Kineko July Development Update and Token Burn!
Welcome to the first installation of the Kineko monthly review. Outlined in this article we will go over some of the areas being developed and the areas we will be tackling in the short term and long term future!
Firstly, we would like to thank our amazing community for helping us search for bugs and build a more robust platform in these previous months. Your feedback has been immense in the speedy development of the product. We also massively appreciate your patience as we have been building and improving the platform!
Since the launch of kineko.com we have seen great growth come from our initial marketing work, you may have seen our banner ads on Etherscan/BSCscan and other various crypto sites. The plan with marketing was always start a little slower and try increase brand awareness. As we improve and optimize the platform we will hit marketing harder.
At the time of writing this we have turned over $2.8MM in volume with the reserves hovering around $200,000, with the balance being approximately 20:80 sportsbook to casino. Not bad for 65 days operation with limited marketing!
We had to lower the emissions from the staking protocol as inflation was too high for current market conditions, overall we are happy with this decision and moving forward with the upcoming Q3 token burn we believe this reduction will have achieved the desired effect.
The Volume Pool is a huge success. It is one of the areas that is truly unique to Kineko and we love giving back to the people who use the site. We are always looking for ways to innovate in this space and we believe this is a great example!
Initially, our intentions were to do a burn in Q2 of 2021 though due to launch of the product the burn was delayed. The good news is that we will be doing a large token burn to go along with this monthly report! Half of the $200,000 in the reserve will be burnt, reducing the circulating supply by ≈270,000 KKO. There will be an announcement within the next 3 days that the burn has been completed with all relevant information and addresses. The next token burn is set to happen at the end of Q3 with any future adjustments/burns being subject to governance.
We have very recently onboarded a new development team to assist with the betting platform, look out for the next wave of optimization.
As I write this we are building our partners program, this will be for trusted individuals to have referral links for the website, those trusted individuals will be able to generate revenue share on based on the users they can bring to the platform. This will go hand in hand with the twitch stream that we are currently arranging so look out for us there too!
Furthermore, in the coming weeks we will have governance operational. Governance will allow you to stake your $KKO and vote on specific proposals and all other things DeFi. As the platform is developed further this is going to be an important and exciting area!
We have also submitted applications for all your other favorite casino game providers: names like Play’n GO, Pragmatic and Nolimit. The applications take time but we can expect this sooner than later.
Additionally, we are also adding a Fiat > Crypto gateway for credit card payments.
The future for the cat!
Things are moving at a rapid pace, the numbers are strong and growing every day. If we were to maintain these levels of revenue we would be looking at $1,150,000 of gross profit yearly, but we believe it will only get better as we improve the platform and increase our marketing reach. Honestly, things are just getting started!
So as we move forward, your feedback is always appreciated, again we look forward to our upcoming token burn, governance, increased marketing and the upgrades coming to the kineko.com website. We are so excited to bring more features to the Kineko platform, it's really an exciting time for fans of the cat!
Betting and Casino: https://kineko.com
Telegram Public: https://t.me/KinekoDefi
Telegram Announcements: https://t.me/KinekoAnnouncements