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What’s next for Kinto…
Recorded: Aug. 14, 2025 Duration: 0:20:18Space Recording
Short Summary
Kinto's recent updates reveal a robust recovery strategy post-hack, including a token relaunch, new market maker partnerships, and extended staking opportunities, all aimed at enhancing liquidity and user engagement in the DeFi space.
Full Transcription
Music Thank you. Music Thank you. Music hi everyone um so i think we can get started i'd just like to say uh straight off the bat thank
you everyone for being here um it's been you know a crazy time for kinto since the relaunch
and yeah of course it wouldn't be
possible without any of the fantastic support we have received from our community including of
course everybody at off-chain labs and arbitrome as well um so we would just like to do the spaces
to kind of give you an update on where we are um and talk about what's going to happen next
um so ramon i think let's get straight to it. Why don't we have a recap of what we have
achieved so far post-hack? Everything from financing to relisting to how the token relaunch
has gone and what's happened since. Thank you, Hannah. And thank you again, everyone for joining.
Thank you, Arbitrum, for supporting us all the way through these few weeks that have been like hell.
Or hell could be an understatement.
As people know, a month ago there was a hack on EBM Block Explorers and the standard ERC proxy contract
that basically allowed the hacker to take control of different proxies.
And in our case, our network was not affected, our
Kinto wallet was not affected, the only thing that was affected was our token contract of
Kinto on Arbitrum and because of that the hacker was able to mint millions of fake tokens,
more than they were available, that they should be available and circulating and they basically use those tokens to remove
all the liquidity from Uniswap and also take like 800,000 from Morpho.
Since that moment, a few hours after that we already put forward a plan in order to
restore the working of the token, to come back and do the release thing then to make all this all the supplies from Morpho and
Royco Hall and at the same time kickstart liquidity again in Uniswap to go back trading as soon as
possible and we work day and night for several weeks with the most difficult part thinking with
all decentralized exchanges to be able to to release at the same time and then we also had to change our ticker because there was another project that was just launching at the same time.
And it was confusing for users, so we also changed our ticker in centralized exchanges from K to Kinto moving forward.
And that's basically the immediate steps we took. To make these steps happen, we had to raise first some debt
using wildcard markets plus some equity through a few angel investors
and Mark from Corriente Capital to be able to make all this plan
kind of fruition.
Thanks a lot, Ramon.
Yeah, it's been a crazy few weeks and the team have achieved so
much so yeah it's really something for everybody to be proud of and again like the community who
were incredibly supportive throughout this process so we really appreciate it um it'll be good to go
for like the immediate impacts and next steps so first of all the community are aware that you know
season two of Kinto staking has been extended for two weeks. Can people still join for season two?
How exactly is the rest of that going to play out? And it would also be really good to have
an update on the status of the recovery for the Morpho and Royco vaults. Those are the two most
common things I see being asked by the community at the moment. Perfect. Yeah, now you can see we
are back to trading. So that's great. The liquidity is also back in Uniswap.
And we have a new market maker also that is going to come online on Monday. So you can expect much more liquidity, less volatility.
That should help the project in general in all the markets available moving forward.
Now, because our markets were frozen for a month.
Now that we are back trading,
we have to do a lot of work to bring things back to normal.
One of them is the staking seasons.
As you knew, initially,
we were going to distribute an arbitrum airdrop this week.
It should have already happened,
but because of all the things
that happened we have been forced to delay it a little bit and will distribute it on Monday next
week which means in order to be able to have time to distribute the remaining airdrops of this
season we extend at the end of the season until the end of the month. And yet you can still stake
but take into account that if you stake right now for
season two, that is going to end at the end of the month, is weighted by the time you have been
in the season. And the season started in June, if I remember correctly. So if you are only in for
the last 10 days or last 15 days of the season, you will get 15 divided by the number of
days of the whole season. So per rata, you will get the right amount, but you can still stake.
But on September 1st, we're going to start season three and we'll include the awaited Caldera
drop that we will distribute in October. So that's on the statement side. Then of course we need to do a lot
of changes to bring back our Morpho pool and also make the suppliers, the
lenders and borrowers of the previous Morpho pool whole. Because when the
hacker minted all those tokens everyone got liquidated because the
price did to less than a dollar using the fake tokens.
But obviously we are not going to let that happen, so we're bringing also everything back manually to the state before the hack.
And we are giving the people that borrow USDC against their Kinto collateral, we're giving them three months to repay their debt.
That then we will give to the Morpho and Royco people that lend the USDC and once everyone is
repaid and we expect to do this by November 15th then we will recreate a
new Morpho pool so we will also have a new Morpho pool working with the new
token and everything will be back to the same functionality we had before.
Regarding interest, we plan to pay Royco suppliers so the idea is to make them
whole including the interest that they should have been paid. It's important
here to know that the hackers stole around 800,000 from Morpho that they were not borrowed by anyone.
So the team will try their best to cover this amount.
And in the worst case, we will provide Kinto tokens instead of USDC to cover the shortfall.
Thank you for that, Ramon.
Really comprehensive update on everything that still comes come from Morco and Royco Vault.
So thank you very much for covering that.
In terms of, you know, what's coming next for the community,
when will staking season three start?
And are there any details for you so far?
I'm seeing also a lot of questions around that at the moment.
Yeah.
The next staking season will start in two weeks,
September 1st, and we'll have three airdrops.
The first one that we have announced so far will be the Caldera airdrop, which I believe
it was, you can see the details on Twitter, I forgot the exact number of ARAP tokens,
but I believe it was 75,000 tokens, and we'll announce two other airdrops as well. And the same way we have promoted different activities in every season,
you can expect that in this season there will be rewards for different activities.
One of them will be associated to people that participated in the Morpho pool,
so they repay their debt quickly,
so we can repay the Morpho and Roiko suppliers ahead of time ideally.
And then we will continue to promote hyperliquid trading and as soon as we release new features
we're also going to promote everything that we release in order to bring back TBL and even grow
it from where we were before the hack. Thanks Ram Ramon. And that leads me on to the next question really nicely,
which is, you know, what's next for Kinto
in terms of the product?
I know a lot of us have been kind of distracted
by everything that happened with the hack,
which is obviously important for the Kinto Foundation.
But a lot of us are also just users of Kinto as well,
outside of any interest in the token.
So it'd be great to cover what's coming down
the development pipe.
I know that we've announced
that there's going to be an app,
institutional-grade vaults
with compliant access to DeFi yield.
Can you talk through all of these things,
including the chains that we can expect
to be integrated with Kinto in the near future?
Yeah, obviously, as everyone can imagine,
the hack has affected our product roadmap
because even right now, we need to do a lot of custom calls and custom contracts
to be able to repay the Morpho suppliers, Morpho borrowers, Morpho lenders
so everyone can interact with it as it was before the hack.
So the first priority is making sure we handle this the best way possible.
Then after that, we need to handle all
the staking adjustments that we are doing as well. Also we have had to deal
with all the token related stuff to make sure liquidity and everything in
Uniswap is set up correctly and now with the new market makers coming online but
that's mostly done at this point. So in terms of next steps, the priorities for us are on one side increasing the number of chains
and number of native tokens that we can support so people can continue to deposit more tokens,
more assets on the Kinto network and they can enjoy the wallet insurance and the secure infrastructure that we have built over the last couple of years.
So they can benefit from assets like just SpotBitcoin or even Litecoin or SpotSolana
and even interacting with some protocols on Solana like Jupyter or Radium
Radium if they want to swap tokens there as well. Then the big product milestone
if they want to swap tokens there as well.
that we are working on is releasing the mobile application at the end of Q3
probably October. The first version will be just a kind of like a portfolio
viewer so you will be able to see all your Kinto wallet, all the prices, all your value, and be able to track the wealth that you're holding on the wallet.
And then soon after that, we'll add support for all the different functionalities.
So you can swap, you can lend, you can borrow, and you can even do hyperliquid trading directly from your mobile app.
hyperliquid trading directly from your mobile app.
But because of the process of Apple,
how does it work is better to do small releases
and then update frequently.
Great. Thank you, Ramon.
And then what about the institutional rate vault?
Yeah. One thing that we think is the right time.
Right now, because of the Clarity Bill, because of the Genius Act.
And you can see what Robinhood released in partnership with Arbitrum a few weeks ago.
Institutions are looking for ways to start using decentralized finance because it's something that has not happened until now. They have been just buying Bitcoin or holding ETH or using the ETFs like iBIT in order to participate in the ecosystem, but more from a holding mentality. We believe
there is going to be a switch where institutions are actually going to look into DeFi to be able to access yield. And this can be also promoted by the Fed, because when the Fed cuts rates,
then DeFi yields may become even more attractive in comparison.
And we believe there is a lot of value in making accessible DeFi yield to institutional users.
Like for example, that they can invest in a really simple DeFi vault
that has the right custody settings, it has the right KYC,
and they can just deposit stables into this vault and they can receive
basically an average of the lending rates that are available in DeFi
that you can get from Aave, Zina, etc. etc. and offer these kind of products
some that are riskier and other ones that are safer and offering yields that are
in the range of 7% to 15% and this can be really appealing for institutional users.
And this can be really, really appealing for institutional users.
Yeah, thanks, Ramon.
I think, yeah, really appealing for just general users as well,
who, you know, looking to access things like that
and not having to, you know, overly think about managing things.
And, yeah, I think the key thing as well for the community
to understand is there's been a significant amount
of development work that happened because of that
and still ongoing to do with the vaults. That means, you know, the overall product roadmap has been, you know,
a little bit derailed, but not, you know, it's just going to take a little bit longer than we
would have initially hoped to get some things up. One other thing is we saw this week that
K-Holders on Kinto got the Phoenix badge, which was very exciting for a lot of the users. It also
led to many questions around when users can expect other badges to be released.
Do you have any updates on that?
Yeah, badges, since the beginning, we have kind of used badges as an achievement
similar to what PlayStation or Xbox have been doing with their platforms,
that when you complete different activities,
you get rewarded with these trophies or badges
so you can showcase all the activities that you have done.
In our case, we plan to add more badges
as we release more functionality
in order to cover all the different actions
that you can do at Kinto.
But we also try to tie benefits to these budgets in the future,
similar to how the ENGEN tokens add benefits in terms of reduced rate, reduced fees,
in terms of getting maybe higher mining rewards. So we will add some utility to these budgets in
the future, but you can expect this will happen probably
at the end of the year or early next year.
Great. Thank you again, Ramon.
And is there any other updates
that maybe the community aren't aware about
in terms of what's going on behind the scenes
that you'd like to give?
Yeah, just reminding everyone
that it's like the team is building actually several different products
at the same time.
One of them is the token itself, you know, and it was a lot of work just to get us back
to trading.
And now that that's mostly sorted out, and next week with a new market maker, liquidity
should increase greatly, which will happen to happen everyone so they can buy or sell or
whatever they want easier and now we can go back to the the wallet go back to the website go back
to our mobile application and extend our product offering i believe we have a lot of features
even comparing with with many of our competitors but we want to keep
leading the the the charge there we were the first one that released a stock trading and directly
on chain with denarii more than a year ago now we were also one of the first ones releasing the
the non-custodial wallet through smart contract, completely gasless, almost two years ago before
base. And we were one of the first ones releasing also hyper liquid trading through our wallet that
now Phantom has added as well. So we want to continue innovate and continue leading in terms
of features. Great. Thank you so much, Ramon. I think, is there anything else you want to cover or we can wrap up?
I think that's it.
Expect us to have a lot of updates in the next few weeks.
And thanks a lot for being with us during this rollercoaster ride because I'm sure it
wasn't easy.
Nobody likes to go through these periods and especially when they can create financial harm for you
and for your family.
I mean, they can be really stressful.
So we understand that.
I wish we had enjoyed common rides for everyone.
But it is what it is.
You have to deal with the cars that you are dealt sometimes again.
One more thing, Ramon.
I can just see something come through now.
People are asking for a Kaito update.
Yeah.
We have been so busy that we haven't even had time to worry about Kaito or their updates
to the leaderboard.
We'll look into it in the next few days, probably next week after the other things are set up.
We'll probably expect an update from us in the next
seven to ten days.
Amazing.
Thanks so much, Ramon.
And thank you to all of our community.
I see a lot of you who are very active Kinta users here today.
We've really appreciated your support over what have been an incredibly challenging few
weeks.
And to everyone else who supported us.
And a special shout out to obviously Offchain and Arbitrum today as well for being an unwavering pillar of support through
everything we've been through yeah over this past month thank you very much thank you everyone
bye thanks guys
