Next steps — new synthetics: kxUSD

We’re ready to introduce a new USD pegged synthetic token as previously announced — kxUSD. Our choice fell on USD because it’s the most popular asset and we believe that it will help the protocol to get more adoption. The community was rightfully expecting it all this time! Always…

Farming with kxUSD

A new token means a new farming opportunity! The kxUSD<>DAI pool farming will start in the following days right after the initial kxUSD distribution. 100 KLONx tokens will be distributed everyday to that Uniswap pool, which shall be deployed and become available in the boardroom for staking right with the kxUSD distribution and launch.

How will initial kxUSD be distributed?

The snapshot for kxUSD initial supply won’t be sold, auctioned, or anything of this nature. Instead, the entire KLONX community can benefit from this!

We’ll make the snapshot within 1 week and distribute 50k kxUSD:

Expect to hear from us in the next few days on the exact time for the snapshot. The boardroom is now open for staking KLONX so feel free to stake now to be safe!

The kBTC stabilization fund is a great way to give trust and stability to rebases, having balanced the BTC peg for already 2 months! And we believe kxUSD stab fund can grow even more…

Why kx?

We decided to use kx prefix for all new synthetics that will be created after V2 launch to correspond with KLONX naming and differ from any other tokens with “K” prefix on the market — like KeeperDAO. kBTC will stay the same, but potentially can be swapped to kxBTC in the future to be more consistent.

kSwap future

We’re on our way with the kSwap model and believe that it will give us great boost in adoption. kSwap is our main focus for further releases. Also after the kSwap release we’ll continue our work on liquid bond markets as part of kSwap. We will post more information on system design soon.

kxUSD will also help to utilize the future swap system

One more thing

We’re making some minor UI improvements and adding FDV to V2 interface:

Come and stake your tokens to the Boardroom to participate in the initial distribution and start farming KLONX with kxUSD!

Let’s put kxUSD on the map & show what Klondike community is made of! The current rise in the algo stablecoin interest should pave the way for a well-capitalized stabilization fund and fuel the protocol for new synthetics.

Algorithmic synthetics platform