Meme Kong v2 is a hyper-deflationary custom contract that runs on the Ethereum blockchain. It has 6 burn mechanisms with the flexibility to add more fuel to the fire in the future. It features a dynamic sell tax mechanism designed to hold the floor and build for the future. It also has a one-of-a-kind incentive structure allowing holders to stake their tokens, and then burn rewards to 10x their APY. What’s more, when holders burn tokens to increase APY, $MKONG tokens are simultaneously burned from the liquidity pool, raising the floor and benefiting all holders by further reducing supply. Last but not least, there is an auto burn feature that burns 0.05% of the tokens in the Uniswap liquidity pool every 24 hours. Keep reading, there’s more!
Six burn mechanisms:
- Burn on AI Subscriptions
- Burn on Sells
- Single-Sided Liquidity Pool Burn
- Burn to Fast Track to 42% APY
- Burn on Emergency Unstake
- Auto Single Sided Liquidity Pool Burn
$MKONG Burn Mechanisms
Burn on AI Subscriptions
33% of the $MKONG spent on every AI subscription is sent to the burn address. This not only contributes to the exclusivity of the AI experience but ensures this evolutionary utility provides value to every holder, with every new subscription.
Burn on Sells
2% is allocated to burn on every sell.
Burn to Fast Track to 42% APY
$MKONG holders have the option to fast track to a higher APY by burning up to 10x their claimed staking rewards (see below for more details).
Single-Sided Liquidity Pool Burn
When stakers burn to increase their rewards, a percentage of $MKONG tokens will also be burned from the liquidity pool (see below for more details). This is absolutely bullish, both for the long term, and for the price action of $MKONG day to day.
Burn on Emergency Unstake
There is a standard 9-day hold to unstake $MKONG. An emergency unstake will bypass the nine-day hold by burning 9% of your staked balance.
Auto Single Sided Liquidity Pool Burn
This final feature, combined with the other four burn functions, cements $MKONG as the King of novel, deflationary tokenomics. Every 24 hours, 0.05% of the $MKONG tokens in the liquidity are burned, forever, without touching the ETH in the pool! This ensures every holder benefits from $MKONG’s deflationary DNA, whether you’re here for a long term stake and hold, or just looking to eat with the biggest apes for the short term.
$MKONG Dynamic Sell Tax
Every sell of $MKONG dynamically raises the sell tax by 2%, up to a maximum of 18%. Conversely, every buy reduces the sell tax by 2%, all the way down to 2%. This provides a turbo boost for the holders and a gentle brake for the sellers who will naturally be inclined to wait for a series of buys to time their exit. To ensure there is absolute transparency on the current sell tax percentage, we have developed a custom bot that will be available in our main Telegram on launch. Just type /tax and the bot will check the current tax so you can time your sell perfectly! Did we mention that the buy tax is always 0%?
Initially, taxes will be used to rapidly raise liquidity to restore it to pre-exploit levels. If you’re new to the Meme Kong community and aren’t aware, our previous contract was exploited in May 2023 through malicious code inserted by a developer who is no longer with the team. A third-party forensic audit of the exploit is underway, and we’re happy to answer any questions you have in our main Telegram group. Exploit aside, we’ve made significant personal sacrifices to raise new liquidity, as well as contract and security enhancements, to ensure Meme Kong is restored to its former glory and equipped to establish itself as a symbol of resilience and innovation — redefining the standards of cryptocurrencies.
Once our liquidity is restored, taxes can be used to fund staking rewards as holders increase their APY (more on that below), to seed the bullish future of Meme Kong’s reinvestment platform and launchpad, and to continue to build out the ecosystem to benefit the community.
$MKONG — Radical Transparency and a Bright Future
The Meme Kong team is fully doxxed and committed to bringing the honesty, integrity, and transparency to DeFi that is so desperately needed. We aren’t going anywhere. The exploit was heart breaking, but the silver lining is that we get the opportunity to show our holders that even the worst possible scenario didn’t stop us. We’re back, and we’re here to stay. But there’s more.
The owner and tax wallets for $MKONG are both multi-sigs, and when we launch you can find the addresses in our main Telegram if you want to see for yourself. In addition to providing a radical level of transparency, this ensures maximum security for the project into the future. Even in a worst-case scenario where a team member’s wallet is hacked, $MKONG is safe from the fallout because any transaction requires signatures from multiple members of the fully doxxed team.
Last but certainly not least, the $MKONG contract is fully customizable. We’re always on the lookout for bullish enhancements and listening to our community to hear their ideas. If the Gorilla Gang can dream it up, we can build it. Because of our customizable contract, we’ll never have to relaunch!
Keep reading below for more info on how to stake your $MKONG and generate maximum APY.
$MKONG Staking Explained
Staking $MKONG accrues an introductory yield of 4.2% and spans a yield of up to 42.0% APY, paid in $MKONG.
Staking yield is generated from the contract and keeps $MKONG 100% deflationary — no new tokens will ever be minted.
Staking yield is generated per minute and can be claimed direct-to-wallet or rolled back into your staked balance at any time. Staking has a nine-day hold/cooldown period. An emergency unstake will bypass the nine-day hold by burning 9% of the staked balance.
$MKONG Burning Explained
Burning $MKONG benefits all holders by eliminating tokens out of the circulating supply, thereby increasing its value. While there are automatic burns in place (sells, emergency unstakes), holders have an incentivized option to burn their staking rewards to achieve an even greater APY. Burning to increase your APY also triggers the single-sided LP burn, removing an equivalent amount of $MKONG from the Uniswap liquidity pool, adding stability to the chart.
You can achieve the maximum APY by burning a total of 90% of your staked balance. To fast track, you can burn up to 10x of your staking rewards to increase APY by 10x (4.2% to 42%).
$MKONG v2 Staking APY Increase Explained
Example:
1000 $MKONG wallet balance, 1000 $MKONG staked, 0 $MKONG burnt
APY @ 4.2%
50 $MKONG claimed via staking rewards
500 $MKONG is now available to burn (10x of staking rewards claimed)
User burns 500 $MKONG
APY raises from 4.2% to 8.4%
User earns another 10 $MKONG from rewards
User burns another 100 $MKONG (burnt total 600)
APY raises from 8.4% to 10.5%
User earns another 10 $MKONG from rewards
User burns another 100 $MKONG (burnt total 700)
APY raises from 10.5% to 14%
User earns another 10 $MKONG from rewards
User burns another 100 $MKONG (burnt total 800)
APY raises from 14% to 21%
User earns another 10 $MKONG from rewards
User burns another 100 $MKONG (burnt total 900)
APY raises from 21% to 42% (MAX APY with 90% burnt of staked total)
190 $MKONG wallet balance, 1000 $MKONG staked, 900 $MKONG burnt.
APY @ 42.0%
Did we mention that for every token burned to increase APY, an equivalent token is burned from the Uniswap liquidity pool, further raising the floor and benefiting every holder.
There is an array of stake/burn strategies. For example, burning rewards now allows you to acquire a higher yield in the future. Burning will reduce supply, raise the floor via single-sided LP burn, and increase your individual APY.
Why is it better to burn early for higher yield later?
Burning for higher APY is substantially more beneficial than compounding at 4.2%. You would need to burn only 2% of your staked balance to achieve a higher APY than by solely compounding daily at the base APY of 4.2%. How much will you burn to earn?
How does burning benefit the whole community?
$MKONG uses a unique burn mechanism that not only burns tokens, but a portion of the liquidity pool ONLY on the $MKONG side. If the amount you burn is over 0.1% of the liquidity pool, the contract limits liquidity burn to 0.1% of the total pool to mitigate bot/whale attacks.
Example:
Total supply: 1000 $MKONG
Liquidity pool: 100 $MKONG / 1 ETH
User burns 1 $MKONG and 1 $MKONG is burnt from the liquidity pool
Liquidity pool is now: 99 $MKONG / 1 ETH
Price of each $MKONG is now higher
Total supply is now 999 $MKONG, reducing supply
Contract Address: Our new contract has completed audit. Stay tuned for details on re-launch and the new contract address.
You can check out the full audit here: https://audits.solidgrp.io/memekong/
