First KickEX anniversary
KICK v8 launch
KickToken (KICK) becomes a hyper-deflationary DeFi protocol, destroys 99.9% of all its emissions, and starts staking the KICK token
In honor of its first anniversary, KickEX cryptocurrency exchange announces several important events and changes aimed at the benefit of current and future holders of the KICK token. It was on this day, June 1, 2017, that the pre-ICO of the KickICO fundraising platform started, which has now grown into several fintech and blockchain services, KickICO v4 and the KickEX exchange, and this day can be considered the birthday of the Kick Ecosystem and the KICK token.
The main change in the new KICK token (KICK v.8) is that its smart contract completely removes the possibility of issuing new tokens. The second key improvement is the addition of automatic token burning for each transaction, and the third is the distribution of a portion of the forwarded tokens among all KICK token holders (POS, Proof-of-Stake algorithm). This means that KICK token holders will receive a percentage of each KICK v8 token transaction made on the blockchain, according to their share of token ownership. Thus, the long-awaited staking appears in the KICK token.
“At the first stage, each transaction will distribute 5% of the amount of the transferred tokens and they will be distributed among the KICK holders by their percentage of KICK ownership. In addition, each transaction will immediately burn another 5% of the tokens. These percentages will change later, but cannot be less than 0.5%. This guarantees holders both lifetime receipt of the redistributed tokens and permanent burning, which will henceforth become part of the tokenomics of the KICK ecosystem. All this gives current and future token holders a powerful incentive to keep them, not sell them, and continue to increase their positions. For example, those who own only tens of millions of tokens will not sell them, they will gain a significant advantage over the year simply because their share in the percentage ratio about the total issue will grow daily and even every minute, both due to the constant burning of tokens, and due to the regular receipt of new tokens from staking, holding coins,” says Anti Danilevski, founder and CEO of Kick Ecosystem.
Unlike the already existing deflationary coins on the market (Safemoon, SHIB, Kishu, and many others), where the number of tokens is estimated in quadrillions and the burning of which will take years or even decades, the new KICK v8 token will have an issue after the contract update of only 1.5 billion, which is thousands of times, and in some cases even tens of thousands of times lower than that of competitors. Thanks to this, with the active use of the KICK v8 token, from 20% to 40% of the entire issue can be burned in a year. If the demand for KICK v8 increases significantly as a result of the transition to a deflationary model, we can expect an increase in the number of transactions, and the percentage of tokens burned during the year may exceed even 50–60%.
To accelerate the deflationary model, the excess of 850 billion KICK tokens will be burned before the token contract is renewed. Frozen tokens in the amount of 1.2 trillion will not be transferred to the new contract, and thus will also be destroyed. Moreover, the exchange of the old KICK token for KICK v8 will be carried out in a ratio of 100:1, which will reduce the number of remaining tokens in circulation to only one and a half billion.
“We have decided to burn and liquidate 95% of all existing KICK tokens, both frozen and not. In mid-June, the “test” tokens and tokens that were received by the KickEX exchange as payment of part of the trading commissions will be burned. During the replacement of the current token with KICK v8, the addresses that were previously received by FrozenDrop will not be transferred to the new token contract and will remain “overboard”. Thus, the current total issue of the token — 2,121,771,003,231 (2.1 trillion) — will be reduced to just 1,5 billion, which turns 95% of the destroyed tokens to more than 99.93%, explained Anti Danilevski, founder and CEO of Kick Ecosystem. — In addition, I think it is very important that the new smart contract of the KICK v8 token will not have a method of issuing tokens. This means that after the swap, new KICK tokens will not appear, the maximum issue is limited. Now KICK token holders will not worry that their share may be eroded or new KICK tokens will suddenly appear in circulation, and from the moment of the swap, their shares, as a percentage, will inevitably and constantly grow. Collectively, thanks to these changes, the KICK token becomes a hyper-deflationary defi token.”
As a result, all holders of the KICK v8 token make sense not just to save coins, but to further increase and hold them for a long time, and the sale of tokens becomes much less attractive and profitable. Detailed rules for the distribution of KICK v8 tokens will be published later.
“Now hyper-deflationary tokens are one of the most popular on the market precisely because of similar deflationary tokenomics. It’s funny that we came up with it a year ago and gradually went to it, increasing the audience and the number of tokens, to include the subsequent hyper-deflationary model. But as is sometimes the case with inventions, several people or companies came up with the same thing at the same time. This is not bad, although we have to make some adjustments to our model to successfully compete with newcomers. Nevertheless, the community has seen how it works and how it can become an incredibly popular phenomenon, and it helps that we are not pioneers: we studied the pros and cons of different solutions and, based on their results, improved our solutions. In addition, we have an important advantage: while all of them are either just meme tokens without any meaning or use, or regular copies of decentralized exchanges in a different wrapper, we already have several independently released high-quality products. Soon we will release mobile versions of our new super application, which will be much more than the next application of the exchange,” concludes Anti Danilevski.
The replacement of the old version of KICK tokens with the new one will be carried out as follows:
- Denomination: new tokens will be credited in the ratio of 100:1, that is, for every 100 old tokens, 1 new one will be credited;
- All holders holding tokens on the KickEX exchange will receive new tokens automatically, they do not need to do anything, provided that their number exceeds the equivalent of $20;
- All holders who have $100 or more KICK tokens in their addresses and who keep the tokens in their wallets will receive the new tokens automatically using airdrop, they also do not need to do anything;
- All holders who have less than $100 worth of KICK tokens in their accounts can transfer their tokens to the KickEX exchange and receive new tokens there automatically during the swap. Otherwise, new tokens for such small amounts will not be credited;
- Amounts of KICK tokens in the equivalent of less than $20 will not be converted to new KICK v8 tokens, even if they are on supported exchanges;
- All owners of the KICK token who store tokens on the HitBTC or STEX exchange will also receive new tokens automatically, they do not need to do anything;
- Frozen tokens will not be converted to KICK v8;
- Frozen tokens on the old contract will be maintained for another 12 months after the swap is completed, and with the new mechanism for converting frozen tokens to KICK v8, they can be exchanged for new KICK v8s at a special rate, until the special pool allocated for this purpose is used up, or after a year. The release of this mechanic is scheduled for the fall of 2021;
- Transactions on all old KICK tokens will be stopped forever, after the swap, it will be impossible to move, sell, buy the old version of the KICK token;
- No new tokens will be credited to referral tokens received for inviting friends in the KickRef system. These tokens will be converted into referral points (rUSD) and will appear in a new form on the KickEX ecosystem account.
You can purchase KICK tokens on the KickEX crypto exchange website, as well as transfer them there to participate in the upcoming swap if you have less than the equivalent of $100.
Happy KickEX Birthday to everyone! Thank you for being with us!