DeFi Kings to Launch New Utility-Based Rewards Token Type
New York, NY, May 02, 2022 (GLOBE NEWSWIRE) — The DeFi Kings is excited to announce the launching of its new utility-based rewards token, a deviation from the traditional and less attractive volume-based token rewards.
DeFi Kings aims to be exception when it comes to the hurdles with stability of the volume. With May 2022 as the proposed launching date, the team will replace volume as the major yardstick for measuring rewards tokens’ value with utility.
13% of each transaction will be rewarded back to holders in their preferred cryptocurrency from a rich list of options that include Ripple (XRP), BUSD, Ethereum (ETH), ADA, and Bitcoin (BTC).
Besides the utility-based rewards tokens, the DeFi Kings team also offers a staking/farming platform. Codenamed King’s Ransom, the platform will reward each staker with 5% and 2% of sell and buy transactions respectively. That’s in addition to being a deflationary token with 4% of every sell transaction bought back to the platform and burnt.
Actual Utilities
According to DeFi Kings, the major difference between its rewards tokens and others is utility. The first utility as shown in their roadmap is a peer-to-peer (P2P) lending platform where members can get a loan and secure its collateral in a lock.
The lender and borrower can set loan terms while DeFi Kings serve as the escrow between the two. For its role, the team will receive a fee. The collected fees will be shared among $DFK holders on the King’s Ransom staking platform.
More so, the platform is building an ecosystem with additional future development with the potential to generate more rewards for token holders. The goal is to make the project more sustainable since it isn’t dependent on trading volume.
KYC, Audited Contract, and Doxxed Devs
The US-based DeFi Kings developers have shown transparency as their hallmark. The team explained that it will conduct a minimum of three Know Your Customers (KYC) exercises before launch.
The team members aren’t anonymous. They have recently revealed their identities to the community. The developers are experienced members of the crypto community and have volunteered for other projects where they garnered the experience they need to drive this project to success.
Transparency and safety are their guiding principles and one of the reasons why they are paying more attention to these features during promotion campaigns.
The team’s smart contract has earned one audit and hopes to get one or two more audits before the launch date.
Presale and Launch
The team is yet to announce a specific launch date but it promises the crypto community that the presale and launch will be done towards the end of May 2022.
The presale will be exclusively reserved for its whitelist members only with a soft card and hard cap of 150 BNB and 300 BNB respectively.
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