Introducing $KNS Governance Token
Greetings from the KNS team! As per the schedule in our last article, we are announcing tokenomics and airdrop amounts.
$KNS Token
$KNS is a governance token that will indirectly return the revenue of the KNS protocol to its holders in a sustainable structure. It also serves as a voting right to participate in governance proposals on KNS V2, which is to be released in the future. In this article, we will dive into the details of the $KNS token.
Tokenomics
- Total Supply: 10,000,000,000 KNS (10 Billion)
Community Rewards (50%)
- Allocation: 5,000,000,000 KNS (5 Billion)
- Rewards will be distributed throughout 48 months, for staking and liquidity provision
Treasury (15.75%)
- Allocation: 1,575,000,000 KNS (1.575 Billion)
- Treasury will be run by DAO after the launching of the governance function
Initial LP (0.75%)
- Allocation: 75,000,000 KNS (75 Million)
- Will be used for creating the initial LP pool (KLAY-KNS)
Marketing & Partnership (5%)
- Allocation: 500,000,000 KNS (500 Million)
- Will be used for marketing and collaboration with other projects in the future.
Airdrop (0.5%)
- Allocation: 50,000,000 KNS (50 Million)
- Will be airdropped to the winners of the KNS Domain Auction, hosted from March 28 to April 10, 2022.
Team (15%)
- Allocation: 1,500,000,000 KNS (1.5 Billion)
- Distributed to KNS Dev Team
- 6 months of lock-up and 30 months of linear distribution after lock-up (total of 36 months)
Investors (13%)
- Allocation: 1,300,000,000 KNS (1.3 Billion)
- Distributed to institutional investors of KNS
- 6 months of lock-up and 30 months of linear distribution after lock-up (total of 36 months)
Buy-back and Burn Policies
We will use a significant portion of KLAY revenue generated from selling domains for buy-back and burning KNS tokens. Its specific mechanism will be announced in a separate article later on.
Airdrop Calculation for Auction Winners
Using the equation which we announced in the past, we decided the constants to finalize the airdrop amount.
- y = Airdrop Amount
- x = (Last Day of Auction+1)-The Day of Bidding
- z = Winning Price (Not Bidding Price)
Now, the constant [k], [a], and [m] are as follows:
(Incorrectly entered constants and airdrop quantity examples have been corrected after 2022–06–20 09:49:00 UTC.)
- [a] was designed so that bidders of the first day will get approx. three-fold KNS tokens than the bidders of the last day under same winning price.
- [m] was designed so that airdrop amount becomes approx. 2.5x for every 2x winning price.
- [k] was designed so that with [a], [m] and [k], the total airdrop amount will be 500M KNS.
Airdrop Examples
- Date: If you won your domain with 50 KLAY and bid on the first day, your airdrop amount is approx. 6,972 KNS. If you bid on the last day and won with 50 KLAY, it will be approx. 2,324 KNS.
- Winning Price: If you bid on the first day and won with 50 KLAY, your airdrop is approx. 6,972 KNS. With 100 KLAY, it will be approx. 17,431 KNS. With 200 KLAY, it will be approx. 43,578 KNS.
Airdrop Timing
- You can claim your airdrop KNS V1 Website which will be released on June 30, 2022
- Tokens will be airdropped in sKNS, which is staked KNS. It will take 7 days to unstake them once you initiate it.
What’s Next?
Let us bring back the timeline we’ve announced before with a slight bit of a change (Gitbook & SDK part).
- April 30th (Done): Auction Winners will get their domains (NFT) and the refund for the winning price minus the bid amount.
- Mid-May (Done): KNS Domains are listed on Opensea
- Mid-May (Done): Giveaway domain winners will get their domains
- May 31st (Done): $KNS Tokenomics and Airdrop amount will be released
- June 30th: KNS v1.0 website will be launched and all domains will be available for purchase and registration. Swap, liquidity pool, and staking functions will be available. Releasing Gitbook/SDK page.
- And many more exciting announcements are waiting!
Stay Tuned
Don’t miss out on the latest news from KNS. We are best reached by Discord, so hope you see you there!
Klaytn Name Service (KNS)
Your .klay domain, your on-chain identity.
Website: klaytn.domains
Twitter: twitter.com/klaytn_domains
Discord: discord.gg/kns
