KingSwap's $KING Token Exchange Level 2 Implementation Phase 1
Use the guide below to exchange your old ERC-20 $KING for a new ERC-20 $KING
KingSwap thank you for your patience, we are happy to start the second layer implementation (phase 1) of our KingSwap plan now, and invite our old ERC-20 $KING token holders to transfer your old $KING tokens Replace it with a new one.
This layer 2 implementation includes all community members and holders of old ERC-20 $KING tokens in MetaMask or Ethereum wallets (such as Uniswap). KingSwap members will be able to start conversion on January 11, 2021, and need to exchange all old $KING tokens before 23.59 SGT at the end of April 17, 2021.
In addition, between January 8th and 9th, 2021, holders of old $KING tokens with NFT can choose to participate in the conversion of NFT rewards into USDT instead of NEW $KING tokens. The conversion rate/maximum allocation/duration/delivery/lock time depends on the NFT layer owned. The conversion rate will be set to a fixed guaranteed price.
This implementation will be an improvement strategy for KingSwap's technological development in encrypted network security. In summary, Kingswap's layer 2 implementation will:
1) Reduce the cost of interacting with the network by reducing the gas fee and adjusting the incentives of all participants.
2) Improve collaboration and move on to the hyfi (hybrid finance) platform. KingSwap aims to promote joint actions, such as interfaces with CEX trading platforms (such as Bitmart and Hotbit) to improve protocol development and share community resources and insurance pools. The members of Kingswap have made extensive progress in studying the mechanisms that can accomplish all of the above-mentioned functions on the chain.
3) Establish a strong network moat on the basis of mutual benefit to reduce the possibility of network forks. The software can always be copied, but the distributed ecosystem (encrypted network) can resist attacks.
4) KingSwap also took the lead in implementing the second layer to achieve super-scalable growth. The first token exchange will set a precedent for Kingswap's future and establish an effective KingSwap ecosystem interface and other infrastructure collaboration requirements.
As part of our due diligence process, we will review each exchange in order to exchange correctly acquired tokens, so tokens will be gradually exchanged and returned within 100 days from January 11, 2021.
The old ERC-20 $KING tokens should be sent to our NFT reward conversion contract function, which will be launched on January 11th UTC and will end before April 17, 2021 UTC. Both NFT and non-NFT holders can convert their old ERC-20 $KING tokens through the NFT reward conversion function, at a conversion rate of 0.5% per day until the end of 100 days, and can exchange and get the remaining at the end of 100 days Or if they do not exchange, they will be able to convert the old $KING tokens into new $KING tokens that can be used on the new layer 2 Kingswap platform in one go. Users who participate in NFT reward conversion will be able to withdraw their new token rewards every 24 hours after depositing. Please note: Withdrawal before 100 days, a handling fee of 20% of the withdrawal amount will be charged.
In the second layer implementation process, there will be a total of three stages:
Phase 1: Exchange the old $KING tokens for new $KING tokens, and if necessary, convert the old $KING tokens to USDT
Phase 2: Launch of ERC1155 NFT
Phase 3: Deploy the layer 2 ecosystem and gateway contract (more information will be provided later)
If you need exchange support, please contact our telegram or email [email protected]
About KINGSWAP's function and consultant team
KingSwap is a high-yield liquidity platform that can provide a wide range of pledge rewards, digital collectibles and fiat currency transactions. KingSwap is an upgraded version of Uniswap that provides user-friendly features that provide real-time benefits in terms of price and contributor rewards. In the first three days on Uniswap alone, KingSwap's transaction volume reached US$4 million.
KingSwap was created by a team of experienced leaders in the banking, finance, and encryption fields, including Dr. Anish Mohammed, who has consulted and worked for companies such as HSBC, Lloyds, and Zurich, and was an early consultant for Ripple and Ocean Protocol; chief of the Fido protocol Architect and President of Sanctum Pte Ltd. Dunstan Teo; He Qianxin, who served as a director of Standard Chartered Bank; Japan's largest investment bank Nomura and Bank of Singapore.
KingSwap’s advisors include venture capitalist Dr. Giampaolo Parigi (PhD); UCLA blockchain professor and co-founder Professor Alex Nascimento (MBA); Transform Group founder and CEO and BitAngels co-founder Michael Terpin; Lionel Iruk (Esq.) (Juris Doctor), Dr. Robert Choi (PhD) and Frank D. (MBA).
To learn more about KingSwap, please join the KingSwap Telegram group or follow the project on Twitter. At the same time, you can also join our WeChat official exchange group to learn about project dynamics and participate in activities.
About BITMART
BitMart Exchange is the world's major digital asset trading platform, with more than 2 million users worldwide, ranking among the top cryptocurrency exchanges on CoinMarketCap. BitMart currently offers more than 400 trading pairs, which is one of the lowest prices in the market. To learn more about BitMart, please visit its website, follow its Twitter or join its Telegram for more updated news and promotional information. Download BitMart App to trade anytime, anywhere.
About Hotbit
As the world's top ten exchanges on Coingecko, with a trust score of 10, HotBit is one of the most famous digital asset trading platforms. HotBit was established in January 2018 and has obtained compliance licenses from Estonia, the United States, Australia and Canada. HotBit has developed and integrated various forms of business such as spot trading, financial derivatives, cryptocurrency investment and DAPP into one platform, and expanded its business to 210 countries and regions, with 1,000,000 registered users worldwide .
About KingSwap
KingSwap (https://www.kingswap.io/) is a Singapore-based DeFi project that is introducing a liquid mining pool platform with fiat currency transactions. KingSwap's high-yield liquidity platform provides a wide range of pledge rewards, digital collectibles and fiat currency transactions. KingSwap is an evolution of Uniswap and provides user-friendly features that provide real-time benefits in terms of price and contributor rewards.
Original link: https://defi-kingswap.medium.com/kingswaps-king-token-swap-layer-2-implementation-stage-1-7ecdae12af4c