⛩️ Engen Is Over. Kinto is launching.
Kinto is an L2 rollup designed to accelerate the transition to an on-chain financial system. It features user-owned KYC, AML, and native account abstraction to solve the biggest blockers to mainstream adoption: security and user experience.
TLDR
- The Engen Program is now complete. Deposits are closed as of May 17th at 9 am PST.
- Referral rewards will be calculated and updated within 24 hours.
- 25K Users have completed Engen. The Kinto Network has reached $20,000,000 in TVL.
- Members can claim their rewards from May 22nd until June 15th.
- Members will receive soulbound ENGEN tokens and vote on the constitution, token, and mining program in Kinto's Proto-Governance.
- Engen Members will receive a deposit gas refund and free gas for their future transactions on the L2.
- Engen Members will receive 5% of the Kinto token supply if ratified and approved.
- Members that committed in Phase IV, can get an additional 25% of Kinto tokens if they keep their capital until July 1st.
- Finally, Engen Members will also receive a permanent 15% boost in all the rewards they earn during the mining program.
- Kinto launches on May 22nd. Deposits and withdrawals will be reenabled that day.
As we covered in our latest Update, Engen, the Kinto launch program is now closed. Engen was designed to onboard and reward valuable network participants and bootstrap a decentralized launch of the Kinto Network.
The goal has been achieved; 25k users have completed the four phases of Engen: The Arrival, The Setup, The Rescue, and The Commitment.
As you may know, thanks to Kinto’s user-owned KYC, Kinto offers sybil resistance natively. This means that our users are unique, authentic, and verified. These 25k Engen users have become the founding members of Kinto. They can now participate in creating the DAO, its constitution, and the token, making it one of the ecosystem's most decentralized, Sybil-resistant, and fair launches.
This will now focus on explaining all the benefits and responsibilities of being a founding member.
25K Founding Members
Engen users who have completed at least the first three phases of Engen will qualify. Nobody else will ever become a founding member of Kinto. Founding members joined Kinto before its launch and will receive exclusive perks, which also come with responsibilities.
The Kinto network will need the voice of all the founding members to create a truly decentralized network launch from day one.
Upon launch, Engen founding members will claim ENGEN tokens. These tokens identify founding members and are soulbound. Members cannot transfer or sell them.
Thanks to the ENGEN tokens, the Kinto network can launch fully decentralized from day zero. ENGEN holders will be able to participate in Kinto's Proto-Governance system and decide whether or not to approve the launch of a DAO, its constitution, and its token.
Engen tokens are used to vote on the three crucial Proto-Governance proposals. These proposals define the future of our network, and the founding members’ vote will ratify and determine its future.
We will release separate blog posts summarizing each proposal in the next 7 days. We have also created a Discord channel for each proposal, and we expect founding members to engage in discussion before the voting process starts.
Starting next Wednesday, Engen members will have three weeks to vote and claim their Engen Rewards.
Gas, Gas, Gas
During Phase IV, users were able to deposit capital into the network. If the users deposited via ETH, the user paid an Ethereum network fee. Otherwise, the network paid the cost upfront and remained pending to be charged on the deposit asset upon launch.
We have decided to give three gas perks to reward and show further appreciation to our founding members.
- The network will refund all gas fees.
- The network will pay for the bridging cost, so members will receive the assets directly in their wallets in the L2.
- Up to 100 wallet transactions will be gas-free on the Kinto L2. The specific number of sponsored transactions depends on each user's Engen tokens.
K
Founding members will be able to discuss, vote, and ratify EINP-2, which proposes the creation of a governance token for the Kinto Network, KINTO, shortened as K.
The proposal allocates 55% of the initial token supply and 70% of the maximum supply to the community. These tokens will be distributed to the network and ENGEN holders first, and KINTO will then control their future.
More importantly, 500,000 KINTO tokens, or 5% of the token supply will be allocated to Engen users proportionally based on their ENGEN credits.
You can read more about the Kinto token proposal here.
Doubling Down
Engen users who deposited capital during Phase IV will be eligible to receive 25% extra K tokens if they maintain their capital until July 1st.
Mining VIP
Airdrop programs in the ecosystem are usually one-and-done, harming many crypto projects' sustainability and long-term viability. The proto-governance proposal ENIP-3 defines the scope and mechanics of the mining program. It needs to be ratified by $ENGEN token holders and is scheduled to start in June 2024.
The mining program will receive a maximum of 5M tokens, or 33% of the maximum supply. The Kinto Mining Program is designed to last for 10 years. You can read more about this here.
Engen users will also receive a permanent 15% boost on mining rewards earned during the network's lifetime.
🌊 The end of the beginning
Engen’s end marks the beginning of Kinto.
Kinto will launch on May 22nd. In just a few days, Engen members can claim their perks and vote on the proposals from our website.
We want to accelerate the transition to an on-chain financial system. A system that can match the guarantees of traditional finance, increase availability 24/7, enhance security, and decrease the friction and costs associated with conventional asset issuance.
If you share our vision for a secure, open, decentralized financial system, help us realize it.
Join us!
