tl;dr
- What: KI Token will be sold in a dynamic pricing launch and airdropped to GENE stakers to bootstrap its liquidity ahead of public beta of Genopets.
- When: June 20th, 2022 at 15:00 UTC through June 23rd, 2022 at 15:00 UTC, or whenever it sells out, whichever comes first.
- How: The sale is dynamically priced and powered by Strata. Starting at $0.50, the price will gradually fall and then rise each time KI is purchased, creating a curve and allowing the community to decide the fair price.
- Where: The link will be https://ki.genopets.me/, but it will not be live until a few days before the launch.
- Why: KI Token is the Genopets in-game utility token that is earned by Habitat NFT owners for taking steps. It can be used for crafting NFTs, minting Habitats, converting to energy to level up, and refining crystals.
- Vested Airdrop: 20,000,000 KI will also be airdropped to GENE Stakers based on their staking reward weight over a period of 90 days starting when earning goes live in the game with Habitat Management.
We are excited to finally announce details of the official launch of KI Token. Learn more about KI and its role in Genopets in our article on the Dual Token System.
In determining the best approach to launching KI Token, our in-game utility token, the team has examined a variety of options. Launchpads favor speculators, while batch auctions result in over-inflated prices. As such, we decided on a method that would best enable price discovery and encourage utility to benefit the core Genopets community. We’re partnering with Strata on a Dynamic Pricing Protocol that allows the community to participate in discovering the fair market price. We first tested this unique way of selling tokens earlier this month in a Water Crystal NFT drop that empowered the community to decide what the floor of Water Crystals should be.
The sale will be similar to a dutch auction in that the price will start high $0.50 and gradually decrease over the course of 3 days. As more Genovians buy KI, the price will rise. As a result, the price will go up and down over the course of the sale until it’s all sold out.
Strata’s protocol is based on a Liquidity Bootstrapping Curve (LBC) that utilizes an unequally-weighted curve that seeks to obtain equilibrium over time. This price discovery mechanism allows for the community’s participation in the sale to determine the fair market price.
What You Need to Know
The initial supply of KI will be sold in this launch and airdropped to GENE stakers. The total amount of KI being sold in the launch is equal to the amount we will be providing as protocol designated liquidity so that 100% of funds raised will be able to go towards liquidity in an DEX pool.
Full details on the tokenomics below:
- Tokens Available: 20,000,000 KI (⅓ of the initial KI Token supply)
- KI Vested Airdrop to GENE Stakers: 20,000,000 KI (⅓ of the initial KI Token supply)
- Protocol Designated Liquidity: 20,000,000 KI (⅓ of the initial KI Token supply) or an amount equal to the total amount sold in the launch
- Starting Price: 0.50 USDC
- Starting Supply: 40,000,000 + (20,000,000 / 90) KI Token vested each day for 90 days from the airdrop to GENE stakers
Note: Any unsold KI Tokens will be burned after the launch.
Vested KI Airdrop for GENE Stakers
As we thought about how best to kickstart the supply of KI and bootstrap its liquidity, one thing we were sure of is that KI Token needed to land in the hands of faithful Genovians that were committed to the long term success of the project. Today, more than 24% of all GENE token addresses are staking. There was no better way to do that than to airdrop KI to GENE stakers who have locked in their support over the last few weeks.
20,000,000 KI will also be airdropped to GENE Stakers based on their staking reward weight over a period of 90 days starting at the end of the launch.
A snapshot of all GENE token staking wallet addresses will be taken on June 18th, 2022 at 23:59 UTC to confirm eligibility for the airdrop.
One Step Closer
In the spirit of Web3, the outcome of the KI Token Launch is in the community’s hands. And there’s no one better to launch this token with than the players who plan to use it. Join us as we take another step forward on the road to the Public Beta!
Summon your Genopet and start moving! Stay tuned for future updates and join the conversation on our community channels below. See you in the Genoverse!
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Summon your Genopet and start moving to begin exploring and evolving together. Stay tuned for future updates, and join the conversation in our community channels below. See you in the Genoverse!
About Genopets
It’s time to step up your game. Genopets is the world’s first Free-to-Play, Move-to-Earn NFT mobile game that makes it fun and rewarding to live an active lifestyle. A Genopet is your digital pet whose evolution and growth are inextricably linked to your own. The steps you take every day power your journey through the Genoverse as you explore, battle, and evolve — earning crypto while you play.
Join the Genopets Community
Private Beta Sign Up: https://genopets.me/
Twitter: https://twitter.com/genopets
Discord: https://discord.gg/genopets
Facebook: https://www.facebook.com/Genopets.me/
Instagram: https://instagram.com/genopets
YouTube: https://www.youtube.com/genopets
Telegram: https://t.me/GenopetsAnnouncements
Important Notice
This post and all other materials provided by us are subject to this notice (“Notice”). Please familiarize yourself with the terms of the Notice, as it contains important information, limitations, and disclaimers regarding Genopets and our Genoverse and digital assets, forward-looking statements, and other representations and warranties from you in accordance with the digital assets. By accessing Genopets, the Genoverse, the digital assets, or any of our material, you accept and agree to the terms of this Notice. The sale of tokens is not available to U.S. Persons (as defined by Regulation S under the Securities Act of 1933) or to persons located in a sanctioned country as provided by OFAC.
