Introducing KFC Dollar- The New Algorithmic Stablecoin
Cryptocurrencies are already very well known around the world. However, to help provide a decentralized stable currency and to help with skepticism concerning the high price volatility of tokens, we introduce the KFC Dollar, an algorithmic stablecoin.
We welcome everyone to participate in KFC Dollar, which will focus on both the Korean community and global community.
This project will launch on Jan 18th, 20:00 KST, UTC+9.
❓How does the KFD algorithmic stablecoin protocol work?
1) KFC Dollar (KFD) is the stablecoin token in the system with a target value of $1.
2) KFC Shares (KFS) which receive the new supply creation of the stablecoin.
3) KFC Bonds (KFB) which may be purchased at a discounted rate
⬆️ Expansionary Phase — When KFD trades above the $1 target peg
When KFD trades above $1, the protocol will increase the supply of KFD tokens and this will push the price back toward $1. If KFD trades at $1.01 during the set seigniorage time (every 24 hours currently), more KFD will be minted and distributed to KFS token holders who stake their KFS in the Boardroom. Any bond holders will be able to redeem KFBs for KFD at 1:1.
⬇️ Contractionary Phase — When KFD trades below the $1 target peg
When KFD trades below $1, the protocol incentivizes the reduction in supply of KFD tokens to push price back toward $1. In this phase, users can purchase KFBs with KFD at a discount, removing KFD from circulation, with the opportunity to redeem each KFB for one KFD in the future when KFD trades above $1. Bonds do not expire.
Purchased KFBs can be redeemed on a 1:1 ratio into KFD only when the oracle price of KFD is above $1.
🗂 Genesis Tokens Phase: Distribution Through Deposits
The protocol will include many communities in the Korean and Asian Blockchain space.
Community Tokens: CBK, LINK, KFC, STPT, GOM2
Stables: USDT, WETH, BAC
80,000 KFD tokens will be distributed in these 8 token pools across the first 5 days (rate of 10,000 KFD tokens per pool, 2000 per day).
KFS token distribution will begin shortly after the initial KFDs are distributed, in the following 2 ways:
- Provide liquidity to the KFD-USDT pair. This pool 1 will distribute 750,000 KFS tokens, starting with 6250 KFS and decreases 25% after every 30 days.
- KFS tokens are also distributed to liquidity providers of the KFS-USDT pair, distributing a total of 250,000 KFS for 365 days, with an equal amount of tokens distributed per day.
🏦 Guide: How to participate in the seed pools — KFD farming
>Go to website and select the Bank tab
There you can choose from different pools:
How to farm KFS:
Once you earn some KFD it is time to put them to use and start earning KFS, which in turn entitles you to a share of the newly generated supply.
In order to do so, become a liquidity provider on Chickenswap DEX and deposit the LP token in the same “Bank” page.
There you will be able to choose to provide liquidity in one of the pools and earn KFS in return for doing so.
How to stake your KFS:
KFS can be staked in return for inflationary rewards. To do so, navigate to the “Boardroom” tab on the main website page and click Stake.
How to purchase and redeem KFB:
The KFB are purchased and redeemed on the “Bonds” tab. For the users to be able to buy KFB, KFD must be below the target peg price of $1. Once a user has KFB, he cannot redeem them for KFD unless trading above the target peg price of $1.
ChickenSwap is driven by the community, so thank you for all your support. If you have any questions about the ChickenSwap, you are welcome to ask Chef Grandpa on Twitter or Telegram.
Twitter: https://twitter.com/chefgrandpa
Telegram: https://t.me/chickenswap
