Introducing Phase One of the KIRA Liquidity Reward Program
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We are excited to announce that the first phase of the KIRA Liquidity Reward Program will commence at 4PM UTC on the 6th of December 2020. The initial phase of our liquidity reward program is designed to incentivise the KEX/ETH Uniswap market and will run for a period of 30 days. There will be an option to extend this program further after the first phase, or run it in combination with the second phase of our liquidity reward program, which will be in partnership with our primary listing partner.
During the first phase of the liquidity reward program, a total of 1M KEX will be distributed to KEX/ETH pool liquidity providers on Uniswap V2. This means ~33,333 KEX tokens will be distributed to Uniswap liquidity providers per day for the initial 30 day period. Tokens distributed via the liquidity rewards program originate from the community token allocation, reserved to incentivise all community related events and activities and are unlocked at the rate of 1M KEX per month.
By incentivising liquidity on Uniswap, this allows community members to enter and exit larger positions in KEX without significant price movement or slippage, while being rewarded for increasing the depth of the Uniswap liquidity pool. The initial ~400K USD of liquidity supplied by our team will NOT be counted as part of the liquidity reward program, so APY calculations for liquidity rewards are based on additional liquidity entering the pool above this base amount.
As a DeFi based ecosystem project, decentralisation is a key component of the KIRA Network and as such, our team will continue to support the KEX/ETH Uniswap market perpetually. Liquidity supplied to the KEX/ETH Uniswap LP by our team is locked for the next six months and we will continue to support this market even once the KEX token is listed on a centralised exchange via our primary listing partner.
How It Works:
To stake and begin earning KEX liquidity rewards you must follow the steps below:
- You must provide liquidity to the KEX/ETH Uniswap V2 Pool by clicking the Add Liquidity button and supplying both ETH and KEX to the Uniswap pool.
- Uniswap will automatically grant to your wallet KEX-ETH-LP-UNI-V2 tokens. These LP tokens represent your proportional share of ETH and KEX within the Uniswap pool.
- After following the above steps, visit the stake.kira.network website, click the Connect Wallet button and select the Ethereum address that holds your KEX-ETH-LP-UNI-V2 tokens in Metamask. Click the Lock LP Tokens button and then the Approve Lock button. You will then be able to click the Stake button (or + button if you already staked) and select the amount of LP coins you want to lock to the Liquidity Reward Program contract.
- Locked LP tokens can be unstaked immediately at any point of time by clicking an Ustake button and rewards can be claimed by clicking a Harvest button.
- Each day for 30 days ~33’333 KEX will be proportionally rewarded to all Liquidity Program participants based on the amount of LP tokens they lock divided by the total LP tokens locked into the Uniswap Liquidity Reward Program..
- It is recommended that you use the MetaMask wallet and the latest Chrome browser to interact with stake.kira.network website. If you encounter any issues you can interact directly with the smart contract distributing rewards via stake-contract.kira.network. The stake function allows you to lock LP tokens, getReward allows for harvesting rewards and exit allows for unlocking your LP tokens.
Distribution Rules:
- All Uniswap trading fees (0.3% per trade) are automatically distributed to Uniswap KEX-ETH liquidity providers, which is standard on any Unswap liquidity pool and for any Uniswap liquidity provider. Participating in the KIRA Liquidity Program does not impact your basic yield for providing liquidity on Uniswap.
- KEX rewards are distributed proportionally based on the LP tokens held by any one individual divided by the total of all LP tokens locked by other KIRA Liquidity Reward Program participants.
- Rewards can be harvested every block.
- LP Tokens can be unstaked at any point of time. You will need to unstake your LP tokens from stake.kira.network before being able to remove liquidity from Uniswap.
- While token locking is enabled now, the reward distribution will start at 4PM UTC on the 6th of December. This allows all contributors a fair start and the ability to supply liquidity and stake their LP tokens before the Liquidity Reward Program starts.
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