Hello, our fellow Majesties and KingSwappers! KingSwap has been hosting AMAs every Tuesday on Telegram while for WeChat, the Chinese AMAs are every Thursday. Many of you might have participated or many of not. But we make sure no one missed the knowledge shared by Malcolm Tan, KingSwap’s Royal Advisor. So here we are with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for readers.
Introduction Questions Asked By KingSwappers
Q1. Do I get rewards for being a liquidity provider and what tokens can I do as an LP?
Ans — Yes — you can provide KLP, and earn from the transaction fees.
Q2. What target do we expect for $KING Token, if it is fixed at 10 cents or will it have the possibilities to go up to 100 cents?
Ans — KingSwap launched and will hold $KING near 10 cents (topping up free $KING tokens to the pools when the prices go up too much) until KingSwap releases the pools for free trading. We are trying to build up our whole ecosystem, and encourage users to use all of our DeFi functions, and some HyFi functions. That way we will generate real value for everyone, and not just based on $KING, but also on the whole KingSwap platform.
Q3. As there is only over 200K $KING tokens liquidity on uniswap, as a trader I will buy all of them based on the price now, but I bought $KING not only believing that it will go up in price but also in future I would want to stake king or farming, so my question is what benefit will I get if I hold 200k $KING and if I stake it, What will happen and what is the percent apy (12month)
Ans — we will start some APY at 40%, some at 20%, and +10–20% per tier so a King NFT staker can get 100% APY on a farm, that a non-NFT staker can get 40% from the farming quests. APY can be viewed from www.Kingswap.exchange and changes depending on how much liquidity is provided by farmers, so users and buyers and farmers are encouraged to check for themselves as the information provided here will not be valid all the time.
Q4. Are you going to put liquidity on Uniswap so that people who are in desperate need of money could sell their kings? Or do those desperate people have to wait for one month?
Ans — As Kingswap has already pulled out all of its liquidity from Uniswap, users can refer to www.kingswap.info and www.kingswap.exchange to check on the chart on the status of Kingswap. Kingswap’s prices are moving up and we are expecting to get more value and more transaction fees. We will be addressing the issue of users who are desperate to sell their $King Tokens with our upcoming feature (KingsDeck) where users will be able to trade their $King Tokens for USDT at a fixed competitive price. Holding an NFT will give users higher returns based on the user’s NFT tier. Uniswap is not affiliated with KingSwap and KingSwap is only promoting the www.Kingswap.exchange and www.Kingswap.info platforms.
Q5. If you claim there won’t be an impermanent loss then I expect to gain back the same amount of ETH I provided
Ans — KingSwap has implemented improvements over Uniswap and Sushiswap but impermanent loss caused by Arbitrage traders will now be converted 50% shared to LP. Instead of arbitrage traders acquiring all the slippage in KingSwap, LP is able to capture profits by arbitrageurs with virtual trading curves.
We have a similar KST token to Sake’s protocol to reduce/eliminate impermanent losses.
Q6. Can you please tell us in concrete numbers about these rewards? How much APY will get in plus or what is the difference between a person who get the KLP’s 2 days ago and another who gets the KLP’s now, and both of them staked KLP’s today?
Ans — You’re getting a higher APY than the later KLP holders. I believe that they will get 40% APY to start — with NFTs, the APY goes up 20% per tier so for King NFT holders, they should be getting 100% APY for $King/eth at the start. The amount of $King Token distribution per farm is fixed, so with more users getting onboard, fixed token distribution will be shared among more users thus APY will be lower in the later stages. This would mean that a person staking their KLP 2days ago will enjoy higher APY compared to another who gets it after.
Q7. Do you expect the NFT staking in the next few days? And how will it work? Do we have to send the NFT to a contract? Is it a simple detection in our wallet?
Ans — similarly to the KLP staking, staking means you will have to send the KLP to the staking smart contract — same as how you send KLP now for farming. You will have to stake NFT together with your KingToken, to earn from the NFT Staking. Your NFT Tier will determine the amount of returns you will get.
Q8. When will the cards be available and when can we start KYC?
Q8. When will the cards be available and when can we start KYC?
Ans — The cards are already out. we are starting with 10 of each tier — Black Metal, Platinum Metal, Gold Metal, and Blue Plastic, so 10 lucky NFT stakers who sign up and qualify will get to have our first 10 of each tier. This first batch should be ready to ship within 1–2 months. But the virtual card functions should potentially be ready much sooner. The next batches — larger numbers, of course, will take longer to be shipped out
Q9. How is layer 2 & 3 coming?
Ans — KingSwap will announce the roadmap once confirmed. We will get Layer 2 done by the end Jan if possible. Our new Squire NFTs will also be released together with the Layer 2 implementation once gas fees are reduced on the KingSwap platform.
Q10. Will we migrate to another blockchain?
Ans — For Layer 2, it will most likely still be on an ethereum layer 2 protocol
ABOUT KINGSWAP FEATURES AND ADVISORY TEAM
KingSwap is a high-yield liquidity platform that offers extensive staking rewards, digital collectibles, and fiat conversions. An evolution of Uniswap, KingSwap provides user-friendly features that provide real-time benefits in terms of price curves and contributor rewards. In its first three days on Uniswap alone, KingSwap achieved $4 million USD in transaction volume.
KingSwap was founded by a team of experienced leaders in banking, finance, and crypto, including Dr. Anish Mohammed, who has advised and worked for companies including HSBC, Lloyds, and Zurich, and was an early advisor to Ripple and Ocean Protocol; Dunstan Teo, Chief Architect of the Fido Protocol and President of Sanctum Pte Ltd.; and Ho Chin Shin, who previously worked as a director at Standard Chartered Bank; Nomura, Japan’s largest investment bank; and the Bank of Singapore.
KingSwap’s advisors include Venture Capitalist Dr. Giampaolo Parigi (PhD); Professor Alex Nascimento (MBA), Faculty and Co-Founder, Blockchain at UCLA; Michael Terpin, Founder and CEO of Transform Group and Co-Founder of BitAngels; Lionel Iruk, Esq.(J.D), Dr. Robert Choi (PhD), Malcolm Tan (LLM), and Frank D.(MBA).
KingSwap is a DeFi project based out of Singapore with a fully regulated* token that introduces a liquidity pool platform with possible fiat conversions. KingSwap’s high-yield liquidity platform offers extensive staking rewards and digital collectibles. Check Kingswap’s liquidity pool.
Kingswap has just launched 4 New Tiers of Metal Cards — called the King’s Card, Queen Platinum, Royal Knight, and Blue Squire. Cards can be reserved here.
- ”Regulated” — KingSwap commissioned Gravitas International Associates Pte Ltd, a Singapore Payment Services Act (“PSA”) exempt company, to issue the $KING tokens. A legal opinion regarding the token issuance has been submitted to the MAS in accordance with the PSA requirements. Gravitas has already submitted an application to the MAS for full licensing under the PSA, and the said application is pending review. KingSwap itself has no licensing specific to DeFi projects, as there is no such specific legislation anywhere in the world at this point in time, and is following the regulatory framework of the PSA in Singapore at the time of writing.”
Company: KingSwap Pte Ltd
Person to Contact: Amanda Tan
Company Address: 50 Raffles Place, Singapore Land Tower #19–03 Singapore
Email Contact: Hello@KingSwap.io
Websites: kingswap.io — kingswap.info — kingswap.exchange — kingswap.shop — kingswap.club