Within the crypto market you can find tokens of a share, loan or utility nature. Their issuance can take place both for a person (personal tokens) and for an entity – a project, a company, or even a thing (e.g. a work of art). What is the situation with the KNG token from Kanga Exchange?

KNG token – what is it?

KNG is a utility token used to settle operations on Kanga Exchange. These are not only operations on the exchange – we provide the market with a number of other services, including a service for exchanging cryptocurrencies at fixed exchange offices, launchpad, and the Kanga Pay payment gateway. All fees for using the aforementioned services are charged in KNG tokens, and this is the only means of payment accepted by Kanga.

The origins of the KNG token

The official part of the IEO Kanga Exchange began on November 11, 2019. Before that, several investment rounds were held, during which invited investors could buy KNG tokens and shares in the parent company of the entire project. On March 1, 2021, the market opened for our token, allowing it to be bought and sold through the Kanga Exchange, Uniswap and Sushiswap.

How is the liquidity of the KNG token?

The value of an exchange token is based on the law of supply and demand determined by liquidity. The buyers of the KNG token are not only people, but also the exchange itself, which buys KNG from the KNG/oPLN market through an automatic converter for all proceeds. It then transfers them to staking, thereby becoming a partial participant in the pool. The amount issued is 21,000,000 KNG. In addition to the limit on the amount of KNG, the team also blocked the release of all the tokens in a short period of time spreading the process over several years. Thus, according to the laws of economics, the increase in the value of the token is forced by the limited supply.

The KNG token also provides an opportunity to generate passive income. On the exchange, users can find a staking option, the possibilities of which are extended for members of the KNG token staking community. KNG holders have the option to freeze some or all of their tokens, thus generating a daily passive income. What’s more, staking has a special autotransfer system, so that daily rewards are augmented by a bonus that increases each day.

KNG stakers get access to a special feature that realistically affects savings when conducting transactions on the Kanga Exchange. The option of lower rates is intended for makers (people whose order goes to the orderbook). The process is as follows: The maker deposits a certain amount of KNG for staking, then activates autotransfer and gets at least a 10% bonus and can enjoy a lower commission for trading on the exchange.

What are Kanga Priority Pass auction packages?

Kanga Priority Pass auction packages, were prepared for the most committed members of the community around Kanga Exchange. These guaranteed the winners of the auctions a share in the IEO.

In connection with the sale of tokens at the IEO, the issuer of a given IEO had the option of making a portion of the tokens from a given pool of those for sale in a given listing available for auction. The person who managed to win at the auction was thus entitled to participate in the acquisition of tokens in a number equal to that contained in the auctioned package.

The packages contained a number of tokens less than the maximum availability per person in a given IEO. For example, if a user planned to acquire 1,000 tokens throughout the IEO, the auction package would contain 500 tokens. If he managed to win (and in a given IEO the maximum number of tokens per individual user was 1,000 tokens, he thereby gains the opportunity to purchase another 500. All this to ensure that the sum of the KNGs he purchased was the same as the number of tokens a person is entitled to in a given listing. 

Both KNG holders on Kangi wallets and staking users, i.e. KNG breeders, were eligible to bid on IEO packages. A dedicated package for hodlers was emblazoned with a KNG sticker.

The decision as to whether a user would be eligible to bid depended on the following criteria:

– the amount of autoship held on the KNG staking, e.g. min. 3%;

– the amount of bonus earned by the user on KNG staking over the past 30 days, e.g. min. 1 KNG.

When a user decided to bid on several packages, at the end of these bids, the system verified whether he managed to win more than one bid. If so, he or she received the prize coming from the larger package, and the one from the smaller package went to the first person on the reserve list who failed to win the prize.

IEO KNG – what is worth knowing about it?

It will not be an exaggeration to say that the IEO (Initial Coin Offering) organized by Kanga was something unique. Why? Because the purpose of the fundraising was not to raise funds for the further dissolution of the exchange – these are to be used to carry out the buyback. Importantly, the initiative is the first of its kind for European cryptocurrency exchanges. Kanga Exchange will allocate a minimum of 5 million zlotys for token buyback – the first half, or 2.5 million, will be donated for KNG token staking (which means an additional reward for stake holders), and the second half will be burned! Thus, KNG will become a deflationary token. 

The KNG token IEO took place on November 29 at 1:00 pm on the Kanga Exchange. During the event, the price of KNG was 50% of the market price on 26/11/2022 – 2 USDT. 

Tokens purchased during the auction will be released after 365 days. This solution will eliminate dumping (a situation where a massive sale of KNG leads to a sharp drop in the token price). There will also be vesting, i.e. a daily release of tokens released for 100 days, which will enter the staking pool for users. 

To keep the market fully free, purchases were conducted at random times of the day for a randomly specified amount.

KNG contributes to the dynamic development of the Kanga Exchange, providing its users with access to innovative solutions and tools. All this to gradually adapt cryptocurrencies to the realities of everyday life.