KingSwap Opens Beta Token Swap Mode for Non-NFT Users — Layer 2 Implementation Stage 1
New Beta Mode for users who want to Swap their Old ERC-20 $KING to New ERC-20 $KING or USDT Available at 12:00 PM GMT+8, 14/1/2021
Behold your Majesties,
👑KingSwap is pleased to commence our newly launch Beta Token Swap Mode — Layer 2 Implementation (Stage 1) as the kickstart of our Token swap program which allows our OLD ERC-20 $KING token holders who have the Old $KING Token but did not purchase any NFTs a chance to swap their old $KING tokens first for the new ones.
For the Old $KING Token to New $KING Token Swap Beta phase, KingSwap will allow the user’s to swap a Maximum allocation amount of 10,000 $KING Token at 10 Slots with a 1:1 Ratio.
It will be a first come first serve basis for the allocation and the slots will vary from time to time as we transition to full-scale deployment.
The new $KING Token Swap Beta phase requires no NFTs for this swap method.
For those users who are holding onto NFTs, there will be a higher swapping ratio for each tier of NFTs that they hold. However, this will be rolled out in the next couple of days as KingSwap’s development team evaluates the results from the non-NFT beta conversion.
Additionally, The KingSwap Development team has also completed the creation of a $KING to USDT conversion feature which lets users convert their old $KING tokens to USDT as well.
The main objective of this Beta Phase is to allow KingSwap Non-NFTs holders to swap only because once the users staked with their NFTs, it will be locked for 100 days.
KingSwap is in the midst of finalizing the appropriate APY and we understand users are eager to have their old $KING tokens swapped as soon as possible, and may not be keen to have their NFT swaps locked for 100 days while the APY has not stabilized. Hence, KingSwap created this Beta version solely for Non-NFT holders who wish to swap out their old $KING to new $KING, or non-NFTs holders and NFTs can convert their old $King Tokens to USDT at offered conversion prices and daily slots.
Please be aware that once the token swap has occurred, you will be unable to convert them back to the Old ERC20 $KING Tokens.
ABOUT KINGSWAP’S LAYER 2 IMPLEMENTATION PROGRESS
In summary, Kingswap’s Layer 2 Implementation will:
- Reduce the costs of interacting with the network by reducing gas fees and aligning incentives across all participants.
- Improve collaboration and move forward to a hyfi (hybrid finance) platform. KingSwap aims to facilitate joint initiatives, like interfaces with combined CEX ventures like Bitmart and Hotbit which will improve protocol development, shared community resources, and insurance pools. Extensive progress has been made by members of Kingswap towards researching mechanisms that can accomplish all of the above on-chain.
- Establish a robust network moat on the co-beneficial ground, reducing the likelihood of the network being forked. The software can always be copied, but decentralized ecosystems — crypto networks — are resilient to attack.
- KingSwap also pioneered Layer 2 implementation to be able to achieve super scalable growth. This first token swap will set a precedent for Kingswap’s future, as well as establish the collaborative need to build effective KingSwap’s ecosystem interfaces, and other infrastructure.
Each swap will be reviewed as part of our due diligence process to allow only properly acquired tokens to be swapped, as a result, tokens are to be swapped and returned progressively within 100 days from 11th Jan 2021 onwards.
*Reminder: OLD ERC-20 $KING Tokens should be sent to our NFT Rewards Conversion Contract feature which will start to be rolled out on 11th Jan and before the deadline date of 23:59 UTC 17th April 2021 SGT. Both NFT and Non-NFT Holders will be able to convert their OLD ERC-20 $KING Tokens through the NFT Rewards Conversion feature at a rate of 0.5% conversion rate per day till 100 days and at the end of 100 days, Users will be able to swap out and acquire their remaining 50% at the end of the 100 days, or if they hadn’t been swapping, they will be able to, at one time, convert their entire holdings of the old $KING tokens into the new $KING tokens that will be used at the new Layer 2 implementation Kingswap platform.
Users who participate in the NFT Rewards Conversion will be able to extract the rewards of their new tokens daily at every 24 Hours after depositing. Do note: there is a decaying handling fee at 20% of the withdrawal amount if extracted and withdrawn before 100 days.
There will be a total of 3 stages during our 2nd Layer implementation:
Stage 1: Swapping OLD $KING Token to NEW $KING Token, Converting OLD $KING Token to USDT if desired
Stage 2: Rolling out ERC1155 NFTs
Stage 3: Deploying Layer 2 Ecosystem and Gateway contract (More Info will follow)
If you require support in your swap, please reach out to our telegram or email firstname.lastname@example.org
ABOUT KINGSWAP’S 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.
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).
BitMart Exchange is a premier global digital assets trading platform with over 2 million users worldwide and ranked among the top crypto exchanges on CoinMarketCap. BitMart currently offers 400+ trading pairs with one of the lowest trading fees in the market. To learn more about BitMart, visit their website, follow their Twitter, or join their Telegram for more updated news and promotions. Download BitMart App to trade anytime, anywhere.
As a Top 10 exchange globally on Coingecko with 10 points in trust score, HotBit is one of the most famous digital asset exchange platforms. Founded in January 2018, HotBit has received compliance licenses from Estonia, the U.S., Australia, and Canada. HotBit has developed and integrated various forms of businesses such as spot trading, financial derivatives, cryptocurrency investment, and DAPP into one platform, and has extended business reach over 210 countries and regions, gaining 1,000,000 registered users around the world.
KingSwap (https://www.kingswap.io/) is a DeFi project based out of Singapore that is introducing a liquidity pool platform with fiat conversions. KingSwap’s high-yield liquidity platform 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.
”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