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Hackernoon logoThe KingSwap Project - An Introduction by@kingswap

The KingSwap Project - An Introduction

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@kingswapKingSwap

KingSwap is the newest decentralized finance (DeFi) liquidity pool platform that is a better evolution of UniSwap.

🛡⚔️A new 🤴🏼King’s in town to claim his right to the DEX throne⚔️🛡. 

Decentralized Finance (DeFi) has taken cryptocurrency  a step further into making every financial service universally accessible to anyone in the world. Within the Blockchain ecosystem and DeFi movement, Decentralized Exchange platforms (DEX) have emerged to allow you to seamlessly trade popular tokens directly from your wallet. 

Recently, the popular UniSwap project which has features such as Automated Market Making (AMM) has solidified its status as one of the top DeFi protocols but there are of course still improvements available that can be made.

In addition, the DEX ecosystem is in its infancy which makes design flaws and scam projects (or near-scam projects - we’re looking at you SushiSwap) rampant in the emerging world of decentralized finance. 

With these shortfalls in mind, 👑KingSwap takes inspiration from 🦄UniSwap and 🍣SushiSwap

KingSwap brings the quality up 10 notches to provide you with the best core protocol designs you’re already familiar with while value-adding through design, credibility and efficiency that you deserve.

WHAT IS 👑 KINGSWAP?

👑KingSwap is the newest DeFi liquidity pool platform that is an improvement over, and an evolution of UniSwap. In addition to offering off-ramp fiat currency converting solutions, KingSwap has added some new Blockchain community-oriented features to UniSwap's core design, which will help provide user-friendly real-time benefits in terms of price curves and contributor rewards. 

We are also a legal and corporate entity running the project with a recognized token issuer, instead of a totally decentralized DAO. Our protocol design aligns incentives for the users through revenue-sharing and network effects. There will also be a migration of governance into a foundation after the liquidity pool migration event.

WHY IS KINGSWAP THE RIGHT CHOICE?

⚖️ KingSwap - a legal entity!

With great power comes great responsibility. Everyone can recite this phrase but not just anyone can actually walk the talk. Most DeFi projects lack a legal structure which is a real cause for concern as we’ve seen founders flee soon after launching projects. KingSwap provides legitimacy with a credible team that’s backed by compliance with the laws of a strong regulator. Users of KingSwap will enjoy the benefits of DEX while keeping the project (a regulated entity) that issues your hard-earned $KING accountable. 

💰Convert your tokens to fiat currencies and usage

One of the hassles of DEXes is their inability to seamlessly convert cryptocurrencies to FIAT. With our integrated OTC portal, our all-in-one platform offers off-ramp FIAT conversions to easily switch your $KING to FIAT currencies. 

Alternatively, if you’re more of a cashless payment kind of person, you can choose to load it into our exclusive King card through which we offer off-ramp fiat conversions with debit cards that are on both Visa and Unionpay networks.

🤑Your share of the loot… multiplied!

When you provide liquidity into the pool, you earn rewards in $KING. Similar to SushiSwap, your $KING will continue to earn a portion of the protocol’s fee, even if you decide not to participate in liquidity provision. 

With KingSwap, 10,000 $KING Rewards per Block are awarded to early adopters and liquidity providers (LPs).

When you contribute to the liquidity pool and stay there longer, you earn $KING. In the UniSwap protocol, 0.3% of all trading fees in any pool are proportionately distributed to the pool's LPs. KingSwap believes that since the swappers are the ones that provide the revenues, they should be incentivized by cheaper transaction fees of 0.25% instead. 

Our token and liquidity pool design gives 0.2% directly to the active LPs, while the remaining 0.05% gets converted back to KING, which are distributed to the LPs. There is also a huge rewards pool that rewards LPs from the 10,000 $KING per block mined! 

⚜️Pledge your allegiance and get rewarded

Who doesn’t love free tokens? Secret airdrops worth up to 10 million $KING have been planned after the launch of KingSwap. To qualify, you will need to provide liquidity or engage in a swap within a selected date. The idea behind this is to extract maximum swappers and liquidity providers. 

Stay with us and continue living like a King! At higher tiers. enjoy 0% card transaction fees, higher interest and merchant benefits like FREE Netflix, Spotify accounts and exclusive members access to worldwide airport lounges and global co-working spaces when you stake your $KING with us.  

🕹User-friendly interface

At the basic interface level, KingSwap has a beginner-friendly interface that is easy to use. We share similar interfaces to UniSwap and SushiSwap. This means that if you are currently compatible with UniSwap/SushiSwap, it should be easy for you to switch to KingSwap. Our interface is quick, secure, and aids in providing a better experience. 

HOW DOES KINGSWAP WORK?

Being a fork where we are only copying the core design isn't enough. New features and effective tools are needed to propel KingSwap to be the best DEX in the market.

As there is no order book or any centralized party required to make trades, you might be wondering… how do trades happen without a third party? 

KingSwap works with a model that involves LPs creating liquidity pools. This model provides a decentralized pricing mechanism that efficiently smooths out third party depth. To fully understand how it works, we’ll give you the low-down on $KING, Nonfungible Tokens (NFTs), Liquidity Migration and our security.

👑 $KING

$KING are designed as rewards for a High Yield Staking LP Token Model aka “earning tributes” - these tokens are given as rewards for liquidity mining. The $KING then allows holders to participate in the ecosystem and earn other perks and benefits. $KING holders can use these tokens as a medium of exchange whereby goods and services can be purchased or exchanged for other currencies from LPs. 

🔄 $KING distribution

If you are an existing LP in UniSwap pools or just searching for a platform to invest in and earn “tributes” from, you should definitely consider KingSwap. We have designed the token distribution mechanics to make it extremely easy and adaptable for existing UniSwap LPs to migrate to our protocol. The journey to greener pastures need not be long and arduous!

Once LPs stake UniSwap or SushiSwap LPs into KingSwap liquidity pools, they will start earning tokens and rewards. The $KING per block allocated for LPs will be distributed equally among the LPs of the supported pool. $KING will also be distributed in LP “tribute” farming.

💎 KingSwap NFTs

Early adopters and supporters can purchase KingSwap NFTs very soon. There are 3 tiers of KingSwap [King, Queen and Knight]  NFTs going at 0.2, 2 and 10 ETH each, which act as exclusive entries into the reward pools of $KING, in addition to unlocking a host of rewards and privileges that will be revealed in due time.

🚁 For all NFT holders and liquidity providers

The earlier mentioned 10,000 Kings per block are not the only rewards - we also have a Secret 10 million $KING Airdrop for all LPs and NFT holders who have staked their tokens in liquidity pools. 

In order to win the secret $KING Airdrop, the providers have to stay for a minimum duration and stay within a selected date range. This will ensure that the liquidity providers remain at least until the airdrop. 

💧The Nitty Gritty of Liquidity Migration

If you’re familiar with the SushiSwap and UniSwap protocols, one of the best features to look out for in KingSwap would be our Liquidity migration protocol. KingSwap being a fork of UniSwap, will migrate all the liquidity tokens staked onto KingSwap contracts once we reach 100,000 blocks. 

During the migration, your Kings will be redeemed on UniSwap and new liquidity pools will be created on KingSwap from those tokens. The new pools will be similar to the redeemed ones, with additional “tributes” distributed to $KING holders. 

Upon the successful completion of migration, your converted tokens will fuel the first sets of KingSwap liquidity pools, and you, as an LP, can sit back as you watch your rewards stream in. 

🚨Protecting the fort and ensuring security

KingSwap has devised strategies to ensure project sustainability and project security audit. A small portion of each King distribution will be set aside for potential future setbacks and implementation of governance proposals. 

We believe in the security of our users and their assets, and we aim to work hard to eliminate any potential threats and risks. Before our launch, we have fixed all the bugs and security threats that were reported by UniSwap and other forks and clones of it. We also have a set fund to pay all bills for security audits. 

As for now, we are all set for a professional security audit. Our team will update the details of the audit on our Telegram group and Discord. Stay in touch!

📜 The Royal Decree aka Smart Contracts

KingSwap’s smart contract protocols are intended to digitally facilitate, secure, and verify the performance of a contract. We aim to provide the best credible transactions without third parties.

Our smart contracts are available at GitHub with Gravitas International license. Some of our codes are from other projects, including UniSwap / Yam / Compound / OpenZeppelin, and are subject to their licenses. Given below is the list of smart contracts with their explanation.

KingToken: The token contract, with COMP/YAM voting functionality.

Archbishop: Deposit LPs tokens to farm KING.

KingMaker: Collect revenues, convert to KING, and send to KingRoundTable.

KingRoundTable: Stake KING to earn more xKING.

Migrator: Migrate MasterChef LP tokens from UniSwap to KingSwap.

GovernorAlpha + Timelock: KING holder governance.

UniSwap V2: For liquidity migration.

All contracts written by KingSwap have reasonable test coverage. We will continue to work ourselves towards a better and more reliable protocol by testing more. If any of you have any suggestions or face any issues with it, please let us know privately via Discord or Telegram. We are open to suggestions and will gladly offer help. 

How you can participate:

You can start staking your LP tokens to the KingSwap contract using the interface at Kingswap.io from 10th October 2020 onwards. As soon as you stake your tokens, you will begin to earn KING starting from the first block.  Make sure to stake your LP tokens before that for maximum $KING. 

JOIN US!

FINAL NOTES:

  1. KingSwap is backed by a credible team and was built to conform to stringent regulatory requirements
  2. Users are able to convert their Cryptocurrency to Fiat currency through our OTC portal and they can choose to load their fiat monies into our issued VISA/Unionpay Cards
  3. Following the popular UniSwap liquidity pool model to reward the community by providing an avenue for liquidity providers to earn from transaction fees from swappers
  4. Early LPs (Liquidity providers) are able to earn “tributes” from Kingswap before migration of the liquidity pools
  5. There will be multiple secret airdrops for early supporters who purchase Kingswap NFTs after the launch of KingSwap, and for early liquidity providers and users of the platform.. 
  6. Earn more $KING when you stake your $KING with us! Unlock more benefits for staking more $KING for a longer duration such as 0% King’s Card Transactions fee, Higher rewards earned from staking, and more merchant benefits such as: free spotify, Netflix exclusive member access to airport lounges, access to co-working offices globally, etc.

THE TAKEAWAY:

KingSwap is a new and exciting Decentralized Digital Exchange that challenges the competitive models and protocols of an already successful DeFi protocol – UniSwap. KingSwap is a fork of UniSwap with some new features and the key difference being autonomous community governance. 

With content for both beginners and more advanced users, we at KingSwap aim to open new ways to earn $KING in conjunction with the current pools being rewarded. This shall revolutionize the industry and bring benefits to all the involved actors.

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