KingSwap - The Emerging DeFi Liquidity Pool Platform for Transforming the DEX Landscape
This year in 2020, decentralized finance (DeFi) has registered an explosive growth with multiple DeFi projects, decentralized exchanges (DEXs), and liquidity pools being launched.
Decentralized finance (DeFi) takes a step further in the crypto industry. It provides decentralized financial services that are universally accessible to all of the participants. At the same time, the decentralized exchanges (DEXs) facilitate users to seamlessly trade DeFi tokens directly from their wallets.
There are some of the very popular DEX platforms like UniSwap and SushiSwap in the DeFi space. However, the DEX Ecosystem is very much in its infancy stage and multiple DEX scams have popped-out of the market in recent times.
Thus, we need something that brings more legitimacy and credibility to the DEX ecosystem without compromising on the core ethos of DeFi. KingSwap is the latest regulated DeFi liquidity pool platform which is forked from the UniSwap protocol but promises better features and improvements in terms of design, credibility, and efficiency.
Last month, KingSwap announced the complete migration from UniSwap to the platform’s native liquidity and farming pools. Besides drawing some key elements to UniSwap’s protocol design, KingSwap also brings along some blockchain-based community-oriented features.
So, What Makes KingSwap Special from Other DEX Platforms In the Market?
As said, unlike other DEX projects and DeFi liquidity pools, KingSwap is a legal and regulated entity. Thus KingSwap users get to enjoy all benefits of the decentralized exchange (DEX) while having ultimate peace of mind.
Also, one of the major benefits of the KingSwap platform is that if offers off-ramp fiat conversion capabilities. This allows its users to seamlessly switch between the crypto and fiat worlds. The integrated OTC Portal on KingSwap instant fiat conversions with debit cards under the Visa and UnionPay networks. Thus, users can instantly switch the $KING DeFi tokens to fiat currencies and spend them wherever they want.
In addition to this, KingSwap is a high-yield liquidity protocol offering extensive staking rewards and digital collectibles. The users of the KingSwap platform can also bring their UniSwap and SushiSwap LP tokens to the KingSwap liquidity pools and later swap them with the new KingSwap LP tokens. The users will also receive huge rewards in $KING tokens during the initial hyper-yield phase of KingSwap.
KingSwap promises 10,000 $KING Rewards to early adopters and liquidity providers per block. The early adopters also get the added advantage to participate in the rapidly growing KingSwap ecosystem and unlock other tokens and benefits.
For the first 100,000 blocks, there will be 10,000 $KING tokens minted per block. Thus a total supply of 1,000,000,000 (1 billion) $KING tokens will be available during the hyper-yield pre-migration phase.
The KingSwap Digital Collectibles and NFT Ecosystem
One of the other unique features of the KingSwap platform is that it supports non-fungible tokens also called digital collectibles. The craze for NFTs has been growing massively over the last few as they allow to tokenize anything and make it unique and distinct. Each of the NFTs is different and indistinguishable from the other.
While implementing NFTs at their end, the KingSwap project has considered 3 major NFT Tiers.
1. King Vamp
2. Queen Sparkle
3. Knight Lancelot
Buyers falling in any of the three categories of KingSwap NFTs will receive loyalty rewards in $KING tokens issued by the platform. Just like the UniSwap protocol rewarded its users with an airdrop of the UNI tokens, KingSwap will also reward the early adopters and buyers of NFTS with the $KING tokens.
Buyers of the King Vamp NFTs fall in the most premium category enjoy the top-tier rewards i.e. 60% of the allocation of $KING tokens. The Queen Sparkle NFT buyers attract mid-tier rewards I.e. 30% of the airdrops, and the buyers of the Knight Lancelot NFTs get basic tier rewards I.e. 10% of the allocations from such airdrops.
This makes KingSwap the first DeFi platform that offers NFTs and gives owners exclusive access to airdrops. KingSwap has completely gasified the concept of NFT staking thereby creating limited-edition digital collectibles and giving users high-yield.
The KingSwap NFT Staking program allows users to stake their respective King, Queen or Knight NFTs for a period of 3, 6, 12, 24, or 48 months. The staking rewards distributed to investors for a commitment of a 12-month-period are as follows:
• 60% APY for staking a Knight NFT (worth 10,000 $KING tokens)
• 80% APY for staking a Queen NFT (worth 100,000 $KING tokens)
• 100% APY for staking a King NFT (worth 1 million $KING tokens)
Amanda Tan, Head of Marketing and PR at KingSwap said: “We gamify the whole KingSwap NFTs scene, giving crypto users a chance to have fun while earning rewards and learning about the DeFi ecosystem. When buyers purchase one of KingSwap’s NFTs, they gain access to exclusive airdrops and more on KingSwap thus bringing the excitement of Halloween to the launch of our brand new DeFi platform.”
In the future, KingSwap plans to come up with some more limited edition NFTs that cater to the user demands. Besides, the developers will work with a focus on monetization and create more NFTs thereby attracting more conventional investors as well!
In these uncertain times of new DeFi scams popping up every day, KingSwap brings legitimacy to the market with legality and regulations. Also, it establishes fair participation for everyone and brings DeFi closer to the real-world economy by allowing quick switching between fiat and $KING tokens.
The platform combines the ease of use from the UniSwap and the SushiSwap platforms while adding its own layer of security. Lastly, it presents a unique mechanism of NFT staking offering high-yield returns to investors and early participants of the project.