KiX
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  • FURTHER INFORMATION
    • Why KiX is a DAO
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  1. THE BASICS
  2. KiX Economy

Locking $KIX

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Last updated 3 months ago

Enabling traders to both trade and vote means they are not forced to choose between the two.

The secondary utility of $KIX is as a governance token. To be eligible to use $KIX to vote the token must be locked as vlKIX for a 60 day minimum period.

Those that lock $KiX will receive $vlKIX, vote locked KIX, in return, these two tokens will have an exact 1:1 ratio and by doing so will effectively take the $KIX out of circulating supply and reduce . The $vlKIX token is the only way to access the voting power and voting rights required to participate in the DAO.

Good examples of what traders will be able to vote for if they become DAO members are decisions like which Footballers to add to the IPO list and then also to be able to vote on what order those Footballers are IPO'd.

$vlKIX will use a voting power system, however there will be no restriction on how many times you can use this voting power. For example if Trader X has 25 $vlKIX, then this means they will have 5 votes available within their voting power, these 5 votes can be used on more than one open voting proposal. If the DAO has an open vote to add Footballer A and a different proposal to unlock some treasury $KIX, then Trader X spend up to 5 votes on each proposal, their vote will not be 'locked' in any one option.

In addition to the governance, traders who lock their $KIX in order to receive $vlKIX will also receive trading commission rebates when buying the KIX/USDC trading pair only. The number of $KIX locked will have a notional $USDC amount, lets look at an example:

  • if 1 $KIX = 1 $USDC

  • Trader X locks 100 $KIX, they will be given 100 $vlKIX

  • Now Trader X will have a notional 100 $USDC locked and eligible for rebates

  • As Trader X buys more $KIX in the KIX/USDC pair, then the 100 $USDC notional amount from their $vlKIX will be eligible for rebates, so if Trader X buys 100 $USDC worth of $KIX then commissions charged on this trade will be eligible for a 5% rebate.

  • These calculations will be lazy, meaning they are not in real time, this will allow the platform to calculate accurate rebates against a fluctuating locked $USDC value

  • These rebates will be further clarified post go live, however the initial range will be 5-15% rebate on the locked notional amount

* PLEASE NOTE: Under regulation KiX is not offered or promoted to UK users or residents. *

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total supply
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