RED KITE TIER ANNOUNCEMENT

Published in

Red Kite

3 min readMay 4, 2021

We are pleased to announce the tier system for PolkaFoundry Red Kite.

⚠️ AUGUST 27 UPDATE: We have updated the new tier policy HERE. The method and benefits published in the following publication are no longer valid.

1. Method

Token holders will have to stake $PKF, Uniswap LP, or sPKF into Red Kite to qualify for tiers.

Red Kite will open for registration and staking on 6 May.

Conversion:

1 Uniswap LP = 150 $PKF
1 sPKF = 1 $PKF.

sPKF is the token resulting from staking on MANTRA DAO. Note that staking on MANTRA DAO is no longer recommended and we may discontinue in the future. However, we guarantee the rights of MANTRA DAO stakers in any situation.

2. Reputation Multiplier

Default reputation multiplier is 1
If you unstake tokens from Red Kite or dump the bought tokens early after token sales, your reputation multiplier will be less than 1
Good behaviors like constructive feedback will increase the reputation multiplier. However, this feature is trial only and will not take effect immediately
The amount of $PKF you hold will be multiplied by the reputation multiplier to determine the tier

3. Luck Multiplier

For tiers that apply lottery, if you win a ticket in this round, your luck will be reduced to 50% in the next lottery. The luck multiplier will be reset to normal after that.

4. Tiers

Note: Staking duration is the minimum duration required counting from the day you stake until the IDO time. The “holding duration” requirement does not apply for the first IDO of PolkaRARE on 11 May.

Tier 1: Dove

Staking requirements: 500 $PKF
Staking duration: 1 day
Unstaking delay: 1 day
Pool size: 15%
Method: Lottery-based; one ticket for each 500 $PKF
Social activity requirements:

— Twitter: Follow, Like, Comment, Retweet, Tags

— Telegram: Join groups and subscribe channels

Perks for unlucky members: APY of 10%, calculated on the first day of next month for ones who win no ticket in the previous month

Tier 2: Hawk

Staking requirements: 5k $PKF
Staking duration: 3 days
Unstaking delay: 3 days
Pool size: 30%
Method: Guaranteed allocation prorated by the amount of PKF staked
Social activity requirements:

— Twitter: Follow & Like

— Telegram: Join groups and subscribe channels

Perks for unlucky members: APY of 5%, calculated on the first day of next month for ones who win no ticket in the previous month

Tier 3: Eagle

Staking requirements: 20k $PKF
Staking duration: 7 days
Unstaking delay: 7 days
Pool size: 35%
Get one guaranteed-to-win ticket
Lottery for the remaining pool, get one ticket for each 2000 $PKF
Social activity requirements: none
Perk for unlucky members:

— Can participate in private sales, subject to availability

— Occasional airdrop of NFT and tokens

Tier 4: Phoenix

Staking requirements: 60k $PKF
Staking duration: 10 days
Unstaking delay: 10 days
Pool size: 20%
Guaranteed allocation, weighted by a token amount
Social activity requirements: none
Can participate in private sales, subject to availability
Occasional airdrop of NFT and tokens

This tier system will be adjusted after a few projects launch as we gain more experience and get feedback from the community.

5. KYC

For the first project, the Red Kite team will verify KYC for participants. We are working with Blockpass to integrate their KYC system for future launches.

Citizens and residents of the USA will not be able to participate in launches.

About PolkaFoundry

PolkaFoundry is a platform for building borderless and frictionless DeFi dApps on Polkadot. It aims to be the one-stop production hub for DeFi dApps with all the necessary features, services, integrations, and tools for DeFi experiments, innovations, and real-world solutions.

Taking advantage of Polkadot’s interoperability and scalability and integrating many DeFi-friendly services into the platform, PolkaFoundry also provides UX-enabling features that make dApps as easy to use as normal applications and bring dApps to the masses.