KIRA Network Token Metrics
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As the public round of the KEX token distribution is soon to be announced, we will clarify the token economics and distribution schedule as the first step preceding the announcement in order to provide maximum transparency and to ensure that all token activities are predictable to all token holders.
Token Design
The native token of the KIRA Network is called KEX. The role of the native token is to act like a reserve currency in terms of which staking and transaction fee payments in other assets is valued. KEX can be used as the most optimal transaction fee payment mechanism, which is essential to prevent transaction spam. Holding KEX is one of the requirements to become part of the validator and governance set, and to take part in decision making processes, such as defining the inflation rate of KEX and interest rates for staking any of the tokens whitelisted by the governance system.
Depending on your future decision as a governance member, KEX can have both inflationary as well as disinflationary issuance mechanism. By steering all levers of the KIRA economy, you can optimize yield of all stakeholders and become part of KIRA Network’s success.
Token Metrics
ERC20 Placeholder
Before KIRA Network is launched, an ERC20 KEX token on Ethereum network will be issued to provide early access to the market. The initial supply of the ERC20 token will be 300,000,000 KEX. The ERC20 KEX is NOT a native KIRA Network token and will be swapped for the native KEX after the release of our mainnet. The 300M KEX tokens issued on the Ethereum network will be equal in their number to the initial token supply on the KIRA Network.
Token Distribution Terms
So far, KIRA Network has raised $3.6M in two prior rounds. The terms were as follows:
All seed and private round participants will receive ~2.5% of their token allocations in the form of ERC20 KEX after finalization of all stages of the public round distribution. The remaining allocations will be released over a period of 18 months starting at mainnet launch and are subject to the following terms:
Seed:
- Amount: $300,000
- Valuation: $0.025 / KEX plus value added
- Distribution: starts on month 3 after mainnet, ends on month 18
Private:
- Amount: $3,300,000
- Valuation: $0.05 / KEX plus value added
- Distribution: starts on month 1 after mainnet, ends on month 18
During all private rounds, early supporters were nominated for token grants under the condition to contribute to the development of the network — which will be further assessed before each token distribution event. Tokens allocated to the early supporters account for ~24.67% of the total initial KEX token supply. Full release schedule is further provided in the form of the distribution table.
Public:
- Amount: $100,000 for Community Challenge Participants
- Valuation: $0.075 / KEX for Community Challenge Participants
- Amount $300,000 for Liquidity Auction
- Valuation: ~0.000649 ETH / KEX discovered in Liquidity Auction
- Distribution: 100% as ERC20, no vesting
- KEX (ERC20) Contract Address: token.kira.network
- Public round announcement
- Public round summary
Tokens allocated to the public round are unvested and account for 1.78% of the total initial token supply. After finalization of the public round distributions, tokens will be simultaneously unfrozen at the date announced, including a minimum of 7 days prior notice to provide equal chances to all participants.
Public will also receive 5% of the total initial token supply that will be distributed through various liquidity and PR incentivisation events over a period not shorter than 14 months. Every month 1M tokens will be unlocked for the purpose of distributions to the community.
Token Allocation
Developers & Team (15%)
Vested over 24 months with distribution starting 16 months after mainnet
The long term commitment of the team is key for reaching a level of network maturity at which decentralization and government decisions can take over. The developers will contribute to the open source codebase of the KIRA Network and steer the early direction of the product. After full scope delivery, the on-chain contracting module will enable network governance to incentivise development without relying on any single entity contributing to further development effort.
Advisors (7%)
Vested over 36 months with distribution starting 18 months after mainnet
In comparison to industry standards KIRA Network decided to vest advisors over a considerable period of time. This ensures that advisors are fully aligned with the long term vision of the project.
Foundation (20%)
Vested perpetually and diluted over time
The foundation tokens will only be used for the purpose of delegations. Foundation will not hold or earn staking rewards. This implies that only 80% of the total initial KEX token supply will be ever liquid and available on the market.
Reserve & Liquidity (26.6%)
Vested over 16 months, unlocked at the rate of 4M KEX per month
The reserve and liquidity tokens will be used for the purpose of two sided market support to ensure long term sustainability of the market as well as bounties and other essential incentivisation programs in case where community token allocations would not be sufficient.
Conclusion
After finalization of the public round, a total of 12,483,333 KEX tokens with an initial market cap of $936,250 (based on lowest public round price of $0,075) was released in the fully liquid form on the market, on November 27, 2020 at 3 PM UTC.
Until the mainnet launch, every one month 4M KEX of Reserve tokens and 1M KEX of Community tokens will be unlocked from the contract to support and incentivise liquidity. After the mainnet launch the above vesting schedules will be applicable to previously mentioned allocations. The mainnet launch will take place after audits and one month of the uninterrupted testnet operations. The full distribution table is available here
Telegram Channel: https://tg.kira.network
Announcements: https://ann.kira.network
Twitter: https://twitter.kira.network
GitHub: https://github.kira.network
Blog: https://medium.kira.network
