Focusing on the Future
As a follow up to our March 2023 post where we shared our initial plans to focus on using Uniswap and other decentralized solutions to build out our platform, we have decided to delist Kindly Coin ($KIND) from BitMart effective Monday June 26. Users with Kindly Coins stored on Bitmart will have approximately 2 months to withdraw your tokens. Please look out for a formal announcement from Bitmart for further details.
Kindly Coin on Uniswap
https://app.uniswap.org/#/tokens/polygon/0x999e2e604f48de45480f97b5037a70aa2a78b488
Looking Forward
Kindly has made this decision for several key reasons with our priorities solely aimed at the long-term term goals of making our project a success. Below are the primary reasons we felt this was necessary;
- Drive future demand to DEXs — As we quickly approach the launch of our platform, Kindly plans to allocate a percentage of all social impact sales to purchasing Kindly Coin from the open market. As a result, our team has determined that using a decentralized exchange (DEX) will not only illuminate the risk of having our tokens stored and managed by a third party but also allow us to connect our Kindly social impact engine’s smart contract directly to it in order to perform fully automated and transparent transactions.
- Reduce operating costs — As some of you may be aware, Kindly is a partially funded project made up of very passionate team members that are committed to bringing transparency and trusted giving to the world. With that said, there are constant on-going costs associated with maintaining a token on a centralized exchange which include market making fees and providing additional liquidity for tokenholders. As Bitmart provides limited access to our global community, Kindly believes the best course of action is to minimize our costs and to prioritize the imminent launch and continued development of the Kindly Ecosystem.
- Limit risks and provide maximum transparency — As centralized exchanges limit public access to their order books, flow of funds, and custodial management of assets on their exchanges, Kindly believes that using a DEX will provide maximum transparency and remove a potential risk to loss of platform funds.
- Focus on global accessibility — Due to the nature of decentralized exchanges, it enables peer-to-peer trading of tokens without the use of an intermediary. As a result, there are very little hurdles for anyone within our global community to gain access to our token to use within our platform. The built-in use of Automated Market Making (AMM) also eliminates our existing on-going costs in relation to maintaining our token. This is an added benefit to the above factors which lead us to focus on driving future utility towards a DEX.
We want to make it very clear to our tokenholders that Kindly does see future value in re-listing our token on centralized exchanges, but for the immediate and short-term needs, we believe it is not the most prudent course of action at this time. Once our project begins generating revenue, and we see gradual growth and adoption of our platform, Kindly plans to revisit this possibility in the future.
As always, we would like to thank our community for your support and continue forward as we have now begun onboarding our impact partners and initial pilot customers to our platform.
Exciting times ahead!
About Kindly
Kindly is a purpose-driven social enterprise co-founded by one of the largest food relief charities in the world. With its existing infrastructure and strategic partners, Kindly is bridging the gap between social impact and Web3 as it creates innovative consumer and business-related products that help make it easy to generate, track and process measurable social impact.
To learn more about Kindly visit:
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