smart contract. The code of the smart contract is public, open source, formally verified, and audited by third-party auditors. You can withdraw your funds from the pool on-demand or export a tokenized (KETH) version of your lender position. KETH can be moved and traded as any other cryptographic asset on Ethereum.
## How do I withdraw?
To withdraw you need to go to the "Account" section and click on “Withdraw”. Select the amount to withdraw and submit the transaction.
# As Borrowers: Get Instant Loans
### Use NFTs as collateral, Borrow ETH anytime
Kyoko bring instant liquidity for multiple NFT holders. NFT holders can borrow and repay ETH anytime.
Deposit your NFT as collateral for you to be able to borrow Ethereum. Deposited NFTs will be put into an NFT pool as collateral. Collateral will be stored in smart contracts.
Step 1: Deposit NFT as collateral
Step 2: Lend ETH
Step 3: Repay the loan and reclaim the collateral
### What kind of NFTs that Kyoko supports?
Kyoko supports users using NFTs as collateral to borrow ETH. Kyoko supports blue-chip and emerging NFTs, which could be deposited as collateral to borrow the ETH.
### Why would I borrow ETH instead of selling my NFTs?
Selling your assets means closing your position on that particular NFT collection. Hence, if you are long on the asset, you would not be entitled to the potential upside value gain. By borrowing you are able to obtain liquidity (working capital) without selling your NFTs. Users are mainly borrowing for unexpected expenses, leveraging their holdings or for new investment opportunities.
### About Borrow
Before borrowing you need to deposit your ERC721 asset to be used as collateral. After this, simply head to the Borrow section and click on “Borrow” for the asset you want to borrow.
The maximum amount you can borrow depends on the NFT's value you have deposited and the available liquidity. For example, you can’t borrow the ETH if there is not enough liquidity or if your health factor doesn’t allow you to.
### About Repay
You repay your loan in the same asset you borrowed, which is only ETH acceptable. For example, if you borrow 1 ETH you will pay back 1 ETH + interest accrued.
The interest rate you pay for borrowing ETH depends on the borrowing rate which is derived from the supply and demand ratio of ETH. See more in the[ Dual Rates](https://docs.hasai.xyz/risk/dual-rates).
You can find the current borrowing rate in different pools at any time in the Borrowings section of the dashboard.
**How do I payback the loan?**
In order to payback the loan you simply go to the Borrowings section of your dashboard and click on the repay button for the ETH you borrowed and want to repay. Select the amount to pay back and confirm the transaction.
### When do I need to pay back the loan?
If you choose Health factor model, there is no fixed time period to pay back the loan. As long as your position is safe, you can borrow for an undefined period. However, as time passes, the accrued interest will grow making your health factor decrease, which might result in your deposited NFTs becoming more likely to be liquidated.
If you choose Overdue model, you need to pay back the loan in the lending period, or your deposited NFTs need to be liquidated.
See more in the section of[ Risk Models: Health factor or Time-based](https://docs.hasai.xyz/risk/risk-models-health-factor-or-time-based) and[ Dual Rates](https://docs.hasai.xyz/risk/dual-rates).
If you still have any questions or issues, feel free to contact us.
# NFT as the collateral
## NFT as the collateral
Kyoko protocol enables NFT loans through the pooling of funds. Each loan is secured by an NFT collateral acting as a risk mitigation tool against default.
Given the specificities of Kyoko’s evaluation model, the selection of NFTs has been performed with the following constraints:
1. Each additional NFT will slightly increase the gas cost of the borrow and repay actions permanently. The currency must be included in the smart contract, adding complexity and thus costs.
2. Each NFT added to Kyoko protocol as collateral increases the protocol risk of insolvency. From a financial perspective, the assets of Kyoko Protocol are the collaterals, while the liabilities are the loaned amounts. The underlying floor price of assets and liabilities often differ, with loans mostly taken in ETHs and backed by volatile NFTs. This means the protocol is heavily exposed to the failure of supported token systems as well as market fluctuations.
3. A centralized NFT accepted as collateral exposes the protocol to its centralization risk. The single point of failure risks of underlying currencies flow into Kyoko Protocol.
4. Collaterals are the assets of the protocol. To remain solvent, these assets must remain greater than the liabilities, the loans.
# NFT Price Discovery
TBD
# Who can create the pools?
### Who can create a pool?
* The Blue-Chip Pools are officially created by Kyoko team with all parameters, and the qualification of the subsequent Blue-Chip Pools is decided by Dao votes
* The Shared Pool is officially created by Kyoko team with all parameters, and the emerging NFT collections will share the LP in Shared Pool, the NFT collections supported by the Shared Pool are decided by Dao votes.
### DAO Voting
Kyoko‘s DAO governance could propose a vote to change the parameters of any pool by community voting. The DAO's voting decision shall be final
# The Blue-Chip Pools
Kyoko's initial Blue-Chip Pools will support NFTs from the following collections as collateral: BAYC、MAYC、CryptoPunks、Azuki、CLONE-X、Doodles
NFT collections supported in the Shared Pool can be promoted to Blue-Chip Pools
**In Blue-Chip pools, your risks are as follow:**
* Smart contract issues with Kyoko
* Systemic issues with the Blue-Chip NFT collections in this pool
As you can see, risks are different which might make this pool a better choice for you depending on what your concerns in the crypto sphere are.
### **Eligibility requirements**
We will use the vote proposal to set up the blue chip NFT eligibility requirements through governance. When an NFT collection meets these requirements, it will be considered a potential blue chip NFT. And then DAO members can propose adding new blue chip NFTs as collateral on P2P NFT lending.
**The following are the suggested eligibility requirements.**
1. The floor price is over a certain amount of ETH;
2. The market cap is bigger than Floor Price \* 10,000;
3. The number of items is bigger than 5,000;
4. The number of owners is bigger than 1,000;
5. The all-time Trading Volume is more than a certain volume of ETH;
6. The collection has been deployed for more than a certain number of days;
A`ll-time Trading Volume: Total volume of NFT sales of the collection. Suspected wash trades excluded`
| NFT Collections | Floor Price | All-time Trading Volume | Holders |
| --------------- | ----------- | ----------------------- | ------- |
| BAYC | 62.3 ETH | 1.1M ETH | 5.7k |
| CryptoPunks | 59 ETH | 985K ETH | 3.6k |
| MAYC | 13 ETH | 832K ETH | 11k |
| Azuki | 13.72 ETH | 483K ETH | 4.8k |
| Clone X | 2.97 ETH | 383K ETH | 9.6k |
| Doodles | 2.89 ETH | 276K ETH | 5.4k |
| ==== | ==== | ==== | ==== |
# The Shared Pool
The emerging NFT collections will share the Shared Pool as the lending pool. All supported NFT collections in this pool share the same risk factor, lending ratio, liquidation factors, and other parameters.
## Supported NFT
Kyoko's **original Shared Pool** will support NFTs from the following collections as collateral: Meebits, Moonbirds, Otherdeed for Otherside.
NFT collections supported in the community can be promoted to Shared Pools by DAO voting.
## Risk
**In Shared pools, your risks are as follow:**
* Smart contract issues
* Systemic issues with the emerging NFT collections in this pool
**Eligibility requirements**
This proposal is to set up the Shared pool's NFT eligibility requirements through governance. When an NFT collection meets these requirements, it will be considered a potential Shared pool's NFT. And then DAO members can propose adding new Shared pool's NFTs as collateral on P2P NFT lending.
**The following are the suggested eligibility requirements.**
1. The floor price is over a certain amount of ETH;
2. The market cap is bigger than Floor Price \* 10,00;
3. The number of items is bigger than 1,000;
4. The number of owners is bigger than 1,000;
5. The all-time Trading Volume is more than a certain volume of ETH;
6. The collection has been deployed for more than a certain number of days;
A`ll-time Trading Volume: Total volume of NFT sales of the collection. Suspected wash trades excluded`
| NFT Collections | Floor Price | All-time Trading Volume | Holders |
| ----------------------- | ----------- | ----------------------- | ------- |
| Meebits | 2.8 ETH | 194K ETH | 6k |
| Moonbirds | 3.3 ETH | 321K ETH | 6k |
| Otherdeed for Otherside | 1.59 ETH | 669K ETH | 26k |
| ==== | ==== | ==== | ==== |
| ---------------- | ---------- | ------------ | ------------ |
| **Risk Level 1** | **1 ETH** | **50K ETH** | **30 days** |
| **Risk Level 2** | **3 ETH** | **80K ETH** | **90 days** |
| **Risk Level 3** | **10 ETH** | **100K ETH** | **180 days** |
# Risk Models: Health factor or Time-based
## Risk Models: Health factor or Time-based
Kyoko employs two key risk variables – time-based liquidation and health score liquidation – to construct an effective and diversified risk evaluation mechanism that minimizes lending risk exposure.
### Health factor model
Health Factor Liquidation Model could be applied to all kinds of pools.
The health factor is the numeric representation of the safety of your deposited NFT against the borrowed ETH and its underlying value. The higher the value is, the safer the state of your funds are against a liquidation scenario.
The health factor depends on the liquidation threshold of your collateral against the value of your borrowed funds.
It will occur when a borrower's health factor goes below 1 due to their collateral value not properly covering their loan/debt value. This might happen when the collateral decreases in value or the borrowed debt increases in value against each other. This collateral vs loan value ratio is shown in the health factor.
In a liquidation, up to 100% of a borrower's NFTs asset debt could be liquidated by liquidators, so after a liquidation that amount liquidated from debt is repaid.
**How can I avoid getting liquidated?**
To avoid liquidation you can raise your health factor by depositing more collateral assets or repaying part of your loan. By default, repayments increase your health factor more than deposits. Also, it's important to monitor your health factor and keep it high to avoid a liquidation. Keeping your health factor over 2, for example, gives you more of a margin to avoid a liquidation.
You should be mindful of the NFTs price fluctuations due to market conditions and how it might affect your healthfactor. Since only ETH could be the borrowing asset, and the oracle machine will use ETH as unit of account. So the price fluctuations of ETH won't affects your healthfactor.
**What happens when my health factor is reduced?**
Depending on the value fluctuation of your deposited NFTs, the health factor will increase or decrease. If your health factor increases, it will improve your borrow position by making the liquidation threshold more unlikely to be reached. In the case that the value of your collateralised NFTs against the borrowed ETH assets decreases instead, the health factor is also reduced, causing the risk of liquidation to increase.
### Time-based model
The Time-based Liquidation model could be applied to all kinds of pools.
There will be no liquidation during the lending period. Liquidation is based upon time, not price. In the instance of default, NFTs will be sent to an auction for liquidation.
# Risk Framework
## Risk Framework
With billions of locked assets, Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) have boomed in recent years.
The industry has been forming various standards to manage the emerging risks related to the hyper-connected ecosystem. Kyoko will be audited by 3-4 well-known audit firms as detailed in[ Security & Audits](https://docs.hasai.xyz/risk/security-and-audits).
The following documentation analyses the fundamental risks of the protocol and describes the processes in place to mitigate them. A Kyoko Market Risk Assessment has been produced by the quantitative modeling team of Kyoko. The Safety Module have been stress tested via agent-based simulation. The simulations show that the model can remain solvent under extreme market conditions, exhibiting proper risk management. As a result, Kyoko provided some parameter suggestions to reduce insolvency risk further.
If you have any questions, join us on Discord; our team and community members look forward to helping you understand risk management procedures.
### Asset Risk
Asset Risk goes over the implications of adding a new asset. Kyoko's methodology quantifies the risks of each asset assessing its fit as well as the appropriate risk parameters.
### Liquidity Risk
Liquidity Risk presents the liquidity risk mitigation strategies in place validating them by an analysis of the historical utilization of the protocol.
# Dual Rates
All pools can choose a pattern between **the fixed rate model** and **the variable rate model**. The creators of permissionless pools can choose to be the fixed rate available in the creation process.
## **The Fixed Rate**
This kind of rates act as a fixed rate in the short-term, but can be re-balanced in the long-term in response to changes in the utilization and efficiency of the liquidity. The fixed rate, as its name indicates, will remain pretty stable in a specific lending period.
#### fixed rates corresponding to the Overdue Liquidation model
If a pool chooses to apply the fixed rate model, when the borrowers borrow ETH from the variable-rate pool using NFT as collateral, there is ***a fixed-time lending period*** to pay back the ETH. If the borrowers' loan is overdue, the collateralized NFT should be liquidated.
## **The Variable Rate**
The variable rate will change over time and could be the optimal rate depending on liquidity pools condition.
#### Stable rates corresponding to the Health Factor Liquidation model
If a pool chooses to apply the variable rate model, when the borrowers borrow ETH from the variable-rate pool using NFT as collateral, there is ***no*** ***fixed-time lending period*** to pay back the loan. As long as your position is safe, you can borrow for an undefined period. However, as time passes, the accrued interest will grow to make your health factor decrease, which might result in your deposited NFT becoming more likely to be liquidated.
# NFT Risk Parameters
TBD
# Pending Liquidation
## Pending Liquidation
### Two Possibilities
If a borrower's health factor goes below 1 or is in overdue condition, borrower's deposited NFT is in the status of pending liquidation, see more in [Risk Models: Health factor or Time-based.](/how-it-works/peer-to-pool-nft-lending-platform/risk-models-health-factor-or-time-based) There will be two possibilities:
#### Auction Liquidation
A: The first person makes a bid, the liquidation is triggered successfully and the deposited NFT enters the auction process, see more in [Liquidations: Auction Design](#auction-liquidation). If no one follows the auction later, the first person will be the winning bidder.
#### Bad Debt
B: No one makes the bid. Liquidation process won't be triggered, the deposited NFT will stay in the pools and become Bad Debt, see more in the [Bad Debt](#bad-debt).
# Auction liquidation
### Everyone could participate in the liquidation ecosystem.
Liquidations are open to anyone. If a borrower fails to repay their debt obligation, the collateral will be allowed to go into auction. The auction starting price will be equal to the sum of loan principal + interest.
Anyone can participate in auctions, including borrowers. Bidders must first deposit ETH to place bids, and each subsequent bid price must be higher than the last. When a user places a bid, the smart contract will refund the ETH deposit of the previous bidder.
### How long is the public bidding period?
The public bidding period is 24 hours, and each new bid will extend the auction time by one extra hour until the auction period expires.
### Can you give me an example?
Sure! A couple of them here:
User A deposits a BAYC and borrows 10 ETH.
If User A ’s Health Factor drops below 1, his loan will be eligible for liquidation.
In the liquidation process, any liquidator can participate in this auction of BAYC pool collateral. The starting bid is 10ETH+ interest.
After liquidation(Auction), 10ETH + 80% of interest(Interest=Final bid price - Principal) will be allocated to BAYC Lending Pool. The remaining will be sent to the Treasury, as the guaranteed asset of Blue Chip Pools.
For example, User B collateralizes a BAYC and borrows 20ETH with a loan duration of 30 days.
If User B fails to repay the 20ETH within these 30 days, the BAYC NFT will be liquidated and directly entered into an auction.
# Bad Debt
## For The Blue-Chip Pools
If there is a bad debt situation, part of the funds of Kyoko's Treasury will be used to repay the bad debts of the Blue-Chip Pools. Once the Blue-Chip NFT in the Blue-Chip Pools is liquidated and no one participates in the bidding in the auction process, the Kyoko Treasury will hold the bottom of this debt, using treasury funds as the Grant Fund to bid this Blue-Chip NFT.
Treasury income mainly comes from interest.
## For Shared Pools
Pools‘ original liquidity will be used to repay the bad debts of the Shared Pool. Once the NFT in those Pools should be liquidated but no one participates in the bidding process, the Pools' liquidity will hold the bottom of this debt, using liquidity funds to repay the loss of principal and interest of debt NFT.
# Security and Audits
TBD
# Cross-Chain GameFi Assets Lending(CCAL)
### **Earn BIG with a fraction of the cost in CCAL**
Guilds and players need a solution to maximize the utility of their idle in-game assets while also having the ability to borrow new game assets and earn more income. Kyoko's cross-chain asset lending platform allows lenders to list game assets across different blockchains on a single platform, while guilds and players can borrow their desired NFTs to enter new games at a fraction of the cost.
Similar to the Kyoko P2P lending platform, lenders can list their in-game assets, customize cash pledges, lending rates, and deadlines. Borrowers can use the Kyoko cross-chain asset lending platform to find and rent the in-game assets they desire. Once the lender and borrower reach an agreement, the Kyoko platform will automatically execute the transaction and carry out the exchange.
With Kyoko’s cross-chain asset lending platform, guilds and players can monetize their unused in-game assets, while newcomers can play games and earn income more easily than what’s currently possible.
### Get To Know CCAL: Example #1
For example: Alex has one Thetan Legendary Hero with a current value of 15 BNB. He does not plan to continue using the Thetan Legendary Hero to earn income in the next month. However, he does not want to sell it, and he estimates that the price of the asset that he holds will not exceed 20 BNB in the next month.
In this situation, Alex can list to rent out his Thetan Legendary Hero. He specifies the lending requirements, including a cash deposit requirement of 20 BNB, an interest rate of 12%, and a rental term of one month. Interest repayments will be charged when the borrower returns the hero.
Bob's guild wants to extend to Thetan Arena, but does not want to bear the risk of price fluctuations for Heroes. So, Bob can come to Kyoko and find Alex’s asset listing. He deposits an initial 20 BNB to borrow the Hero, and will be required to pay interest on the Hero's loan every week. The Hero will be returned in full after the one month lending period; otherwise, the 20 BNB will be liquidated and transferred to Alex.
In the above example, the determination of the Hero’s value of 20 BNB is completed by Alex, or the lender, and is determined by two parts. The first is the market price of the NFT, or in this case 15 BNB. Second is the margin of safety set by Alex, which accounts for the risk of future NFT price increases, or in this case 5 BNB.
### Get To Know CCAL: Example #2
This is similar to the rental car market. Drivers can list their idle car in the rental market, customize the deposit value, rental amount, and rental period. Borrowers can then pay an initial deposit to rent the car and drive for Uber to earn income.
With Kyoko’s cross-chain asset lending platform, guilds and established players can monetize in-game assets that are not in use, while players are able to play new games and earn income more easily and cheaply than they currently can.
# How to use Cross-Chain GameFi Assets Lending?
## How to use Cross-chain GameFi Assets Lending?
**At present, we have supported several game assets on Ethereum, polygon, BNB chain, etc. For details, you can check here. In addition, we define BNB chain as our main chain, other chains as game chains, and loan transactions are settled through USDT. We are also continuing to cooperate with more games to provide more services. If you want to support a specific game, you can give feedback on the market page. If you are a game project party, you can also contact us by email.**
### Step 1 — Open the Cross-chain GameFi Assets Lending portal
The first thing you need to do is enter the Cross-chain GameFi Assets Lending portal. This can be done by going to [ccal.kyoko.finance](http://ccal.kyoko.finance/) where you will be greeted with the "**Analysis**" page that shows some basic information and statistics about CCAL.
Please ensure that you only follow the official links in this article.
### Step 2 — Connect your wallet
The next step is to connect your wallet. Simply click the "**Launch App**" button in the top right corner.
Here, you can choose from a number of options: MetaMask or other web3 wallets through WalletConnect.
### Step 3 — Go to account page and rent Gamefi NFT
{% hint style="info" %}
Only supported ERC-721 game assets will be displayed, submit more game assets click [here](https://ccal.kyoko.finance/), click the feedback entry in the middle of the page.
{% endhint %}
The GameFi NFTs will appear in "My NFTs > Leisure" of your account. If you want to make an order to rent your game asset NFT, you can click on the specific NFT you want to rent. Then customize the terms such as daily price, period, value and click "**supply**" buttom.
Then click "**Yes**" in the confirmation page.
After the transactions are confirmed ,you will successfully list your NFT. And click "**Back**" to go back to My NFTs page.
### Step 4 — View your deposit NFT
Redirect to Account > My NFTs > Current, you can manager the NFTs that you lend or borrow.
You can click on the specific NFT to edit or withdraw.
### Step 5 — Borrow Gamefi assets NFT
{% hint style="info" %}
Tips: Currently BNB chain is the main chain, you must have enough USDT on BNB chain before borrow the game assets.
{% endhint %}
Enter the **Market**.
Click a game that you are interested in and you could see the assets in lending list.
Choose the NFT that you want to borrow, click it to enter the details page. It contains some information, including price, daily price, lending period, repay date which will be formatted to your local timezone), etc.
If your current network is not the main network (The main network is BNB Chain), the system will ask you to switch to the main network before you can borrow.
Click the "**Borrow**" button if you confirm the details and decide to rent this specifically NFT.
The system will ask you to approve the limitation of your wallet allocation that KYOKO can spent. But this transaction will not be triggered next time except your approved allocation is less than the NFT price. Once you agree on this term, you will get with the borrow transaction.
After you successfully received the GameFi NFT. You can enter the game and start your play to earn trip.
You can manage your NFTs in the Account > My NFTs > Current page. The list shows your borrowed NFTs and rent NFTs.
### Step 6 — Repay Game assets NFT
Enter "My NFTs > Current " of your account. Choose the borrowed NFT that you want to repay. Make sure you will do repay before the deadline date. If you over the date, you will probably be liquidated.
Click the "**Repay**" button, the confirm page will show the borrowed details including interest and rental period.
If the borrowed NFT belongs to other network, which is different from the main net(BNB chain), you need to make a switch first.
After you complete the transactions, you can withdraw your tokens.
Go to "My Orders > Pending" page, you can withdraw your frozen tokens to your wallet.
{% hint style="info" %}
Since cross-chain communication takes several minutes to complete, you may have to wait a while for this step to complete.
{% endhint %}
### Step 7 — Withdraw the interest
If you are the owner of a NFT, you can withdraw your rent interest after the borrower return the NFT, you could check with your "My Orders > Pending" page.
This is the operational flow of all ccal businesses. If you want to know more, or encounter problems during use, please contact us through our official discord for more support.
# FAQ for CCAL
## **1. Why do we need CCAL?**
CCAL is needed in order to maximize the benefits of idle in-game assets. It also provides a platform to lower the cost of game entry for gamers and guilds through low cost in-game asset rentals.
## **2. Who will use CCAL?**
Those who have idle in-game assets will use the CCAL platform to earn additional passive income. Additionally, gamers or guilds who lack the necessary in-game assets but desire to earn income through new games will borrow in-game assets through CCAL.
## **3. What will lenders and borrowers get?**
Lenders receive interest payments based upon the interest rates and rental period as specified in the rental contract. Borrowers receive the in-game assets needed to play a game and earn income.
## **4. What if the borrower does not return the asset?**
Should the borrower default and fail to return the asset, their initial cash deposit will be liquidated and sent directly to the lender.
## **5. At what rate will the borrower pay for the in-game assets?**
Interest rates and other terms of rental are set by the lender.
# Token distribution
**The total token supply is 1,000,000,000 KYOKO tokens to be minted with no possibility for additional future issuances. The tokens will be distributed in the Token Generation Event (TGE) according to the following ratios and allocation groups within the DAO:**
* ***SEED*** - the investors that participated in Kyoko’s seed round - 5% (50,000,000 KYOKO tokens)
* ***PRIVATE*** - the investors that participated in Kyoko’s private funding round - 10% (100,000,000 KYOKO tokens)
* ***STRATEGIC*** - the investors that participated in Kyoko’s strategic round - 7.56% (75,583,333 KYOKO tokens)
* ***TEAM*** - an incentive for core team members for their full-time contribution to our protocol's success - 15.29% (152,883,334 KYOKO tokens)
* ***COMMUNITY GOVERNANCE*** - to expand the community and influence of the Kyoko project - 46.52% (460,520,000 KYOKO tokens)
* ***STAKING REWARDS*** - an incentive for providing liquidity on decentralized exchanges - 10% (100,000,000 KYOKO tokens)
* ***ADVISORS*** - an incentive for the current and future advisors for their contribution to our protocol's success - 4% (40,000,000 KYOKO tokens)
* ***PUBLIC SALE*** - a pool of tokens reserved for public sale - 0.3% (3,000,000 KYOKO tokens)
* **AIRDROP** - for early event participant - 0.5% (5,000,000 KYOKO tokens)
* **LIQUIDITY** - provide liquidity in uniswap - 0.83% (8,333,333 KYOKO tokens)
# Understanding $KYOKO in P2P NFT Lending
## Understanding $KYOKO
KYOKO is used as the centre of gravity of Kyoko Protocol governance. KYOKO is used to vote and decide on the outcome of Kyoko Improvement Proposals (HIPs). Apart from this, KYOKO can be staked within the protocol Safety Module to provide security/insurance to the protocol/depositors. Stakers earn staking rewards and shared income from the protocol.
Documentation on tokenomics and governance will be available in the flash paper and with further detail in the full documentation. Feel free to join the discussion in the governance forum.
The main purposes of the Kyoko DAO token are to incentivize liquidity providers on the Kyoko Finance platform as well as to get as many users involved as possible in the governance of the protocol.
Currently, KYOKO has two main uses: **voting and staking.** Those three things will require you to vote to lock your $KYOKO and acquire veKYOKO.
{% hint style="info" %}
veKYOKO stands for vote-escrowed KYOKO, it is simply KYOKO locked for a period of time. The longer you lock KYOKO for, the more veKYOKO you receive.
{% endhint %}
# Staking (Shared income)
$KYOKO can now be staked (locked) to share the income from the Kyoko protocol. A great proportion of Kyoko protocol income will be distributed to veKYOKO holders.
# Staking your $KYOKO
Once Kyoko project is launched, A great proportion of interest income is distributed to veKYOKO holders, to align incentives between liquidity providers and governance participants (veKYOKO holders).
Collected income will be distributed them to veKYOKO holders. veKYOKO stands for vote escrowed $KYOKO, they are $KYOKO vote locked in the Kyoko DAO.
### Locking your $KYOKO
Once you know how much and how long you wish to lock for, visit the following page: TBD
Enter the amount you want to lock and select your expiry. Remember locking is not reversible. The amount of veKYOKO received will depend on how much and how long you vote for.
You can extend a lock and add $KYOKO to it at any point but you cannot have $KYOKO with different expiry dates.
### Claiming your shared income
[Claiming shared income](https://app.gitbook.com/o/-MbQKd_hAtck3aeWiuyP/s/ZrMiWB6jaq4rBtH5JsRR/~/changes/163/how-it-works/peer-to-pool-p2p/understanding-usdkyoko-in-p2p/staking-shared-income/claiming-shared-income)
### How to calculate the APY for staking $KYOKO?
The formula below can help you calculate the daily APY: TBD
# Claiming shared income
Users who stake $KYOKO can claim shared income as often as you'd like, which is ETH in general situation.
To claim your shared income,
a. Please visit: TBD
b. Look for the green "Claim" button in the box labeled "veKYOKO LP claim" at the bottom of the page.
Every time a trade takes place on Kyoko, A great proportion of the income is collected by the users who have voted locked their KYOKO. Within a fixed term, income is collected from the pools and distributed.
There is a delay before you can first claim your KYOKO after locking.
# Voting
### How to participate in governance?
To participate in governance, Kyoko Finance users need to lock their KYOKO into a voting escrow.
You can do so at this address: TBD
### What are veKYOKO?
veKYOKO stands for voting escrow KYOKO. They are your KYOKO locked for voting. The longer you lock your KYOKO for, the more voting power you have (and the bigger boost you can reach).
Your veKYOKO weight gradually decreases as your escrowed tokens approach their lock expiry. A graph illustrating the decrease can be found at this address: TBD
`Get more voting power by locking your KYOKO for a longer period of time.`
### Can I start voting right away?
You can only vote using your voting weight at the block where a proposal was created.
### How to vote?
Simply visit the proposal of your choice, click your vote option and confirm your transaction. You can find DAO proposals at this address: TBD
### Where can I find out about governance?
# Vote Locking
Answering all your burning questions about the vote locking boost
### What is vote locking?
KYOKO holders can vote lock their KYOKO into the Kyoko DAO to receive Vote-escrowed KYOKO (VeKYOKO). The longer they lock for, the more veKYOKO they receive. Vote locking allows you to vote in governance and receive protocol shared income.
# Governance Mechanism
### Voting on the Kyoko DAO
To vote on the Kyoko DAO, users need to lock vote lock their KYOKO. By doing so, participants can earn a boost on their provided liquidity and vote on all DAO proposals. There is no minimum voting power required to vote.
### Voting Power
veKYOKO stands for vote escrowed KYOKO, it's a locker where users can lock their KYOKO for different lengths of time to gain voting power. Users can lock their KYOKO for a minimum of 30 mins and a maximum of four years. As users with long voting escrow have more stake, they receive more voting power.
### The DAO Dashboard
You can visit the Kyoko DAO dashboard at this address:TBD
On this page, you can find all current and closed votes. All proposals should have a topic on the Kyoko governance forum at this address: TBD
### Submitting proposals
If you wish to create a new official proposal, you should draft a proposal and post it on the governance forum. You must also research that it's possible and gauge interest of the community via the Kyoko Discord, Telegram or Governance forum.
If you're not sure about the technical details of submitting your proposal to the Ethereum blockchain, you can ask a member of the team to help.
# Snapshot
Snapshot is a signalling tool that allows governance participants to signal for free.
As gas fees are here to stay on the Ethereum blockchain, Kyoko governance is now using a tool called Snapshot to allow governance users to signal their preferences on Kyoko proposals.
Whilst this tool doesn't replace governance and will only be used to signal, it's a great way for holders of all sizes to make their voices heard as voting is completely free.
### Voting
Head over to the signalling tool: TBD and connect your Metamask wallet. It should be the one where you hold your veKYOKO (vote locked KYOKO).
Simply review your proposal, select your preferred option and click Vote
You will be prompted by Metamask to sign a transaction which is completely free and your voting vote will be counted according to your voting weight at the moment of the proposal creation.
# Proposals
Once KYOKO holders vote-lock their veKYOKO, they can start voting on various proposals.
### Creating a proposal
Anybody can create proposals but users need to follow the structure of a proposal which can be found by creating a new topic on the governance forum: TBD
Users who create proposals also need to create a corresponding CIP proposal at TBD
Using the signaling tool is completely free (no transaction fees) and you only need 1veKYOKO to create a proposal there.
# Vesting
In order to align the interests of all stakeholders within the DAO, Kyoko includes vesting requirements for all categories except public sale. Lockups per category can be found below:
* ***SEED*** — 6 months cliff followed by 2-year linear vesting
* ***PRIVATE*** — 5 months cliff followed by 2-year linear vesting
* ***STRATEGIC*** — 4 months cliff followed by 1.5-year linear vesting
* ***TEAM*** — 18 months cliff period followed by 36-months vesting
* ***COMMUNITY GOVERNANCE*** — No cliff period, 36 months vesting — tokens can be allocated based on approved governance proposals
* ***STAKING REWARDS***— 12-months cliff period after claiming
* ***ADVISORS*** — 8-months cliff followed by 2-year linear vesting
* ***PUBLIC SALE*** — 33% upon TGE, 33% each quarter after
* **AIRDROP** — 33% upon TGE, 33% each quarter after
* **LIQUIDITY** — No cliff period
***The initial circulation supply will be 10.97 million KYOKO, which is based upon the requirements for public sale and marketing campaigns. Marketing and DAO treasury will be partly unlocked but not brought into circulation as these funds will only be employed upon DAO approval.***
# Stake
**Our staking model rewards long-term platform stakeholders through a time-weighted incentive for reward calculation. After the launch, all token holders (with the exception of locked tokens) are eligible to stake tokens within two different vaults:**
* **KYOKO** → Single-token staking pool. This pool will receive 20% of total liquidity mining rewards.
* **KYOKO/USDT LP** → Dual-token LP composed of 50% **KYOKO** and 50% USDT. This pool will receive 80% of total liquidity mining rewards.
When staking tokens, users can designate a certain lockup period, ranging from zero (flexible) to 52 weeks (locked). The longer period that **KYOKO** tokens are locked, the higher the respective share of the pool and, therefore, the higher rewards that a stake will return.
Below, users can understand a couple of examples of how this mechanism works. These examples are not exhaustive and solely meant to display the differences between locked and flexible for various lockup durations:
* **Staker 1:** Does not lock the underlying tokens (flexible) and therefore gets a weight of **1**
* **Staker 2:** Locks **KYOKO** tokens for 6 months and therefore gets a weight of **1.5**
* **Staker 3:** Locks **KYOKO** tokens for 9 months and therefore gets a weight of **1.75**
* **Staker 4:** Locks **KYOKO** tokens for 12 months and therefore gets a weight of **2**
**1(standard weight) + x/12(where x is the amount of months locked) = time weighted ratio being used.**
Initially, 10% of total **KYOKO** supply will be allocated as liquidity rewards. These 100,000,000 **KYOKO** tokens will be equally distributed and rewarded based upon the above calculation.
# Liquidity Mining
## Contract addresses
| Name | Address |
| ---------------------- | ------------------------------------------ |
| liquidityMiningManager | 0x025aC173Fe1DdD43E435fd190334DEAA2249d3E2 |
| escrowPool | 0x0E70a889F879efe79544D8f5a046537f005B2028 |
| KyokoPool | 0x87Ba0Db3f5A28c829f32C7561268e04177367D9C |
| KyokoLPPool | 0x78fcf2Af781dcF9c0f640185a133C2289528941A |
| view | 0xF455b05bfCeE4FF87e8ffd78B9F2752b3218B537 |
# How to start staking?
## How to stake your KYOKO tokens
### Step 1 — Enter the staking portal
The first thing you need to do is enter the staking portal. This can be done by going to [kyoko.vault.inc](https://kyoko.vault.inc/#/) to connect wallet where you will be greeted with the ‘**Overview**’ page that shows some basic information and statistics about the staking portal.
Please ensure that you only follow the official links in this article.
### Step 2 — Pick your preferred staking pool
After you have connected your wallet, you’re ready to start staking. The next step is to pick the staking pool of your choice. In the main overview, click the large ‘**Stake**’ button, which will open up the screen below. This will show you the available staking pools.
\*Since 80% of the entire staking rewards will go to those providing liquidity, it’s important to understand providing liquidity on Uniswap V2 — Please scroll down for a small tutorial.
**Please understand that providing liquidity on Uniswap V2 is required to stake. Those providing liquidity on Uniswap V3 will not receive rewards.**
* When providing liquidity, make sure you use Uniswap V2 via [this link](https://v2.info.uniswap.org/token/0x14a32f050facf226ec60882398a9bf36d91dbac2)
Prior to staking your tokens, you might want to find out more about each specific pool. To do so, press the ‘**Stake**’ button in white to head to the next screen.
### Step 3 — Pick your settings
You should now choose the settings that work for you. As mentioned above, you have the ability to choose between flexible and locked staking. Locked staking can increase your rewards over time depending on the duration of your lock.
### Step 4 — Approve
After you have chosen your preferred settings, press ‘**Approve**’ as shown below.
A MetaMask prompt (or WalletConnect) will then appear and you’ll have to confirm the transaction. Please review the transaction and the gas fees before confirming your transaction.
After you have confirmed your transaction, please wait patiently as the Ethereum blockchain has to confirm the transaction at the other end.
### Step 5 — Staking
After you have approved the contract to spend your KYOKO tokens, you have to make the second transaction to stake your tokens. Instead of ‘Approve’, you will now see ‘**Stake**’.
Once you press stake, A MetaMask prompt (or WalletConnect) will appear and you’ll have to confirm the transaction. Please review the transaction and the gas fees before confirming your transaction.
### Step 6 — Congratulations!
That’s all there is to it. Once the transaction is confirmed on the Ethereum blockchain, your tokens are then officially staked and you start collecting rewards straight away!
## Providing liquidity on Uniswap V2
### Step 1 — Uniswap overview page
The first thing you do is heading over to the appropriate Uniswap pool. This can be done using the following link:
When you’re on this page, click the ‘**Add Liquidity**’ button as indicated in the image below.
### Step 2 — Enter the amounts
When providing liquidity you need 50% KYOKO tokens and 50% USDT for this specific pool. In this step, you have to decide how many KYOKO tokens you want to use to provide liquidity, and you will see how much USDT you need on the other hand. This is shown in the image below.
### Step 3 — Approve
When you select the right amount, it’s time to approve the transaction by pressing ‘Approve KYOKO’.
Once you press Approve, A MetaMask prompt (or WalletConnect) will appear and you’ll have to confirm the transaction. Please review the transaction and the gas fees before confirming your transaction.
### Step 4 — Supply
Once your transaction is confirmed, you should press '**Supply**',
After you press '**Supply**', you see another screen pop up to confirm your transaction.
Once you press '**Supply**', a MetaMask prompt (or Coinbase Wallet or WalletConnect) will appear and you’ll have to confirm the transaction. Please review the transaction and the gas fees before confirming your transaction.
### Step 5 — Congratulations!
That’s all there is to it! You are now providing liquidity that can be used to stake on the Kyoko staking portal.
## How to claim your KYOKO rewards
Claiming your rewards works in the same way as staking. You simply head over to the ‘**Rewards**’ tab and search for the pool that shows a positive balance in the ‘**Claimable rewards**’ column.
Start by pressing ‘**Claim**’ which will bring up a MetaMask prompt (or WalletConnect) where you have to confirm the transaction. Please review the details and the gas fees before confirming your transaction.
Please be aware that rewards are subject to a 12 month lock as described in our [token vesting](/token/vesting).
### Something Missing?
If you find some parts are confused, you could join our Telegram or Discord to ask any question. Or you could email your suggestions for improvement to , or tweet at the @Kyoko account. We would love to hear from you!
# Business Model
Kyoko’s main sources of income are from its transaction fees and interest margins. Kyoko’s platform will charge 1% on the principal of each P2P loan per transaction and 5% interest on cross-chain asset lending transactions.
100% of Kyoko’s income will be distributed to locked token holders. The specific use of these funds will be decided by voting from the Kyoko DAO.
# Governance
**KYOKO** and/or **veKYOKO** is the governance token of [Kyoko.Finance](https://www.kyoko.finance/). Stakeholders who own the **KYOKO** and/or **veKYOKO** token will be eligible to vote on a series of strategic decisions in the Kyoko ecosystem, including the use of **DAO** Treasury funds, the selection of users eligible for credit loan whitelisting, etc.
## **KYOKO**
The KYOKO token was created to decentralize the management and development of Kyoko's investments and platform.
**Token Contract**: [0x14a32f050FACF226Ec60882398A9BF36d91DBaC2](https://etherscan.io/token/0x14a32f050FACF226Ec60882398A9BF36d91DBaC2)
**Supply**: 1,000,000,000
More information about the KYOKO token can be found [here](/token/token-distribution).
## veKYOKO
veKYOKO tokens are obtained by staking KYOKO tokens. The longer the staking time, the higher the voting weight, and the staking time varies from one week to four years.
## How does the Kyoko Governance work?
Stakeholders can vote to decide which DAOs or guilds can be on the whitelist of DAO2DAO Loans, and users who participate in voting will likely receive future DAOs or guilds token airdrops. At the same time, Kyoko's related ecological development and major decisions are mainly determined by the community's use of governance tokens.
There are initially two powers associated with each governance token:
* The **proposal power** that gives access to creating and sustaining a proposal.
* The **voting power** which is used to vote for or against existing proposals.
## Governance Proposals
The steps for a successful governance proposal are:
1. Create an [Kyoko Request for Comments (KRC)](/token/governance/krcs) to share on the forum and exchange with the community.
2. Use the Kyoko Snapshot to gauge community sentiment and preferences.
3. Prepare the [Kyoko Improvement Proposal (KIP)](/token/governance/kips) based on the rough consensus gathered via snapshot and prepare the necessary payloads.
4. Submit the KIP to the protocol for a governance vote.
# KRCs
Kyoko Request for Comments (KRCs) are the first step in the governance improvement process. Anyone can participate in the Governance Forum, create KRCs, and vote on improvements.
## 1. Submitting an KRC
When submitting a KRC on the governance forum, the post should cover all the information of the potentially final [KIP](/token/governance/kips). This will allow the community to provide feedback, improvements, and if rough consensus is reached via community poll, the successful submission and voting of the KIP.
**Minimum requirements**
At a minimum, the KRC must include:
* Short and concise title of the KRC.
* A short and concise description of the proposal.
* The rationale for the KRC, e.g. why?
* The title of the forum post must include 'KRC:' with the short title of the KRC. E.g. `KRC: Add X DAO to the Credit Whitelist.`
* A community poll that community members can use to vote.
## 2. Commenting / discussion period
Once posted on the governance forum, all questions and comments should be replied to and taken into consideration, to further improve the KRC.
A snapshot vote is recommended to gather community feedback and the preferred path. This snapshot allows to reach a rought consensus to maximize the chances of positive outcome of the [KIP submission](/token/governance/kips).
# KIPs
Kyoko Improvement Proposal (KIP) may be created and submitted by any community member who has sufficient proposition power. Its recommended to start with an [KRC](/token/governance/krcs) to gather feedback on the governance forums, then move to a snapshot poll to reach rough consensus then finally move to the KIP phase.
## 1. Writing a KIP
The KIP number will be assigned by a KIP reviewer, and the KIP status should start at `WIP` (Work In Progress). The KIP should include all the relevant information as well as links to the forum discussion and snapshot vote.
## 2. Preparing the KIP for on-chain governance
Once the KIP pull request has been polished and reviewed, it becomes ready for on-chain governance. This requires the following technical steps:
* The reviewed KIP is merged into the KIP repository.
* The reviewed KIP is parsed and created in snapshot.
* The payload is reviewed and sufficiently tested.
## 3. Submitting the KIP on snapshot vote
A community member with enough proposition power is now able to submit the KIP on snapshot vote.
Once a proposal has passed, changes will be implemented by Kyoko's protocol or operations team and signed by the multi-sig, if necessary.
# Voting(Snapshot)
Coming soon
# Roadmap
**Phase I: \[2022.Q4-2023.Q1]**
Upgrade Tokenomics
P2P NFT Lending 2.0 model design
P2P NFT Lending 2.0 Smart contract development
P2P NFT Lending 2.0 ALPHA TESTING
Community building
CCAL Marketing promotion
**Phase ll: \[2023.Q1-2023.Q2]**
P2P NFT Lending 2.0 Smart contract audit
Products promotion activities
Platform optimization
App prototype
P2P 2.0 Beta launch and public launch
**Phase Ill: \[2023.Q3]**
Listed on CEXs (TBD)
Community growth activities
Collaboration with top-tier KOLs and PR resources
NFT, Games and guilds communities collaboration
# Security and auditing
Kyoko takes a security-first approach to protect users from security vulnerabilities and other incidents. The team is determined to achieve maximum security for all stakeholders of the Kyoko.Finance ecosystem. We aim to be fully transparent in our actions, while we partner with some of the top audit agencies to audit all Kyoko public contracts and maintain rigorous industry standards. Audit reports will be published shortly. For additional security, activity that impacts the Kyoko DAO will be subject to multi-sig signings.
### Matrix Security Report Audits:
[DAO to DAO Loans](https://github.com/kyoko-finance/kyoko-audit-reports/blob/main/g2g/Matrix_security_G2G_Version_Final.pdf)
[P2P NFT Lending](https://github.com/kyoko-finance/kyoko-audit-reports/blob/main/p2p/Matrix_security_P2P_Version_Final.pdf)
[Cross-Chain GameFi Assets Lending](https://github.com/kyoko-finance/kyoko-audit-reports/blob/main/ccal/Matrix_security_CCAL_Version_final.pdf)
### CERTIK Report Audits:
[DAO to DAO Loans](https://github.com/kyoko-finance/kyoko-audit-reports/blob/main/g2g/CertiK_REP-Kyoko--g2g__final-20220402T033958Z.pdf)
[P2P NFT Lending](https://github.com/kyoko-finance/kyoko-audit-reports/blob/main/p2p/CeritK_REP-Kyoko--p2p__final-20220402T081136Z.pdf)
[Cross-Chain GameFi Assets Lending](https://github.com/kyoko-finance/kyoko-audit-reports/tree/main/ccal)
# Contact
**For general inquiries, please reach out to** e**.**
# P2P NFT Lending
The P2P NFT Lending protocol is one of the Kyoko products that aims to provide the solution for NFTs liquidity.
The following contracts are released on the Ethereum:
| Contracts | Code | Address |
| ------------- | --------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------- |
| LenderToken | [Github](https://github.com/kyoko-finance/kyoko-p2p-contract/blob/main/contracts/LenderToken.sol) | [0xB9f42598cbaF93B023cbBE87CD636e77B6cE68B8](https://etherscan.io/address/0xB9f42598cbaF93B023cbBE87CD636e77B6cE68B8#code) |
| KyokoP2P | [Github](https://github.com/kyoko-finance/kyoko-p2p-contract/blob/main/contracts/KyokoP2P.sol) | [0x15e904D6d9188FA0ED26D419D4df74F131D798a3](https://etherscan.io/address/0x15e904D6d9188FA0ED26D419D4df74F131D798a3#code) |
| Configuration | [Github](https://github.com/kyoko-finance/kyoko-p2p-contract/blob/main/contracts/Configuration.sol) | [0x4e24596a6484f5b45Cf4C7708F6f652Ee034b235](https://etherscan.io/address/0x4e24596a6484f5b45Cf4C7708F6f652Ee034b235#code) |
At present, all permissions are took over by the multi-signature management to ensure the protection from hacker attacks.
Multi-Sign Address: 0x87ee0Ff5628cDA2F03120B6F727699021A52a842
# Cross-Chain GameFi Assets Lending(CCAL)
At present, the contract has been released to Ethereum, Ploygon and BNB chain. We will update this section as more chains are supported.
| Chain | Type | Contracts | Code | Address |
| --------- | ---------- | ------------- | ---------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------- |
| BNB chain | Main Chain | CCALMainChain | [Github](https://github.com/kyoko-finance/kyoko-ccal-contract/blob/lz-version/contracts/CCALMainChain.sol) | [0xBAAe1e6093a62Ee6c0BE2eCfC8caD75364ba1a7D](https://bscscan.com/address/0xbaae1e6093a62ee6c0be2ecfc8cad75364ba1a7d#code) |
| ethereum | SubChain | CCALSubChain | [Github](https://github.com/kyoko-finance/kyoko-ccal-contract/blob/lz-version/contracts/CCALSubChain.sol) | [0xBAAe1e6093a62Ee6c0BE2eCfC8caD75364ba1a7D](https://etherscan.io/address/0xBAAe1e6093a62Ee6c0BE2eCfC8caD75364ba1a7D#code) |
| ploygon | SubChain | CCALSubChain | [Github](https://github.com/kyoko-finance/kyoko-ccal-contract/blob/lz-version/contracts/CCALSubChain.sol) | [0xBeF94bD396116e146A284e6d30153dA07B39bc60](https://polygonscan.com/address/0xbef94bd396116e146a284e6d30153da07b39bc60#code) |
At present, all permissions are took over by the multi-signature management to ensure the protection from hacker attacks.
Multi-Sign Address: 0xbe6988559f8E5B8F4C90E885510aA04aB30B32ed
# P2P NFT Lending testnet
## Preparatory Phase
**Step 1:** Users need to claim the Goerli ETH. You can access the Goerli ETH faucet at and obtain Goerli ETH, or you can get it in other ways.
**Step 2:** Users can obtain test NFTs by accessing the following website: . Please note that obtaining test NFTs will consume Goerli ETH.
**Step 3:** You need to access the correct website. You can access the Peer-to-Pool NFT Lending testnet product directly through the official website or directly through the link access:
**Step 4:** You need to connect your wallet. You can click the "Launch App" button on the right-hand side of the webpage and connect your wallet. You need to switch to the Goerli network afterward, and then you can start exploring the testnet version of the P2P NFT Lending product.
## As a Liquidity provider
In the testnet version, users can experience the role of a liquidity provider.
**Step 1:** Choose your interested NFT collection and click the "Detail" button.
**Step 2:** Click the "Deposit" button on the right-hand side and deposit the ETH you want to deposit by clicking the "Confirm" button.
## As a Borrower
In the testnet version, users can experience the role of a borrower. You can borrow ETH against your NFT.
**Step 1:** you need to obtain test NFTs. You can find relevant tutorials in the preparatory phase.
**Step 2:** Choose your interested NFT collection and click the "Detail" button.
**Step 3:** Click the "Borrow" button on the left-hand side and select the mode of borrowing you are interested in. You can choose the "Stable" mode based on time-based fixed interest rates or the "Variable" mode based on health-based variable interest rates.
## As an Active Receiver
In the test version, users can experience the role of a receiver. You can actively liquidate NFTs from other lenders.
**Step 1:** You need to note that before you can liquidate NFTs from other lenders, other users need to deposit their NFTs into the corresponding pools. Therefore, you need to select the NFT collection that has been deposited into the pools.
**Step 2:** View the detailed information of the NFT.
**Step 3:** Based on your psychological price, make an offer.
**Step 4:** Once you have made a successful bid, your bid will automatically be displayed in the "Auction" section, and once the auction period is over and you have the highest bid, you can claim this NFT directly.
# Cross-Chain GameFi Assets Lending(CCAL)
## How to use Cross-chain GameFi Assets Lending(Testnet)?
### Step 1 — Open the Cross-chain GameFi Assets Lending portal
The first thing you need to do is enter the Cross-chain GameFi Assets Lending portal. This can be done by going to [ccal.kyoko.finance](http://ccal.kyoko.finance/) where you will be greeted with the "**Analysis**" page that shows some basic information and statistics about CCAL.
Please ensure that you only follow the official links in this article.
### Step 2 — Connect your wallet
The next step is to connect your wallet. Simply click the "**Launch App**" button in the top right corner.
Here, you can choose from a number of options: MetaMask or other web3 wallets through WalletConnect.
### Step 3 — Go to account page and rent Gamefi NFT
{% hint style="info" %}
*You can mint a test ERC-721 token(NFT) in the Join Test page*.
{% endhint %}
The GameFi NFTs will appear in "My NFTs > Leisure" of your account. If you want to make an order to rent your game asset NFT, you can click on the specific NFT you want to rent. Then customize the terms such as daily price, period, value and click "**supply**" buttom.
Then click "**Yes**" in the confirmation page.
After the transactions are confirmed ,you will successfully list your NFT. And click "**Back**" to go back to My NFTs page.
### Step 4 — View your deposit NFT
Redirect to Account > My NFTs > Current, you can manager the NFTs that you lend or borrow.
You can click on the specific NFT to edit or withdraw.
### Step 5 — Borrow Gamefi assets NFT
Enter the **Market**.
Click a game that you are interested in and you could see the assets in lending list.
Choose the NFT that you want to borrow, click it to enter the details page. It contains some information, including price, daily price, lending period, repay date which will be formatted to your local timezone), etc.
If your current network is not the main network (The main network is temporary set to BSC), the system will ask you to switch to the main network before you can borrow.
Click the "**Borrow**" button if you confirm the details and decide to rent this specifically NFT.
{% hint style="info" %}
*You should mint ERC-20 tokens first in the Join Test page to get Wallet Balance.*
{% endhint %}
The system will ask you to approve the limitation of your wallet allocation that KYOKO can spent. But this transaction will not be triggered next time except your approved allocation is less than the NFT price. Once you agree on this term, you will get with the borrow transaction.
After you successfully received the GameFi NFT. You can enter the game and start your play to earn trip(Not available in the testnet).
You can manage your NFTs in the Account > My NFTs > Current page. The list shows your borrowed NFTs and rent NFTs.
### Step 6 — Repay Game assets NFT
Enter "My NFTs > Current " of your account. Choose the borrowed NFT that you want to repay. Make sure you will do repay before the deadline date. If you over the date, you will probably be liquidated.
Click the "**Repay**" button, the confirm page will show the borrowed details including interest and rental period.
If the borrowed NFT belongs to other network, which is different from the main net, you need to make a switch first.
After you complete the transactions, you can withdraw your tokens.
Go to "My Orders > Pending" page, you can withdraw your frozen tokens to your wallet.
### Step 7 — Withdraw the interest
If you are the owner of a NFT, you can withdraw your rent interest after the borrower return the NFT, you could check with your "My Orders > Pending" page.
### Something Missing?
If something is missing in the documentation or if you find some parts are confused, you could ask in Kyoko communities, or email us with improvement to , or tweet at the [@Kyoko account](https://twitter.com/kyokoFinance). We would love to hear from you!
# TERMS OF SERVICE
## TERMS OF SERVICE
### Introduction
Welcome to Kyoko (“Company”, “we”, “our”, “us”)!
These Terms of Service (“Terms”, “Terms of Service”) govern your use of our website located at hasai.xyz (together or individually “Service”) operated by hasai.
Our Privacy Policy also governs your use of our Service and explains how we collect, safeguard and disclose information that results from your use of our web pages.
Your agreement with us includes these Terms and our Privacy Policy (“Agreements”). You acknowledge that you have read and understood Agreements, and agree to be bound of them.
If you do not agree with (or cannot comply with) Agreements, then you may not use the Service. These Terms apply to all visitors, users and others who wish to access or use Service.
### Assumption of Risk
You accept and acknowledge:
* The value of an NFTs is subjective. Prices of NFTs are subject to volatility and fluctuations in the price of cryptocurrency can also materially and adversely affect NFT prices. You acknowledge that you fully understand this subjectivity and volatility and that you may lose money.
* A lack of use or public interest in the creation and development of distributed ecosystems could negatively impact the development of those ecosystems and related applications, and could therefore also negatively impact the potential utility of NFTs.
* The regulatory regime governing blockchain technologies, non-fungible tokens, cryptocurrency, and other crypto-based items is uncertain, and new regulations or policies may materially adversely affect the development of the Service and the utility of NFTs.
* You are solely responsible for determining what, if any, taxes apply to your transactions. hasai is not responsible for determining the taxes that apply to your NFTs.
* There are risks associated with purchasing items associated with content created by third parties through peer-to-peer transactions, including but not limited to, the risk of purchasing counterfeit items, mislabeled items, items that are vulnerable to metadata decay, items on smart contracts with bugs, and items that may become untransferable. You represent and warrant that you have done sufficient research before making any decisions to sell, obtain, transfer, or otherwise interact with any NFTs or accounts/collections.
* We do not control the public blockchains that you are interacting with and we do not control certain smart contracts and protocols that may be integral to your ability to complete transactions on these public blockchains. Additionally, blockchain transactions are irreversible and Kyoko has no ability to reverse any transactions on the blockchain.
* There are risks associated with using Internet and blockchain based products, including, but not limited to, the risk associated with hardware, software, and Internet connections, the risk of malicious software introduction, and the risk that third parties may obtain unauthorized access to your third-party wallet or Account. You accept and acknowledge that Kyoko will not be responsible for any communication failures, disruptions, errors, distortions or delays you may experience when using the Service or any Blockchain network, however caused.
* The Service relies on third-party platforms and/or vendors. If we are unable to maintain a good relationship with such platform providers and/or vendors; if the terms and conditions or pricing of such platform providers and/or vendors change; if we violate or cannot comply with the terms and conditions of such platforms and/or vendors; or if any of such platforms and/or vendors loses market share or falls out of favor or is unavailable for a prolonged period of time, access to and use of the Service will suffer.
* Kyoko reserves the right to hide collections, contracts, and items affected by any of these issues or by other issues. Items you purchase may become inaccessible on Kyoko. Under no circumstances shall the inability to view items on Kyoko or an inability to use the Service in conjunction with the purchase, sale, or transfer of items available on any blockchains serve as grounds for a claim against Kyoko.
* If you have a dispute with one or more users, YOU RELEASE US FROM CLAIMS, DEMANDS, AND DAMAGES OF EVERY KIND AND NATURE, KNOWN AND UNKNOWN, ARISING OUT OF OR IN ANY WAY CONNECTED WITH SUCH DISPUTES. IN ENTERING INTO THIS RELEASE YOU EXPRESSLY WAIVE ANY PROTECTIONS (WHETHER STATUTORY OR OTHERWISE) THAT WOULD OTHERWISE LIMIT THE COVERAGE OF THIS RELEASE TO INCLUDE THOSE CLAIMS WHICH YOU MAY KNOW OR SUSPECT TO EXIST IN YOUR FAVOR AT THE TIME OF AGREEING TO THIS RELEASE.
### Proprietary Rights
The intellectual property generated by core contributors to Kyoko are the property of Kyoko. You may not distribute, modify, transmit, reuse, download, repost, copy, or use said Content, whether in whole or in part, for commercial purposes or for personal gain, without express advance written permission from us.
### Third-Party Content and Services
Kyoko helps you explore NFTs created by third parties and interact with different blockchains. Kyoko does not make any representations or warranties about this third-party content visible through our Service, including any content associated with NFTs displayed on the Service, and you bear responsibility for verifying the legitimacy, authenticity, and legality of NFTs that you purchase from third-party sellers. We also cannot guarantee that any NFTs visible on markets will always remain visible and/or available to be borrowed, bought, sold, or transferred.
###
### Prohibited Uses
You may use Service only for lawful purposes and in accordance with Terms. You agree not to use Service:
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### Analytics
We may use third-party Service Providers to monitor and analyze the use of our Service.
### No Use By Minors
Service is intended only for access and use by individuals at least eighteen (18) years old. By accessing or using Service, you warrant and represent that you are at least eighteen (18) years of age and with the full authority, right, and capacity to enter into this agreement and abide by all of the terms and conditions of Terms. If you are not at least eighteen (18) years old, you are prohibited from both the access and usage of Service.
### Intellectual Property
Service and its original content (excluding Content provided by users), features and functionality are and will remain the exclusive property of Kyoko and its licensors. Service is protected by copyright, trademark, and other laws of and foreign countries. Our trademarks may not be used in connection with any product or service without the prior written consent of Kyoko.
### Copyright Policy
We respect the intellectual property rights of others. It is our policy to respond to any claim that Content posted on Service infringes on the copyright or other intellectual property rights (“Infringement”) of any person or entity.
If you are a copyright owner, or authorized on behalf of one, and you believe that the copyrighted work has been copied in a way that constitutes copyright infringement, please submit your claim via Email
You may be held accountable for damages (including costs and attorneys’ fees) for misrepresentation or bad-faith claims on the infringement of any Content found on and/or through Service on your copyright.
### DMCA Notice and Procedure for Copyright Infringement Claims
You may submit a notification pursuant to the Digital Millennium Copyright Act (DMCA) by providing our Copyright Agent with the following information in writing (see 17 U.S.C 512(c)(3) for further detail):
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You may provide us either directly on Discord at or via third party sites and tools with information and feedback concerning errors, suggestions for improvements, ideas, problems, complaints, and other matters related to our Service (“Feedback”). You acknowledge and agree that: (i) you shall not retain, acquire or assert any intellectual property right or other right, title or interest in or to the Feedback; (ii) Company may have development ideas similar to the Feedback; (iii) Feedback does not contain confidential information or proprietary information from you or any third party; and (iv) Company is not under any obligation of confidentiality with respect to the Feedback. In the event the transfer of the ownership to the Feedback is not possible due to applicable mandatory laws, you grant Company and its affiliates an exclusive, transferable, irrevocable, free-of-charge, sub-licensable, unlimited and perpetual right to use (including copy, modify, create derivative works, publish, distribute and commercialize) Feedback in any manner and for any purpose.
### Links To Other Web Sites
Our Service may contain links to third party web sites or services that are not owned or controlled by Kyoko.
Kyoko has no control over, and assumes no responsibility for the content, privacy policies, or practices of any third party web sites or services. We do not warrant the offerings of any of these entities/individuals or their websites.
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WE STRONGLY ADVISE YOU TO READ THE TERMS OF SERVICE AND PRIVACY POLICIES OF ANY THIRD PARTY WEB SITES OR SERVICES THAT YOU VISIT.
### Disclaimer Of Warranty
THESE SERVICES ARE PROVIDED BY COMPANY ON AN “AS IS” AND “AS AVAILABLE” BASIS. COMPANY MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, AS TO THE OPERATION OF THEIR SERVICES, OR THE INFORMATION, CONTENT OR MATERIALS INCLUDED THEREIN. YOU EXPRESSLY AGREE THAT YOUR USE OF THESE SERVICES, THEIR CONTENT, AND ANY SERVICES OR ITEMS OBTAINED FROM US IS AT YOUR SOLE RISK.
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THE FOREGOING DOES NOT AFFECT ANY WARRANTIES WHICH CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.
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### Termination
We may terminate or suspend your account and bar access to Service immediately, without prior notice or liability, under our sole discretion, for any reason whatsoever and without limitation, including but not limited to a breach of Terms.
If you wish to terminate your account, you may simply discontinue using Service.
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### Changes To Service
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### Amendments To Terms
We may amend Terms at any time by posting the amended terms on this site. It is your responsibility to review these Terms periodically.
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### Waiver And Severability
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### Contact Us
Please send your feedback, comments, and requests for support via Email
