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Greetings from the KNS Team!
On July 7th, the KNS Team successfully launched v1 web aap. Along with the launching, domains became publicly available for purchase, and functions such as $KNS airdrop, LP pool, and staking are now fully functional. For a detailed manual on how to use the web app, please refer to the KNS Gitbook Guide. In this post, we will be introducing the major functions of KNS v1, partnerships, and our plans for the future.
Web App Service Intro
Setting a Primary Domain
You can set a primary domain among the domains you own through [My Page] of the KNS web app.
Once you set a primary domain, all of the services that support or will support KNS will display your primary domain when you login with your wallet.
Setting an Avatar
You can set an avatar image for your domains by navigating to [Details]-[Profile]-[Avatar] menu. Https and ifps links are supported. So, a KIP-17 PFP NFT can be registered as an avatar using the following format:
LP Pool/Governance Staking
If you own $KNS tokens, you can provide liquidity in the [LP Pool]-[Staking] menu or stake them in the [Govern]-[Staking/Unstaking]-[Staking] menu.
By providing liquidity to the KLAY-KNS pool, the user is given LP tokens and can claim rewards by staking them. Rewards are claimable in the [LP Pool]-[Claim] menu.
If you single-stake $KNS tokens in the [Govern] menu, you will receive sKNS token which will be used as voting rights once the governance function is launched. If you unstake sKNS, you will receive KNS tokens with rewards accrued. The unstaking will require 7 days. You can check unstaking amount and claimable date in the [Unstaking Log].
The KNS team is pursuing partnerships with various services on the Klaytn Ecosystem. In this part, we will introduce use cases where KNS domains are applied.
Klaytn Finder (klaytnfinder.io)
Try entering any .klay domain in the search bar of klaytnfinder.io, a Klaytn block explorer service, and it will display its connected wallet address (resolver). Also, if you have set your primary domain, typing your wallet address will display its primary domain (reverse resolver).
In transaction history at klaytnfinder, KNS domains are replacing wallet addresses.
Klaytn-based Web3 Services
Claimswap, KlayChicken, and Klaybank will display your primary domain instead of wallet addresses when you connect to their services.
The KNS team is constantly working on new partnerships, with our primary focus on wallet integrations, which we believe is a critical function of the KNS domain.
Audit Report and Contract Disclosure
The smart contract of KNS has passed a security audit by HAECHI LABS, which major blockchain projects such as 1inch and SushiSwap have also taken. The audit report is available in KNS Gitbook Guide, and also through the link below.
Governance & DAO
KNS v2 will include governance voting and DAO. Members of DAO will vote using sKNS to make decisions for the protocol.
Verified Domains and Subdomains
To prevent issues such as impersonation of dApps, we will add a new Top-Level Domain for verified organizations, as in our early roadmap. The domain will be issued to organizations after screening procedures. Once DAO is running, verified domains will be issued through polls.
Subdomains are domains under a specific domain, e.g. treasury.kns.klay under kns.klay. These domains will be sold targeting the B2B market which will bring additional revenue to the protocol.
Domain Pricing Adjustment
Currently, the domains are priced in KLAY, and for the pricing, the KNS team referred to similar services such as ENS. However, since KLAY has seen significant changes in its price, there is a discrepancy between the fiat-converted value of the registration price and what the team initially intended. Hence we are planning for an adjustment of the pricing, and the details will be announced in a separate post.
Buy-back and Burn
The KNS team will use some of the KLAYs from protocol revenue to buy-back $KNS and burn them. (Initially, this was planned to take place in August, but due to internal schedules it was delayed.) We will, from time to time, buy-back and burn $KNS so that the value of the tokens is sustained.
We are talking with major wallet services of Klaytn for integrations. We hope to deliver you good news in the fourth quarter at the earliest or in the first quarter of 2023 by the latest.
We will work on the listing after wallet integrations take place, but we will do our best efforts so $KNS can be listed in global exchanges during the first quarter of 2023.
We are building a billboard within our website where you can FLEX your domain, just because it’s fun.
The KNS team will continue to inform you of our latest updates through future posts.
Don’t miss out on the latest news from KNS. We are best reached by Discord, so hope to see you there!