kittieFIGHT
KittieFIGHT is a DeFI Lending backed, FOMO Mortal Kombat CryptoKitties MMO game. You can think of the KittieFIGHT lending and gaming system like an open source bank collectively funded by lenders, that funds the bankroll of a high yield casino/lotto which in turn returns yield to the bank and collective lenders proportionally. The difference is in this case games are funded collectively by DEFI lenders using Ether and the gaming model is a Cryptokitties mortal kombat themed MMO, with two opposing player groups battling with ETHER over a sizeable, initial Ether jackpot incentive, that swells to at least 10x its initial size to return lucrative winnings to players and interest to lenders. You can read more about it here
Mechanism overview
Lenders can now expect to earn highly variable weekly interests of between 20% — 70% on capital committed to the internal KittieFIGHT treasury; “the Endowment fund contract”. The Endowment fund contract is completely opensource, user-controlled and accessible in our KittieFIGHT smart contract system. The committed funds are then completely utilized in games as jackpots incentives, which MUST perform to return 10x its value in order for games to be ended and for profits/rewards to be distributed to winners and various actors such as lenders.
A lender can generate 20% -70 % rolling compounded interest in a periodical week following 4 major steps
- Lender locks Ether in KittieFIGHT treasury for at least an entire week .
- Lender generates an Ethie CDP .
- KittieFIGHT treasury( Endowment ) uses collective funds in games through the week .
- Lenders burn Ethie CDP during the rest day, to redeem compounded interest and Ether principal .
Locking and minting Ethie CDP tokens
- Lenders lock Ether which, thereby lending Ether to the KittieFIGHT treasury
- Lender generates a Ethie CDP ( Collaterized debt position ) .
- Ethie CDP is held and used to receive weekly interest yield from KittieFIGHT treasury .
- Ethie CDP can be traded on opensea for the Future value of the Ethie CDP due to high weekly interest yield .
Selling or holding Ethie CDP
ETHIE is tradable on any open marketplace like “opensea” for its “Future Value”. For example Lenders can sell ETHIE worth 10 ETH for 100 ETH or 200 ETH on opensea . This is possible because each week, a share of the cumulative Ether revenues from all the games held in a weekly period is distributed to ETHIE holders. Therefore any valuation process during a sale would consider the interest accumulated over a period of time .
Burning : redeem principal and interest
Lenders can burn Ethie tokens to retrieve ETH principal and compounded interest accumulated over the week days .
Summary
KittieFIGHT is currently deployed to the Rinkeby testnet and will be undergoing a live testing scenario with lending and gaming cycle between May 25 and 27th. Lenders can lend Rinkeby testnet Eth to the system before the 26th of May, participate in the public game on the 26th and burn and withdraw Ether principal and interest on Thursday 27th of May. The Ethereum mainet deployment plans are scheduled for early June 2020 with stringent restrictions and ultra low limits on amounts allowed within the system. Our code is now open-sourced and more documentation around the system will be provided. We are excited to be able to provide a way to earn passive weekly income with our innovative games even in these unpredictable economic times. Expect more frequent developments and update. Join our discord today!
