Kineko Quarterly Report and Token Burn
It’s time for the Kineko Quarterly Update!
As you have seen or heard, there are some big changes coming for Kineko, the biggest of which is our upcoming transition to the Solana network. In case you missed that announcement, you can view it here!
The token burn was carried out at the end of September. This month, we burned 468430.79KKO (≈$140,000 USD). Doing so works to support the deflationary mechanisms in place to maintain and provide future value to KKO holders.
You can see the transaction here:
User Volume Pool Distributions
For the month of September, the user volume pool totaled 150,737 $KKO. The funds in this pool are distributed to active users based on their betting activity on site and comes from a portion of rewards from the staking pools. The top three users this month were: RectangleRock, TeamTag, and cat. They each earned a 36.9%, 36.1%, and 13.7% share of the user volume pool, respectively.
The casino continues to complement our Sportsbook in a positive way. In fact, it carried the team through Q3. We saw significant increases in betting volume in the casino with regards to the newly added live games as well as the previously available games. We are beyond pleased to announce that the casino turned over $6,028,107 and $319,191 in profit!
With the return of NCAA and NFL Football seasons, which are easily our most popular markets, we also saw relatively large increases in betting volume on the Sportsbook during Q3. We anticipate that the betting volume in the Sportsbook will remain consistent or continue to grow, especially with the start of the NHL season next month.
As such, we saw $1,387,275 turned over with $77,692 in profit.
In the August edition of our monthly report, we wrote about our development team working towards upgrades and improvements for the backend of our betting exchange, UI/UX improvements, contract framework for the dApp, and formalizing plans for governance.
- Backend upgrades and improvements for the betting exchange are worked on continuously. We are always working towards ways to improve and enhance the user experience on this front.
- Our goal is to have the UI/UX improvements completed by November, 2021.
- Contract framework for the dApp and the governance rollout have been postponed until the migration to the Solana network is finished.
It’s Spooky Season
October is going to be a big month for Kineko. To pick up where we left off in August and September, we will continue to search for athletes and eSports stars to serve as brand ambassadors for Kineko.
In the next few weeks we will be transitioning to Solana, just a reminder that you will have to migrate tokens yourself, we will supply the UI and smart contracts for the transition. Platform funds will be migrated by us.
We are also still working towards a big marketing push for the fourth quarter of 2021. Details to come soon!
At the conclusion of Q3 we have seen a total turnover of $7,415,382 with a total profit of $396,883! Considering the second token burn and the large increases in betting volume, we think things are certainly trending in the right direction and we hope the community is just as excited about these figures as we are.
The Kineko team always welcomes constructive feedback and suggestions, so please don’t hesitate to reach out to the team and tell us what you would like to see on the Kineko platform! As always, we want to thank the community and our users for helping us continue to grow into one of the prominent crypto betting platforms!
Betting and Casino: https://kineko.com
Telegram Public: https://t.me/KinekoDefi