🌎 English

🪙KING & CRYSTAL Tokens

What are KING Tokens?

KING tokens are tokens issued as KIP-7 tokens on the Klaytn blockchain. It is a governance token representing Klay Kingdoms and is a symbol of the important value that players receive as rewards. It is an asset that can be utilized in various ways, such as purchasing and crafting heroes and items that can be traded for NFTs in the game. You can earn KING tokens by playing games that use CRYSTAL tokens, which you get as a reward through the liquidity pool (LP). You can also acquire even more tokens by staking the corresponding token. In addition, players who are staking KING tokens can participate more actively in the Klay Kingdoms ecosystem and develop alongside it.

KING tokens are the lifeblood of the Klay Kingdoms project, allowing players to get real, tradable tokens, rather than have their time, effort, and money subjected to volatility. Rewards from early participation in Klay Kingdoms have the potential to increase in value over time. At the beginning of the project, in order to engage loyal players, early players are given a multitude of benefits.

TOKEN INFORMATION

Token description

The ultimate goal of Klay Kingdoms is to become a protocol operated by community power. The introduction of KING tokens plays a pivotal role in achieving these goals. In addition to its usability in Klay kingdoms games, KING tokens are responsible for three functions: staking compensation, community activity, and governance operation.

What Are CRYSTAL Tokens?

CRYSTAL tokens are tokens issued as KIP-7 tokens on the Klaytn blockchain. It is a valuable commodity that players can obtain as a reward through gameplay and through the liquidity pool (LP). CRYSTAL tokens are used as an essential gameplay element in order to develop characters, heroes, and items. CRYSTAL cannot be directly exchanged for other tokens in the DEX provided by the Trader, but can be used within Klay Kingdoms. Players can earn iKING tokens by playing CRYSTAL-based games. After that, users will be able to exchange the token for iKING tokens by clearing game missions or via peer-to-peer (P2P) transactions.

CRYSTAL Mining

CRYSTAL Mining begins with the activation of the Klay Kingdoms DEX. Create and deposit LP seeds on the farm in Klay Kingdoms. You can see that CRYSTAL is mined in real time along with the deposit. By staking KINGs NFTs together in the liquidity pool, you will be able to enjoy a benefit that is the same as depositing additional assets equivalent to 10% of the deposit.

KING Token & CRYSTAL Token Distribution for Community Rewards

For the success of Klay Kingdoms, meaningful activities involving various participants are essential. Klay Kingdoms encourages liquidity providers to continue participating and contributing by distributing KING and CRYSTAL tokens as an incentive for engagement.

  • For a total of 6 years, 54% of the total KING token issuance will be distributed to community participants such as KING token single staking pool, community event participation rewards, and game rewards (subject to change in accordance to governance decisions).

  • Distribution per block allocated to community awards:

    • ~6 years after service launch: 0.328125 KING tokens per block.

    • Subject to change in accordance to governance decisions.

  • LP rewards are distributed in CRYSTAL, and the quantity and provision standards may change depending on the direction of the game.

  • The initial service white listing LP and the amount of compensation for each farm are set by the Klay Kingdoms team. After the introduction of the governance system, rates will be decided autonomously by the community via governance.

  • CRYSTAL tokens obtained as a reward via the liquidity pool can be used in the game at any time, immediately after receiving them. Players who possess CRYSTAL tokens can acquire KING tokens by participating in various activities in-game.

Community activity

We expect that the blockchain game community, which will be expanded within the Klay Kingdoms ecosystem through the KING token, will increase in activity. We are planning to carry out a variety of activities in the Klaytn ecosystem using KING tokens:

  • Various game projects launched on the Klaytn Blockchain can provide token swap services within Klay Kingdoms.

  • Projects that are about to be released can induce an initial influx of players through various methods such as IDO within the Klay Kingdoms community.

  • Various activities linked to the burning of KING tokens raise the expected value and inspire a sense of belonging for the holders.

Governance

The KING token promotes the growth of Klay Kingdoms through an autonomous governance system. By staking KING tokens, anyone can become a governance participant. The Decentralized Autonomous Organization (DAO) has executive power over 10% of the total issuance of KING tokens, which can be used strategically for the continued development of Klay Kingdoms.

  • Governance proceeds through a total of four stages: planning, introduction, development, and activation. Currently, we are in the planning stage.

  • In the planning stage, the contract development for governance functions is carried out by the Klay Kingdoms team.

  • During the introduction phase, the DAO's decision-making is reflected in specific aspects of the platform. Decision-making items include adding/removing white listing LP pools and determining the size of compensation for each farm.

  • The development stage is a preliminary process for the active stage, and DAO members who can directly influence planning/development/marketing/operation can be selected for inclusion.

  • In the final phase, the active phase, the Klay Kingdoms becomes a platform powered by the community. At this point, DAO funds (10% of the total issuance of KING tokens) can be actively utilized.

Token Allocation Schedule

Token distribution

  • Total Issuance: 114,975,000 units

  • Community Rewards (54%): For various community activities, including KING token’s single deposit pool, community event participation and gameplay (see "King Token & Crystal Token Distribution for Community Rewards" for details)

  • Strategic Investments (10%) and Teams (15%): Equal distribution each month for 48 months starting 6 months after the service opening (48 total distributions)

  • Community DAO Funds (10%): utilized based on DAO governance decisions

  • Marketing (6%): Partner support, marketing activities, etc.

  • Initial Fund (5%): Used as initial liquidity supply and reserves

PreviousHow it worksNextDecentralized Exchange (DEX)

Last updated