The KIMP: the premium with no expiry

KIMP-L and KIMP-S are the two sides of the kimchi premium as two evergreen Solana tokens. They hold the current weekly series and roll themselves into the next one, so holding the premium needs no expiry dates, no rolling by hand, and no liquidation or funding, like everything else here.

How it holds a weekly market without expiring

The roll is a program account that only ever holds matched pairs of the current weekly series, one LONG and one SHORT per unit. A matched pair is always worth the full band wherever the index goes, so the roll's holdings are worth units × band at every moment.

roll_mint(t):   pay the band (plus one side's fee)  ->  get t KIMP-L + t KIMP-S
roll_redeem(t): give back t KIMP-L + t KIMP-S       ->  get your share of the band, at any time

Every Thursday, before the old series' trading closes, the authority rolls: it returns every pair to the old series for its full band and mints pairs in the next weekly series with the same band. Both legs of that exchange are worth the band, so the roll moves no value, and the program refuses any target series whose floor and cap differ from the roll's. The only cost is the mint fee the roll pays like any trader, about 10 bps of the band a week at launch parameters.

A holder never depends on the roll happening: roll_redeem pays out of the current series at any time, before or after its settlement, whatever its status.

KIMP amounts are shares

A KIMP pair is a pro-rata claim on the roll's units. Minting new pairs prices them at the current ratio, rounded in the holders' favour, so no deposit dilutes anyone. The ratio drifts down only by the weekly mint fee.

Why each side's price stays honest on an exchange

KIMP-L and KIMP-S are ordinary Token-2022 tokens: sell the side you do not want, keep the other. On any pool the two prices are pinned by complete-set arbitrage, the same force that keeps YES and NO prices summing to $1 on a prediction market: if P(KIMP-L) + P(KIMP-S) drifts above the band, anyone mints pairs and sells both sides; below, anyone buys both and redeems. With the sum pinned to the band, demand for one side must price the other, which makes KIMP-L track the premium itself.

Not only Korea

The same machinery runs one rolling pair per index. India's is live as INRR-L and INRR-S ("HWAN India Rolling Long/Short"), rolling the weekly India series inside its 1% to 11% band; its panel sits under the India tab of the app.

Addresses

The mints are printed in the app's rolling-pair panels (KIMP under Korea, INRR under India); their metadata (HWAN Kimp Long, KIMP-L) is written into the mint by the program, and /api/token/<mint> serves the off-chain copy wallets read.