Fresh Start Proposal

Fresh start proposal

At the moment Klondike has a lot of debt in the form of kBonds.

https://etherscan.io/token/0xA8c2af8c403704a31F32F0aa70a43e63aFcd54d0

There are 35+ kbonds in circulation that all represent 1 KBTC

To clean out the debt we propose using the KBTC that is currently in surplus inside the stable fund using the migrate function

https://etherscan.io/address/0xd4997a502dc06314afa17e03542f96198f7d36e5

Each Kbond holder need to send their KBond to the 0x0 burn wallet and they will get KBTC airdropped at the ratio of 1kbond=1kbtc into their wallets

Pros;

1. Clears outstanding Kbond debt
2. Allows people to exercise the option to sell their KBTC
3. Allows Klondike to keep stable fund WBTC and remain liquid.

Cons;

1. KBTC in circulation increases greater than demand.
2. WBTC/KBTC pool has low liquidity so any swaps will have high price impact.
3. KBTC will likely remain off PEG until new liquidity inflows

Do you support this proposal?