Today, we announce that we will start taking steps towards closing down the KAIMOND Program.
We will no longer be accepting users or deposits into the program.
First, we want to express all of our loyal supporters that participated in the KAIMOND Diamond Hands Program. Nearly 8,000 of you deposited 200M+ $KAI into the program.
We couldn't have been more proud and excited to see the support from the community.
By locking your $KAI tokens for more than 300 days, you all played a critical role in the development and growth of the KardiaChain Ecosystem.
Why are you closing down the program?
We originally created the program with the intention and goal of bringing exclusive benefits and rewards to those that showed support for the KardiaChain Brand & Mission of Web3 Mass Adoption.
However, there were several unforeseen issues (both technical and operational) that made it a challenge to properly manage.
Many of these challenges caused much more operational complexity than we had anticipated.
Thus, today, we are making the decision to take steps towards closing down the program.
We believe this is the best course of action moving forward as this will allow us to turn our focus to becoming the best blockchain ecosystem in Southeast Asia.
Below is a summary of the steps we'll take during the transition and close of the program.
- Disable the Lock button and no longer accept any users or deposits into the program at 17PM GMT+7 6th/July/2022
- At the time this announcement has been published (12AM GMT+7 7th/July/2022), KAIMOND smart contract will be disabled.
- Take a Snapshot of all current KAIMOND wallets
- A new smart contract will be created for KAIMOND holders to claim all tokens in their position (both DKAI and WKAI) ***Please NOTE and DON'T WITHDRAW until we provide this function***
a. If you staked MORE than 300 days :
your_claimable_WKAI = your_taking_amount + weakhand_tax
b. If you staked LESS than 300 days :
your_claimable_WKAI = your_taking_amount + weakhand_tax +
The weak hand tax will be distributed according to the formula:
weakhand_tax_basic = (your_taking_amount/total_staking_amount)*staking_duration*weakhand_tax_pool
staking _duration details:
We have 300 days as milestones, each day +0.333% from day 1.
If user have 100k kai locked in 150 days
total_staking_amount = 200,000,000
weakhand_tax_pool = 11,000,000
weakhand_tax_basic = (100,000/200,000,000)*50%*11,000,000 = 2750 WKAI
After distribution, there'll be a small amount of WKAI leftover. We’ll apply a coefficient to the formula to distribute all of them. The final formula is:
weakhand_tax = weakhand_tax_basic*(weakhand_tax_pool/total_weakhand_tax_basic)
For example that there is 1,000,000 WKAI leftover:
Weakhand_tax = 2750*(11,000,000/10,000,000) = 3025
These are example numbers. The correct number will be attached in file after snapshot
5. DKAI token will be used to enter airdrop campaign from other upcoming projects in the KRC20- ecosystem including KAIDEX, Beland, etc.
The amount of airdrop campaign will be based on projects and the circulating supply of DKAI at that time.
Our purpose here is to burn all DKAI in circulation and that no more new DKAI be minted.
Please note and DO NOT TRADE $DKAI.
Every decision and action we take, we ask ourselves, "Does this help us achieve our Mission of Web3 Adoption faster?"
Along that journey, we experiment and test with different programs, products, processes, and campaigns.
Some succeed and some do not...it's part of the journey as a growing start-up.
And we take all those lessons and apply them to our future efforts.
We are truly grateful for our community and those that support us.
KardiaChain will continue to test, experiment, and take actions to further grow its ecosystem and continue our mission of Web3 Mass Adoption.