Kensetsu KEN
TL;DR
- All of the initial KEN tokens will be distributed to accounts that burn at least 1 million XOR between blocks 14,464,000 and 14,939,200
- Burning less than 1 million XOR will yield no KEN tokens
- 1% of all Kensetsu stablecoins minted will be used to buy back and burn KEN on Polkaswap
- 80% of burned KEN burned daily will be reminted and be given to Demeter Farm for farming rewards on the XOR-KUSD pool, to incentivize liquidity
KENSETSU
Maker DAO is the largest DeFi app in existence, with $5.92 Billion in TVL; Maker DAO is what powers DAI, the decentralized dollar-pegged stablecoin. SORA is a new world economic system aimed at high, sustainable growth. Despite the bold ambitions of SORA, it does not have a Maker DAO equivalent on its network. That’s why in 2023, Satoshi Shibarimoto, a professionally based anon, proposed KENSETSU as SORA’s version of Maker DAO that not only builds on the successes of the original protocol, but also takes advantage of the amazing Polkadot tech.
With KENSETSU, XOR token holders will be able to vote to create stablecoins pegged to any values available via oracles on the SORA network, such as all your favorite Imperialist Fiat Currencies, GOLD, SILVER, and others. As with Maker DAO, users will be able to mint stablecoins by locking up collateral in vaults. In KENSETSU, there will be two vault types: 1) vaults where users lock up collateral and they can get the collateral back by paying back the minted stablecoins, and 2) vaults where users lock up collateral, but to get it back they will have to pay the minted stablecoins + a stability fee; these vaults can be liquidated if the value of the underlying collateral goes too low; type-1 vaults cannot be liquidated, but there will be a stability fee as a tax that is taken from the collateral over time, so users won’t ever get their full collateral back. Initial collateral assets are expected to be: XOR, TBCD, VAL, PSWAP, ETH, and DAI.
The ability to mint stablecoins from collateral is very useful, but because there is a stability fee on the vaults, there also needs to be some sexy magic to make the stablecoins liquid and create demand. That’s where KEN comes in.
KENONOMICS
KEN is a farming reward token meant to incentivize liquidity for KENSETSU stablecoins. For each stablecoin minted from collateral deposited, 1% extra of the stablecoin will be minted and used to buy back and burn $KEN tokens. 80% of the burned $KEN tokens will be reminted and distributed to Demeter farm for farming rewards on the XOR-KUSD pool on Polkaswap.
To up the stakes, to get an allocation of the initial KEN supply, you will literally have to burn money.
Burning Money
As explained in the KENONOMICS, once launched, KEN will be strictly deflationary, meaning the supply will only go down. The original allocation of KEN will be the maximum supply and then it will go down from there. As KENSETSU is made by anons, the initial allocation follows the no baby (team), no cry principle, which means in simple terms that it’s a fair launch: KEN will only be allocated to accounts on the SORA network that burn (using the assets.burn extrinsic) at least 1 million XOR, at a rate of 1 KEN per 1 million XOR burned. You can only get the initial KEN tokens by burning XOR.
Because you have to burn real money to get KEN, holding KEN tokens is the ultimate flex. Holding KEN is a status symbol, that shows how cool you are.
St. Elmo’s Fire
Burning XOR for fun and profit can be done using the nifty dotapps interface. Just click on this link, and fill out the form as follows:
To fill out the form:
- Select the assets module and burn extrinsic (assets.burn)
- Select the account that has the XOR you want to burn.
- The asset ID to burn is XOR:
0x0200000000000000000000000000000000000000000000000000000000000000 - For the amount, you need 18 zeros after the amount of XOR you want to burn, so burning 1 million XOR is:
1000000000000000000000000.
Then sign the transaction and confirm that your XOR balance went down correctly, showing you burned the XOR.
All XOR burned by calling the assets.burn extrinsic between blocks 14,464,000 and 14,939,200 will be considered in the calculated burned amount. To be eligible for the KEN drop, at least 1 million XOR should be burned by an account. 1 KEN will be given for each million XOR burned.
For example, if 999,999 XOR are burned, 0 KEN will be given to an account. If 1 million XOR are burned, 1 KEN will be given to an account. And if 1.6 million XOR are burned, then 1.6 KEN will be given to an account.
So get out there and enjoy the Kenomics Kenolution!
I can see a new horizon
Underneath the blazin’ sky
I’ll be where the eagle’s
Flyin’ higher and higher
Gonna be your man in motion
All I need’s this pair of wheels
Take me where my future’s lyin’
