FAQ
Footballer Trading FAQ
Last updated
Footballer Trading FAQ
Last updated
Digital Athlete Tokens (DAT) represent the on-pitch performance of individual footballers, and are smart contracts whereby the holder is eligible for based on that performance from time to time, much in the same way as traditional fantasy football.
Winnings are paid out twice a week. Each week is divided into two Game Groups, Mon-Thurs, and Frid-Sun. All funds generated within a Game Group are paid from the Winnings Pool at the end of each Game Group.
There is a 1% trading commission on all 'BUYs' and also 1% trading commission on 'SELLs'. There are no other fees.
DAT are designed to only be traded on our platform and within our own eco-system. If DAT left our eco-system we could not ensure that there was liquidity for it or that that winnings could be properly attributed.
KiX has much more in common with a fantasy sports product as distinct from a sports betting product as there is no binary win/loss outcome, where a stake is either won or lost, and it is not event driven in that the value of the stake is not directly impacted by event outcomes - there is also a very high element of skill compared to gambling products. However strictly speaking it is not a fantasy sports product either as it has introduced a trading component and as there is no requirement to build a 'team'.
The price of a DAT is purely determined by the market and the forces of supply and demand in common with other decentralised exchanges. The mechanism that determines the price is a bonding curve AMM.
Football fans are the largest and most passionate community on the planet. We believe that enabling them to govern and control this platform uniquely for their own benefit is a hugely powerful proposition. No 'customers' and 'shareholders', no 'them' and 'us', it is 'one for all and all for one'.
Upon launch $KiX will only be tradeable upon our own DEX, however over time pools will appear on other DEXs and we will arrange for listings on a number of CEXs.
We have plans on our roadmap to mint NFTs related to the performance of athletes. This is going to be a very exciting development that engages the NFT marketplace also, however we're not looking to over-complicate our offering for launch.
We have been extraordinarily careful to design this product to be entirely sustainable and transparent. The model conscientiously avoids the use of future customers funds to pay out existing customers. Consequently in-coming customers funds are held to provide liquidity for when they wish to exit. This is quite distinct from Bitcoin for example. However of course if an trader buys at the top of the market and sells at the bottom he will inescapably suffer a loss.
KiX captures all trading commissions generated by the trading of the $KiX platform token on our DEX. In addition it retains 10% of all DAT trading commissions. In due course there will also be revenue as a result of the sale of NFTs and from the sale of our rich data.
It's important to note that the primary goal of the DAO is not to generate profit but rather to deliver value to our members.
The current management policy is that once all operational costs are covered, 50% of the balance is retained by the Treasury as working capital to fund growth, and the remaining 50% is applied towards user token reward programs to encourage community adoption for example this may be to provide additionaly liquidity. However, in due course the community may choose to vary these percentages, or find alternative uses for the funds.
KiX Foundations are regulated in the jurisdictions of Cayman Islands and Panama however as a decentralised platform, there is no requirement for registration, a trader simply connects his wallet. The blockchain space is evolving at a fast pace and we are open to regulation when and where appropriate. You decide!
* PLEASE NOTE: Under regulation KiX is not offered or promoted to UK users or residents. *
