Glossary
Definitions of the terms used across the KIMP documentation, from kimp and bps to TWAP, quorum, Dojang and kLP.
Terms used throughout the KIMP documentation, in alphabetical order. Where a term has a dedicated page, the definition links to it.
Terms#
| Term | Definition |
|---|---|
| bps | Basis points. One bps is 0.01%, and 10,000 bps equal 100%. The Kimp Index is published in signed bps. |
| Dojang | GIWA's EAS-based attestation service. Upbit Korea issues attestations such as Verified Address, Balance Root, Verified Balance and Verified Code. See Dojang integration. |
| Epoch | A 60-second index period. Each epoch produces at most one finalized value per asset, 1,440 per day. See Sampling and median. |
| Flashblocks | GIWA preconfirmations, available up to about 200 ms after submission. They give an earlier view of transaction status; they do not make 1-second blocks faster. See Flashblocks usage. |
| kimp / 김프 / 김치 프리미엄 | The kimchi premium: the spread between an asset's KRW price on Upbit, converted to USD, and its global USD price. "Kimp" and 김프 are Korean trader slang for 김치 프리미엄. See Definition. |
| Kimp Index | The per-asset, signed measure of the premium in bps, finalized on-chain by the reporter set. |
| kLP | The LP token of the Kimp Pool. kLP price equals pool NAV divided by kLP supply. See LP token. |
| Mark | The value used to measure an open position's unrealized P&L. For Kimp Contracts, the mark is the latest finalized index value. See Mark price and weekly expiry. |
| Notional | The USD size of a position. P&L equals notional × Δbps / 10,000. Margin is notional divided by leverage. |
| OI | Open interest. The total notional of open positions in a market. OI is capped per asset as a percentage of pool NAV. See Skew limits and OI caps. |
| Quorum | The minimum number of valid reports required to finalize an epoch: 5 reports. Moves larger than 300 bps require 2/3 of the active set. |
| Reporter | A bonded operator that submits one signed report per asset per epoch to the KimpIndex contract through KimpReporterRegistry. See Reporter set. |
| Reverse premium (역프) | A negative kimchi premium, when Upbit trades below the global price. The index is signed and supports it fully. |
| Skew | The net imbalance between long premium and short premium open interest in one asset. Trades that increase skew pay a dynamic skew charge. See Dynamic fee curve. |
| Timelock | A contract that delays execution of approved governance actions by 48 hours. All parameter setters are callable only by the timelock. See Admin keys and timelock. |
| TWAP | Time-weighted average price. Contracts settle on the 1-hour TWAP of the index, the mean of 60 one-minute samples. See Settlement TWAP. |
| up.id | Free, non-transferable ENS-subdomain names (username.up.id) for Verified Addresses. They are soulbound and revoked if the Verified Address becomes invalid. See up.id. |
| Verified Address | A Dojang attestation issued by Upbit Korea to an address whose owner passed Upbit Korea KYC. It gates the Verified Lane. KIMP reads only a boolean. |
Related terms#
Long premium and Short premium#
The two sides of a Kimp Contract. Long premium gains when the index rises. Short premium gains when it falls. A short premium position used to hedge KRW inventory is called Kimp Guard on the site.
Open lane and Verified Lane#
The open lane is permissionless: up to 3x leverage and 25,000 USD notional per account per asset. The Verified Lane requires a Verified Address and allows up to 5x and 250,000 USD.
Reduce-only#
A market state in which new exposure cannot be opened or increased, while closing is allowed. It is triggered when an index has no finalized update for 5 minutes or when Upbit halts an asset.
Stale epoch#
An epoch that did not reach quorum. The previous value is carried and the epoch is marked stale.
Guardian#
A 4-of-7 Safe multisig that can only pause markets. It cannot move funds or change parameters.