Liquidity Bootstrapping Event
On Friday, May 7th our Liquidity Bootstrapping Pool on Balancer took place and was completed successfully, though with some obstacles along the way. The Balancer pool was scripted to enable liquidity drops which would artificially act as a large sell driving down the price of KKO, thus giving investors a decent opportunity at a good buy price. The liquidity drops did not function as planned, within a short period of time from listing at 0.15 USDC/KKO the price had shot up to 0.85 USDC/KKO and the pool was too imbalanced for us to add more liquidity. After some troubleshooting the decision was made to convert the LBP into a regular Dutch auction pool.
The Dutch auction LBP was a great success. The price of $KKO tokens started at around 0.70 USDC/KKO (the same price we paused at) and trickled down to about 0.33 USDC/KKO, the sale concluded at 0.48 USDC/KKO. This format allowed for the same buying opportunities that we set out for with the originally planned Liquidity Drop Pool.
After the conclusion of the Balancer LBP liquidity was added to SushiSwap at 48c and trading was opened for $KKO. Kineko investors are able to swap from whatever Ethereum asset they like for $KKO here.
Staking Platform Launch and Airdrop Distribution
Kineko staking was set to launch shortly after the liquidity was added to SushiSwap though there were some hiccups getting the contracts ready. After spending so much time troubleshooting the LBP event we decided to delay the launch of the staking contracts by one day.
Through all of this the community showed incredible resolve and stuck with us the whole way, very little FUD or anger was received towards the Kineko team and for that we are forever grateful, you guys made it easier for us!
Once the contracts were ready and deployed, staking had commenced on KKO-ETH sLP, KKO, USDC, USDT and DAI. Again there were some delays, mainly due to vesting contracts we wrote for the private investors. We wanted to make sure everything was ok by the time we let the community start farming. There have also been issues with the user interface of the staking pools which we are also aware of and actively fixing, optimizing the UI is an ongoing process but should all be resolved very shortly.
In the following weeks we aim to go live with the betting application. There are some minor integrations we need to do but it will be up sooner than later.
We are also in the process of growing the team and are specifically looking for developers, so if you think this project is something you would be interested in working on DM Momo in our discord with your portfolio.
Again, we would like to thank the community for all-in-all a successful launch weekend, we couldn’t have done it without you guys. You’ve helped us troubleshoot and some of you even talked to us in DMs telling us we were doing a great job, you would be surprised at the impact of those comments on the team’s well-being. We look forward to building an even stronger community and look forward to sharing a bright future with you all!
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