KingSwap | A Pool of Opportunities Enabling the Community and Yield High Returns
The words deregulation, trustless, governance-free are often joined to the crypto environment. Where these methodologies are paving the way for an independent and liberty-oriented economy, but some players might also exploit these principles to take advantage of the individual’s trust and faith.
The cryptocurrency bubble is still growing and that too at a rapid pace. Day by day, new DeFi pulse projects are entering the cryptocurrency marketplace, trying to take the largest market share. The early birds like Bitcoin and Ethereum are enjoying the fruits of a timely arrival.
Both DeFi and DEX projects have taken the market by storm. Out of these, UniSwap is still the unbeaten king that creates an enabling for on-ramp currency conversions. But with UniSwap, there are a few limitations that need to be addressed or innovated upon.
This gives birth to KingSwap, a DeFi liquidity pool platform working with off-ramp fiat currency conversions further bridging the gap between fiat and crypto currencies. KingSwap is better than UniSwap, and it aims to become a bigger partner for the crypto community.
First Regulatory DeFi Platform
This is something that the DeFi crypto community is not habitual of experience, i.e., a regulated platform. The DEX system is new, and its infancy becomes a major reason for the scams happening in the industry. However, what these DEX systems lack, KingSwap fills that void with a regulatory body overseeing its operations from Singapore.
So, this is not on ordinary decentralized finance and DEX platform, but KingSwap is regulated, legal, and extensive. The way KingSwap works makes it a perfect combination of centralized and decentralized systems. Since there is no single body taking over the operations or creating an order book, KingSwap gives the power of building liquidity pools to the liquidity providers.
Initially, KingSwap was transacting via the UniSwap liquidity pools. Since November, the pools, conversions, NFTs, and the staking system have been shifted to the KingSwap platform. The functions earlier accessible on the UniSwap exchange are not running on the KingSwap exchange.
Migrating to its platform gives KingSwap and the community greater accessibility and freedom to construct a user-oriented platform. To understand the workings and opportunities created by KingSwap, it is important to talk about four pillars; $KING, $KING Distribution, NFT, Liquidity Migration, and Security.
$KING and $KING Distribution
The token distribution and supply allows the users to decide the staking potential and identify other opportunities. $KING are tokens that reach a user’s wallet as rewards, exchanges, or a transaction. The rewards come from liquidity mining that works based on the High Yield Staking LP Token Model. With $KING in the wallets, the users become eligible to take part in other activities, and functions like Raffle NFTs, and they also act as a medium of exchange.
Moving on, the ownership of the KingSwap NFTs, which are distributed into three tiers and can be bought with ETH, helps the users gain entry into the $KING reward pools. Down the line, all the liquidity providers and NFT holders stand to gain from the massive $KING airdrop of 10 million tokens.
Another opportunity to speed up the earnings with an innovative method on KingSwap is the liquidity migration method. After reaching the milestone of 100,000 blocks, the liquidity tokens staked by the users on KingSwap will migrate to UniSwap via smart contracts. This happens because KingSwap is a fork of UniSwap.
While migrating to UniSwap, the KingSwap DeFi crypto token users hold will be redeemed in UniSwap, and on KingSwap, new liquidity pools will be created from the redeemed tokens. Even though the liquidity pools created here will be like the one which was earlier migrated, the $KING holders will receive tributes as rewards.
The benefit to the user is that these will be the first set of KingSwap’s liquidity pools, and the contributors of these liquidity pools will be akin to the initial investors, and they stand to gain with regular rewards flowing into the wallets.
One of the KingSwap advisors, Malcolm Tan, shares that “We’re pleased with the quick progress our team has made in migrating KingSwap’s liquidity and farming pools from UniSwap to KingSwap.”
Although KingSwap is a fork of UniSwap, it is not a clone of the same. KingSwap has an assortment of features and functions that will make it a better and more integrated ecosystem.
KingSwap Security System
Any DEX or Decentralized finance project cannot gain trust among its audience by assuring tight security and money protection. Because of the several rug pulls and scams happening, trusting in a new project becomes difficult.
But KingSwap being aware of these aspects has already taken requisite measures to ensure that the project harnesses the user trust and sustains for a long time. This is done by regular security audits, and they will set aside small amounts of tokens from every King distribution for this task. The checks and audits were already done before launching the platform and the exchange.
Before the migration, a private third-party smart contract auditor by the name of Celticlab Private Limited audited the six smart contracts of KingSwap.