Now – Q4 2025: Prototype and public testnet
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Trading v0: Testnet for curated tokenized equities and commodities: indexed order lifecycle
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Borrowing v0: Whitelisted collateral: conservative LTV: partial liquidations: keeper bots
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AI layer beta: Portfolio summaries, risk flags, simple what-if in UI
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Staking & governance v0: Stake to vote: timelock: rewards distributor skeleton
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Security & ops: Invariants, fuzzing, ≥90% core coverage, audit #1 booked, incident runbook v0
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Acceptance: End-to-end trade and borrow-repay: two parameter changes via governance
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Q1 2026: Public beta (testnet → limited mainnet)
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Complete external audit #1 and launch limited mainnet with guardrails
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Trading v1: Add second RWA category: define latency budget and failure modes
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Borrowing v1: Issuer-tiered LTVs: circuit breaker pauses new borrows: repayments always allowed
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AI insights v1: Per-asset risk scores and borrow health warnings
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Staking v1: Emissions on testnet: enable rewards on mainnet post-audit
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Q2 2026: Mainnet v1
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Dual-oracle architecture with bounds checks: per-market debt caps: public subgraph and dashboards
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Governance: On-chain registry of risk parameters: monthly reviews: change logs
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Staking: Rewards live: delegation UX: snapshot → on-chain flow
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Acceptance (first 90 days): €10M supply: 98.5%+ tx success: 15%+ KRV staked: ≥2 on-chain proposals executed
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Q3 2026: v1.1 - Risk & operations upgrades
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Liquidations v2: Dutch auctions with backstops to reduce slippage
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Rates v2: Utilization bands and smoothing to prevent whipsaw APYs
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AI signals v2: Anomaly detection for oracle feeds and abnormal trading behavior
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Acceptance: ≥30% reduction in liquidation slippage vs v1
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H2 2026: v2 - Ecosystem growth
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Collateral expansion: More tokenized equities: pilot index-basket (subject to risk review)
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APIs & partners: SDKs for brokers, market makers, and data providers: integration docs
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Token alignment: Optional veKRV locks for long-term voting power and fee share