CDPs · Review

Active

Kokoa Finance Review 2026: Minting KSD on Kaia

Kokoa Finance is a collateralised debt position protocol on Kaia (formerly Klaytn) where users mint the KSD stablecoin against crypto assets. It is a small, niche protocol, so check the terms and liquidity before borrowing.

Kaia

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

5.4/10

Mixed

Visit Kokoa Finance

Our verdict on Kokoa Finance

5.4/10

Kokoa Finance suits Kaia users who want to borrow a dollar stablecoin against crypto without a stated interest charge and are comfortable with CDP mechanics. Its main strengths are the no-nominal-cost borrowing and KOKOA rewards for minters. The main caveat is size: about $105,000 in TVL, a single chain and sparse homepage detail mean liquidity, liquidation terms and long-term support deserve careful checking before you commit funds.

Score breakdown

How Kokoa Finance scores

Security: 5.0/10
Ease of use: 6.0/10
Fees: 6.0/10
Features: 5.0/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Kokoa Finance?

Kokoa Finance is a crypto-asset-backed stablecoin platform. Users borrow its KSD stablecoin against crypto collateral. It was built for the Klaytn blockchain, now Kaia, and has been listed in DeFi trackers since May 2022.

The protocol's pitch is borrowing KSD without paying any nominal cost, and rewarding minters with its KOKOA token. It has announced partnerships with Klaytn Name Service, Klaybank and PopKorn, a leverage optimiser built around its own stablecoin.

It is a small protocol. Total value locked is about $105,000, and the KOKOA token trades with very low volume. The homepage offers little detail, so most specifics must come from the documentation.

How Kokoa Finance works

Kokoa Finance is a collateralised debt position (CDP) protocol. A user deposits crypto assets into a vault as collateral and mints KSD, the Kokoa Stable Dollar, against that deposit. The collateral stays locked while the loan is open.

To get the collateral back, the user repays the KSD they minted. If the collateral value drops too far relative to the debt, the position can be liquidated to keep the stablecoin backed. Exact collateral ratios and liquidation rules are set in the protocol's documentation, not on the homepage.

Minting KSD from the Kokoa Vault can also earn KOKOA tokens as a reward. KOKOA is the protocol's own token, and its documentation describes an ecosystem pool meant to support growth and adoption.

6 features

Key features

Collateralised KSD minting

Users deposit crypto assets into the Kokoa Vault and mint KSD against them, keeping exposure to the collateral while accessing dollar-denominated liquidity.

No nominal borrowing cost

The protocol describes borrowing KSD without any nominal cost, so there is no stated interest rate on the loan itself.

KOKOA minting rewards

Minting KSD from the Kokoa Vault can earn KOKOA tokens as a reward, according to the project's documentation.

Kaia-native design

Kokoa was positioned as a crypto-asset-backed stablecoin platform for the Klaytn chain, now known as Kaia, and is aimed at that ecosystem's users.

Ecosystem partnerships

The project has announced partnerships with Klaytn Name Service, Klaybank and PopKorn, a leverage optimiser built around its own stablecoin.

Listed audits

Two audits are listed for the protocol, which is a baseline check on its smart contracts.

Pros and cons

What we like

Borrowing KSD is described as free of any nominal cost.
Minting KSD can earn KOKOA token rewards.
Two audits are listed for the protocol.
Has been live since 2022, a multi-year track record for a small protocol.
Integrations and partnerships within the Kaia ecosystem, including a name service and a leverage optimiser.

Watch out for

Total value locked is only about $105,000, so the protocol is small and liquidity may be thin.
Runs on a single chain (Kaia), which limits where collateral and KSD can be used.
The homepage gives little detail, so collateral types, ratios and liquidation terms are not clear without the documentation.
Audit reports are listed but their scope and findings are not summarised.
Stablecoin value depends on collateral prices and liquidations working properly, which can fail in fast markets.
The team and governance structure are not named.

Kokoa Finance fees

The protocol describes KSD borrowing as free of any nominal cost, which means no stated interest rate on the loan. That is the only fee claim.

Other costs, such as liquidation penalties, possible minting or redemption fees and Kaia network gas, are not published on the homepage. Users should find them in the Kokoa documentation or the vault interface before opening a position.

Is Kokoa Finance safe?

Two audits are listed for Kokoa Finance, but public sources do not summarise who performed them or what they found. Positions are held in smart contracts, so users carry smart-contract risk, plus the usual CDP risks: collateral price drops, liquidation and a stablecoin losing its peg.

The protocol is small, with TVL around $105,000, and token trading volume is minimal. That can mean thin liquidity when exiting positions or swapping KSD. The team, governance and any admin controls are not detailed on the homepage, so users should check the documentation. No incidents are mentioned.

6 steps

How to get started with Kokoa Finance

1
Set up a wallet that supports the Kaia network and fund it with the native token for gas.
2
Read the Kokoa documentation to learn which collateral assets are accepted and what the collateral ratios and liquidation terms are.
3
Connect the wallet to the Kokoa Vault on the official site.
4
Deposit collateral and mint a conservative amount of KSD, leaving a wide buffer above the liquidation threshold.
5
Check whether your minting qualifies for KOKOA rewards and how they are distributed.
6
Monitor your collateral ratio regularly and add collateral or repay KSD if prices fall.

Open Kokoa Finance

Who Kokoa Finance is for

Kokoa Finance is for experienced DeFi users on the Kaia network who understand collateral ratios and liquidation risk, and want a native stablecoin loan. It is not well suited to beginners, to people who need deep liquidity or to anyone unwilling to read the documentation first.

Kokoa Finance FAQs

What is Kokoa Finance?

Kokoa Finance is a crypto-asset-backed stablecoin platform on the Kaia blockchain, formerly Klaytn. Users lock crypto as collateral and borrow its KSD stablecoin against it.

What is KSD?

KSD stands for Kokoa Stable Dollar. It is the stablecoin the protocol issues when users deposit collateral into the Kokoa Vault. It is meant to track the US dollar.

Does Kokoa Finance charge interest?

The protocol describes borrowing KSD without any nominal cost, meaning no stated interest rate on the loan. Other costs, such as liquidation penalties, possible minting fees and network gas, are not detailed. Check the documentation before opening a position.

How do I earn KOKOA?

Minting KSD from the Kokoa Vault can earn users KOKOA tokens as a reward. The project's documentation describes this, and the token's allocation includes an ecosystem pool meant to support growth and adoption.

Which blockchain does Kokoa Finance use?

Kokoa runs on Kaia, so you need a Kaia-compatible wallet and the network's native token for gas. The project does not list other chains.

Is Kokoa Finance safe?

No DeFi protocol is risk-free. Two audits are listed for it, but its small TVL, single-chain exposure and the general risks of CDP liquidation and smart-contract bugs all apply. Only use funds you can afford to lose.

Compare

Kokoa Finance alternatives

All alternatives

crvUSD

CDPs

crvUSD is Curve Finance's overcollateralized, USD-pegged CDP stablecoin on Ethereum, minted against crypto collateral by DeFi borrowers.

TVL $113M−10.2%Ethereum

Liquity V2

CDPs

Liquity V2 is an immutable Ethereum borrowing protocol where users set their own interest rate and mint the BOLD stablecoin against ETH, wstETH or rETH.

TVL $87.5M+1.1%Ethereum

Frankencoin

CDPs

Frankencoin is an over-collateralized, oracle-free Swiss franc stablecoin (ZCHF) on Ethereum for borrowing, saving and payments.

TVL $59.6M+3.5%Ethereum

Liquity V1

CDPs

Liquity V1 is an immutable Ethereum protocol offering 0% interest LUSD loans against ETH collateral, for DeFi users comfortable with liquidation risk.

TVL $157M+0.5%Ethereum

Indigo

CDPs

Indigo is a non-custodial synthetic assets protocol on Cardano for minting iUSD and iBTC against collateral, aimed at Cardano DeFi users.

TVL $3.12M−4.6%Cardano

Sky Lending

CDPs

Sky Lending is the borrowing and savings side of the Sky ecosystem on Ethereum, built on the USDS stablecoin, the upgraded version of DAI.

TVL $4.21B−16.2%Ethereum

Same category

More CDPs

CDPs rankings

Sky

CDPs

Sky is the rebranded MakerDAO, a DeFi protocol issuing the USDS and DAI stablecoins, governed by SKY token holders, for DeFi users and stablecoin holders.

Liquity

CDPs

Liquity is an Ethereum borrowing protocol where ETH holders mint USD stablecoins (LUSD, BOLD) against their collateral, with the LQTY token for incentives.

Ethereum

Reservoir Protocol

CDPs

Reservoir Protocol issues the rUSD stablecoin and yield assets srUSD and trUSD across 17 chains, for DeFi users seeking stable yield.

TVL $89.8M+20.3%Monad · Ethereum · Plasma +14

River Omni-CDP

CDPs

River Omni-CDP is a multi-chain CDP protocol that issues the satUSD stablecoin against cross-chain collateral without bridging, for experienced DeFi users.

TVL $75.0M−1.7%BNB Chain · BSquared · Ethereum +9