Kitty Kad Token
The first trade-able meme token on Kadena is getting ready to launch!
The kitties working at the Kitty Kad bank have been crunching the numbers and are ready to share their plans.
There are three parts to this article
- Motivations and Considerations
- Distribution and Tokenomics
- Timelines and Future
Motivations and Considerations
The goal of the Kitty Kad token is to be a fun meme coin of the Kadena ecosystem, something that gives newcomers an easy way to get started with Kadena.
One other consideration is that it would be great to have the token benefit the community in different ways. Even better would be if the community decided how they wanted to do this.
There are many ways to achieve this, but after thinking about it for a while, the following tokenomics were proposed
Distribution and Tokenomics
Total Supply: 100 million tokens, fixed
Starting valuation: ~$50,000 USD
Starting Liquidity: ~$25,000 USD — (similar to other tokens like Shiba Inu)
50% — Locked in a liquidity pool.
This will be a KDA <-> Kitty Kad Token liquidity pool, with the starting KDA being largely funded KDA raised from the initial Kitty Kad NFT sale.
To avoid crazy price swings — the first day of trading will only allow Kitty Kad NFT holders to trade with some restrictions (discussed below).
50% — Set aside for a future Kitty DAO to distribute.
This allows the community decide the future. It would be awesome to see it used for funding community projects and Kitty Kad related projects, but ultimately it is about what the community wants
Some examples of what they can be used for
- Charity
- Fund other projects in the community, either directly or by providing liquidity pools
- Distribute tokens via staking on tokens, staking on liquidity pool tokens, or other Defi projects
- Burnt
It should be noted that having such a DAO is quite a new concept and will require quite a bit of refining to make it work. In the worst case it could be possible the DAO is not established and the 50% of the tokens will be burn / sent to an empty address.
Timelines and Future
- The token will be listed on a DEX (Aswap or Kaddex) in late May 2022 for Kitty Kad NFT holders. The amount they can buy will be capped, with the exact amounts per holder depending on how many holders there are.
At the moment there are 400 holders, which would allow each person to buy up to 50,000 tokens each (0.05% of total supply each). If there were 800 holders this would be 25,000 tokens. The max % of total supply that could be bought up if everyone buys the max allocation is 20%.
To help avoid people making fake wallets — everyone who wants to participate in this stage will need to
- be part of the Kitty Kad discord
- login via Google forms and submit their Discord name and k: address - 24 hours after the sale for NFT holders, everyone can participate
- For the DAO — this will be worked on over many months. It takes time to make a DAO that can run itself and be used to positively impact the community.
- The upcoming Kitty Kad NFT sale will use 20% of its profits to buy the tokens and lock them up in the liquidity pool
- There are talks with other projects integrating the Kitty Kad token into their games / dapps, but only the future will tell what that looks like.
At the end of the day though, its a token made for fun. There could be other ways to do this, there could be intense tokenomics to help pump up the price, or promises of Lambos.
But keeping in-line with the other Kitty Kad projects philosophy — it starts small, tries to be the first of it’s kind, and has community at heart.
