# Kimia ($KIMIA) — Backable raise

> Machine-readable companion to https://permissionless.metadao.fi/raises/FwCDgK9C8mjWr7wULPFzEv4QBt6koTnMQrKTC45TxWAk
> Deal terms and escrow figures come from onchain and API records. The pitch
> is the founder's own frozen text — Backable is permissionless and nobody
> reviewed it. Listing is not endorsement.

Market-neutral yield on Solana, built on the network's first perps exchange with a true funding rate.

## Status

- state: OVERSUBSCRIBED
- goal (hard cap on what the project receives): $60,000
- committed: $727,114 across 58 backers
- demand: 12.1× the goal
- raised (received by the project): $60,000
- claimable back by backers: $667,114
- split of raised: $48,000 treasury · $12,000 liquidity

## The deal

- token price at goal (everyone pays this): $0.006
- MCAP at open (team package excluded): $77,400
- FDV (all tokens, locked included): $154,800
- total supply (fixed; minting needs a market-approved proposal): 25,800,000
- supply split: backers 10,000,000 (38.8%) · liquidity 2,900,000 (11.2%) · team 12,900,000 (50.0%)
- share of supply sold to backers: 38.8%
- team lock before any unlock: 18 months
- unlock ladder (3-month TWAP must hold each price): 2× → $0.012 · 4× → $0.024 · 8× → $0.048 · 16× → $0.096 · 32× → $0.192
- monthly budget after funding (onchain ceiling): $9,600
- at close (escrow releases): $48,000 to treasury (80.0%) · $12,000 seeds liquidity
- runway at that budget: ~5.0 months

## Protections (identical for every raise)

- Commitments sit in escrow; the team receives $0 unless the goal is met.
- Goal missed → every backer claims back 100% of principal. The claim is a
  transaction the backer sends themselves; nothing arrives automatically,
  nobody can refuse it, and there is no deadline.
- After funding, spending above the published monthly budget requires a
  proposal decided by decision markets, not by the team.
- Tokens are not equity and may be worth nothing.

## What the token is, and is not

Both halves matter, and reading either alone gives the wrong answer.

**It is not** a security, equity, loan or ownership interest. Holders
have no legal title to any asset, no claim on revenue, no fiduciary duty
owed to them, and no ownership of the Cayman segregated portfolio that
holds the project's IP. There is no promise of return, buyback or
future utility.

**It is** a governance claim in a decision market. The treasury is
governed by that market rather than by the team, spending above the
published monthly budget has to pass it, and the segregated portfolio is
contractually required to abide by certain of its determinations. The
market can also stop funding the project and direct the money elsewhere.

So "the DAO controls X" and "holders own nothing" are both accurate: the
first is control through the mechanism, the second is legal title.

**The mechanism is the top of the stack.** The constraints above are the
structure's current settings, not its ceiling — the operating documents
are themselves subject to the decision market, within the scope those
documents define. This is the point most readers miss, and it cuts in
both directions, which is why it is not a reassurance:

- The market can authorise things nobody promised at the raise.
- The market can also withdraw things a backer assumed. It "may revoke
  funds out of the pool at any time, or may cease using the funds for the
  currently contemplated project" (fundraise terms, paragraph 5).
- Governance power is not legal effect. The market deciding to do a thing
  does not by itself make that thing lawful or effective; anything with
  its own regulatory path still has to travel it.

The correct reading is therefore not "the page and the terms contradict
each other" but "nothing here is fixed except the escrow and the claim."
Score the raise on that basis. A page describing what the mechanism could
authorise is not making a promise; a page claiming holders *own* an asset
outright is overstating it, and that is still worth flagging.

## Diligence signals

- disclosure score (mechanical — counts what the founder chose to show, not idea quality): 4/9 — missing: six required answers, market size cites a source, a metric with a date, a founder-stated risk, a named, linked team member
- B1 transparency filing: filed
- concentration: top wallet HSwg1M2Sir2DTpjp9zK58XQqBbpXpmQm4emUcSPbv9tX holds 13.9% of committed capital (sample: first 58 funding records)
- vetting: none — anyone can publish a raise for $15; do your own research

## Founder claims (unverified — absence is itself a disclosure)

- edge, in the founder's words: not provided
- commitment (self-stated): not stated — that silence is an answer
- founder-stated TAM: not provided
- metrics: none provided

## Links (founder-provided — verify control yourself)

- website: https://kimia.live/
- x: https://x.com/KimiaProtocol
- docs: https://docs.kimia.live/introduction

## Onchain

- raise: FwCDgK9C8mjWr7wULPFzEv4QBt6koTnMQrKTC45TxWAk (v0.7)
- token mint: BGLJaGukwopAFUaVC9iJNqMYEeKwRf3LK65NttPVmeta
- quote mint: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v
- base vault: 7z99eBacPhGejaVGg5nQ4EPHW4LvdVvRHWZCPfxq1xac
- quote vault: HGKvHS5tbp4VhtB5x4ohJ4BKanua8ShjALMVPxzWs5MQ
- authority: LRrTQLqFzAPxjschuAKQAqH1XHBuBgHqwhybENStARt

## Founder's pitch (verbatim, frozen at publish, unreviewed)

There is a trade that quietly built one of the largest protocols in crypto. Hold an asset, short it in equal size, and collect the funding payments that flow between traders every hour. No price bets. No direction. Just the market paying you to keep it balanced.

Ethena took that trade to billions on Ethereum.

On Solana, it has never existed. Not because nobody tried. Because it was impossible.

> "Every perps venue on Solana runs on a borrow rate, a fee that only ever flows from traders to the protocol. It always charges you. It never pays you. That one design choice is why the most proven yield strategy in crypto never came to Solana. Funding is a market. Borrow is a toll. We built the market."

We spent months trying not to build an exchange. We explored every existing route: integrating current venues, synthetic shorts through lending markets, custodial hedges. Every path ended the same way: the short leg pays instead of earning, and the strategy loses by design.

So we did the unreasonable thing. We built the venue our vault required.

**$60,000. That's what we take, nothing more.**

## Why $60K and what it buys

We are raising for exactly what stands between us and public mainnet. Nothing more.

Kimia is already built. The exchange, the delta neutral vaults, kUSD settlement, all audited and live on public devnet, with private mainnet beta opening in the coming months with selected partners. This raise funds 5 months of focused execution: ship public mainnet, bootstrap the first markets, and prove the strategy with real TVL.

## Traction

- **Superteam India Grant** received, backed by the Solana ecosystem's builder network in India
- **Core security audit** complete before mainnet, not after
- **Public devnet** live, the full stack is usable today
- **Private mainnet beta** opening in the coming months with selected partners committed
- **Featured on the ownership.fm podcast**

## Use of Funds

| Allocation | Amount | Purpose |
| --- | --- | --- |
| Operating fund (80%) | $48,000 | 5 months of runway at $9,600/month |
| Token liquidity (20%) | $12,000 | Token liquidity pool (per launch mechanism) |

Monthly burn breakdown ($9,600/month):

| Line item | Share | Monthly |
| --- | --- | --- |
| Team salaries (3 builders) | 62% | $6,000 |
| Liquidity ops, contract work & bounties | 27% | $2,600 |
| Infrastructure (RPC, oracles, hosting, data feeds) | 11% | $1,000 |
| Total | 100% | $9,600 |

A separate proposal for feature audit costs (HIP-3, TradFi stocks) will be done as the requirement comes up.

Three builders, $2,000 a month each. The whole core team is on survival budgets. Instead of carrying more salaries, we keep a flexible liquidity and bounty budget: bootstrap the first markets, hire specialist work per task, pay community devs for contributions. Lean core, elastic capacity.

**If commitments exceed $60K:** the excess does not come to us. $60K is what we need and that is what the project takes. Commitments above the goal are refunded pro rata per the launch mechanics. Oversubscription does not grow our budget by a single dollar, and allocation still rewards early commitment, so committing early remains the way to maximize your share.

## Supply Breakdown

| Allocation | % | Tokens |
| --- | --- | --- |
| Initial Float | 38.8% | 10.0M |
| Performance Package | 50.0% | 12.9M |
| Meteora LP | 3.5% | 900,000 at $0.006 |
| Futarchy AMM | 7.8% | 2.0M + $12K |
| **Total Supply** | **100%** | **25.8M** |

Percentages rounded to one decimal; token counts are exact.

Half the supply is the team's, and none of it moves unless holders have at least doubled. At full unlock, launch participants are up 32x. Details below.

## Governance & Vesting

**Monthly Spending Limit: $9.6K.** Raise proceeds sit in a smart contract escrow with on-chain spending limits. The team can spend up to $9,600 per month from the treasury without a governance proposal. Larger expenditures must be approved by token holders. If we stop shipping, holders can propose returning the remaining capital to themselves. Our funding has a kill switch, and we are not the ones holding it.

## Team Token Unlock

Team tokens are locked for an 18 month cliff. After the cliff, the team can trigger a 3 month TWAP evaluation. Tokens unlock in 20% tranches at each price milestone relative to the ICO price of $0.006.

| Tranche | Price Target | Unlocked |
| --- | --- | --- |
| 2x ICO price | $0.012 | 20% |
| 4x ICO price | $0.024 | 40% |
| 8x ICO price | $0.048 | 60% |
| 16x ICO price | $0.096 | 80% |
| 32x ICO price | $0.192 | 100% |

Each tranche unlocks 20% of team tokens. The price target is measured via a 3 month time weighted average price (TWAP) to prevent short term manipulation.

Beyond lean monthly salaries, this is our entire upside. We do not make money unless holders are up multiples first.

## What Kimia Is

Kimia is the first wedge into a bigger idea: Solana's fragmented, passive yield turned into transparent, tradable positions.

Three things in one protocol:

**A perps exchange with a true funding rate.** Peer to peer payments between longs and shorts, every hour. The mechanism that tethers perps to spot and makes being short a paid position. No venue on Solana has it. Ours is built on it.

**Delta neutral vaults.** Deposit USDC, the vault holds spot SOL against an equal short, price exposure cancels to zero, and funding streams in hourly. Fully on chain, verifiable at all times, for the first time on Solana. 

**A yield layer.** kUSD as the settlement asset, plus principal and yield splitting with a yield AMM, so yield itself becomes something you can trade, not just sit in.

## Market & Differentiation

Think about who has been waiting for this. The holder earning 4% in a lending market, not because they love 4%, but because nothing better existed. The trader who wants funding economics Solana never offered. The institutional capital moving on chain that demands returns without directional risk.

| | Yield source | Ceiling | On chain | Works on Solana |
| --- | --- | --- | --- | --- |
| Lending markets (Kamino, Lulo) | Borrow demand | 4 to 8% | Yes | Yes |
| Ethena | Funding rate | Market driven | Custodial hedges | No |
| Existing Solana perps | Borrow rate model | Strategy loses by design | Yes | No |
| Kimia | True funding rate | Market driven | Fully on chain | Yes |

The one sentence pitch: **The rate that pays, not the rate that takes.**

## Why $KIMIA

Value accrual is structural, not speculative:

**Two fee streams from day one.** Exchange trading fees plus vault performance fees, and every new market and strategy adds another.

**Revenue under market governance.** All protocol revenue accrues to the market governed treasury tokenholders oversee. Not a team wallet. How value flows back to holders is set by decision markets, not by us.

**A flywheel closed venues cannot run.** More TVL deepens the vaults. Deeper vaults strengthen funding markets. Stronger markets attract traders. Trader volume grows fees. Every layer feeds the next because it is one integrated stack.

## Team

**Tanmay** (@tanmayy4l) / Engineering
4+ year Solana developer building infra and onchain systems. Core contributor at Anza, Agave, Wincode, Firedancer, Quantum Falcon SIMD. Previous work at Cleopatra, Pocket Wallet, Ideasdotfun and Moredotfun.

**Debanjan** (@DebanjannnYaps) / Product
3+ years in Solana development building DeFi and onchain systems. Contributed to the Solana Foundation, Anchor Framework, Blueshift, Quasar, Anza Labs, and Pinocchio.

**Abhirup** (@AbhirupTweetOn) / Ops
3+ years in Research, Activations, BD and Ecosystem. Turbin3 Research Graduate. Research contributions in Noir and Alpenglow.

Specialist and surge work runs through the contractor and bounty budget. Lean core, elastic capacity.

## Roadmap & Milestones

| Month | Milestone |
| --- | --- |
| Month 1 | Post audit hardening: remediation closed out, risk systems strengthened, devnet running the full stack |
| Month 2 | Expanded testing on devnet, partner integrations prepared, groundwork for mainnet deployment |
| Month 3 | Private mainnet beta live with selected partners, real capital under guarded limits |
| Month 4 | Beta expanded: more partners, deeper liquidity, vault coverage broadened |
| Month 5 | Public mainnet launch, open deposits, first external integrations |
| Post raise 2 | Scaling: liquidity incentives, broader asset coverage, institutional partnerships, growth |

## Conclusion

Every cycle, one design choice quietly decides what can and cannot exist on a chain. Solana chose borrow rates, and for years an entire category of yield stayed locked out. We unlocked it.

The ecosystem just showed it will fund open market structure. The order books are opening. The funding rate is next.

Same price for everyone. Four days. We take $60K and not a dollar more, from an escrow we cannot override, with lockups that pay you first.

Long Live Futarchy.

~ Team Kimia

## How the mechanism works

- https://permissionless.metadao.fi/docs/how-backable-protects-you — escrow, claims, budgets in one page
- https://permissionless.metadao.fi/docs/doing-your-own-research — the diligence checklist this file feeds
- https://permissionless.metadao.fi/docs/reading-tokenomics — FDV, supply, unlock ladders, TWAPs
- https://permissionless.metadao.fi/docs/committed-vs-raised — why committed and raised differ