Introducing $KNK
Since Kineko launched in May 2021, we are overwhelmingly happy with how things have progressed – improving the platform day-by-day and becoming one of the most recognizable brands in crypto betting.
The platform today is leaps ahead of the platform that we launched a year ago.
But like any project, it was not all rainbows and butterflies. Just over 12 months after launching, we discovered that there was a great market opportunity to build a cApp (“centralized app”) and implement a FTX/Binance-esque buyback model in addition to creating a dApp (“decentralized app”) solution.
cApp Platform vs. dApp Platform
Taking into account that the market may not have been ready for a dApp solution in May 2021, we at Kineko chose the route of launching and developing a high performance cApp solution.
At this point in our development, we have elected to split the project into two different parts – one for the future development of the dApp that many of you were originally investing in and one for the continued optimization of the already fully operational and very successful cApp.
Development of the dApp solution will benefit from the tech and experience that we have learned from our engineering of Kineko.com. We will build a decentralized solution that will be governed by the $KKO protocol, and in a similar manner to our centralized solution, betting on the dApp will reward $KKO holders.
New $KNK Token
In order to correctly and fairly allocate resources, we have decided to start a new SPL token to represent the fully functional cApp platform that is currently being used by thousands of registered players.
This way, investors will be able to choose between investing in the current platform (“Kineko”) via the new Kineko (KNK) coin or the future build of our dApp solution via the Kineko Protocol (KKO) coin.
We are also aware that the crypto market is currently not what it once was and want to reward our long-term investors who may have invested in Kineko at higher prices along the way. Given that investors were initially investing in our dApp solution, we believe the fairest method of allocating cApp (KNK) tokens should partially factor in the cost-basis at which investors bought along the way, how long investors have held their KKO, amount of KKO sold, how much was earned via staking vs. open-market purchases, how much was received via volume pool/airdrops.
Claiming your $KNK
Holders will are able to claim their new KNK via a claiming website, claim.kineko.com. The claiming is live now. For updates or any support be sure to join our Discord channel and follow @kinekodefi on Twitter.
The claiming website will be available until August 31, 2022 at 11:59pm CET. At that time we will know the total number of $KNK coins outstanding.
Naming Conventions
In order to avoid any confusion, here are the two different tokens:
Kineko ($KKO) → KKO Protocol ($KKO) - dApp Protocol
- Re-named to Kineko Protocol
- Keeps $KKO as it's ticker
- Keeps the red logo
Kineko ($KNK) - cApp Protocol
- Named Kineko
- $KNK will be the ticker
- Will use a purple logo
$KNK Staking
We are excited to announce that we are going to implement $KNK staking very soon - a great way to reward long-term $KNK holders. We're ironing out final details, but will provide more information shortly.
Buybacks
As discussed in the past, we are going to continue using 1/3 (33.33%) of all profits to buy back coins in the open market. Given the cApp/dApp separation, we will use 1/3 of all profits from our current cApp platform (Kineko.com) to buy back $KNK in the open market. We will resume buybacks on August 1st.
Exciting Times Ahead
We are very excited for this next chapter and appreciate all our investors that have stuck with us over the past year – we wouldn’t be here today without you.
We look forward to providing updates as we release the new token. You should also expect to see an updated roadmap released shortly too.
Stay tuned.
— The Kineko Team