KNG token and its functionalities
Kanga Exchange has been introducing innovative solutions to the cryptocurrency market since its inception. In this way, the utility token of our exchange was created, thanks to which users have access to many utilities that we want to describe to you in this article.
Staking KNG and an exclusive autotransfer option
Kanga Exchange offers many opportunities to earn passive income. One of them is Staking, i.e. the possibility to stake tokens and receive rewards for it. On our exchange you will find many Stakings at your disposal (you will find a list of all after logging into your Kanga account → in the PoS tab → after selecting the “all” filter), but one of them is special – KNG staking, which offers an autotransfer option.
Autotransfer automatically transfers daily rewards for staking KNG tokens to your staking account. This means that rewards automatically go to your staking account, rather than going to your wallet. This is a very attractive feature for several reasons.
First of all, thanks to autotransfer, you don’t have to manually transfer your wallet rewards to your Staking account. The machine does it for you, you don’t have to worry about it.
Thanks to this, your balance is daily increased by the value of the prize, which means that when settling the prize, an increasing number of KNG on your staking is taken into account – thanks to this, you have a chance for higher and higher prizes. This is an example of the practical use of compound interest.
However, the most attractive benefit of autotransfer is the bonus to the reward that grows every day. For each day that autotransfer is active, the amount of your prize is increased by the current bonus value.
How much is the bonus? What conditions must be met to receive it? To understand this better, let’s take a look at a few principles of how the autotransfer and the bonus work.
Autotransfer and bonus rules
Autosupply is available only on the KNG staking.
Autosupply can only be turned on when the funds are deposited and visible on the Staking account.
The daily staking reward is different each day – it is dependent on the sum of all fees and daily commissions for services on the Kanga platform; which are distributed in proportion to the amount of each user Staking Contribution and the amount may vary from day to day. The prize is increased by the bonus value and is paid out in conjunction with the base prize.
When auto-powered is on, rewards automatically add to your balance.
When auto-powered is off, rewards automatically affect Kang’s wallet.
With the auto-power on, the user gets the bonus to the reward every day. The bonus increases by 0.3% every day, which means that:
- On the first day it is 0%
- Second day 0.3%
- On the third day 0.6%
- On the fourth day 0.9%, etc.
It is worth noting that there is no upper limit to the bonus! In practice, this means that it can grow infinitely and amount to 100%, 150%, 200% and more!
First, a bonus is added to the amount of KNG, and then the reward for staking is calculated.
The bonus increases continuously until the auto-topping function is turned off or until the funds are withdrawn from the PoS account. When the auto-power is turned on again, the bonus is added again, from 0%.
There is no minimum amount required to enable auto staking.
Autotransfer bonus based on an example
We know that not all everybody is science or mathematical gurus, so we will explain the operation of the autotransfer bonus using a simple example, so that everyone can understand its principle of operation without any problems.
To simplify the calculations, let’s assume that Hieronim pays 100 KNG tokens to Staking and enables the autotransfer option.
On the first day, the bonus is 0% so the settlement reward is from 100 KNG.
After six months, Hieronim bonus is approx. 50%, which means that the prize is settled from approx. 100 KNG (which Hieronim keeps on his staking) + 50% of the amount kept on the staking (in this case 50% of 100 KNG = 50 KNG), i.e. from approx. 150 KNG.
After a year, the auto-supply bonus is approx. 100%, so the award is calculated from 100 KNG basic + 100 KNG from the bonus, i.e. from approx. 200 KNG.
In other words, the daily bonus increment makes your KNG staking rewards grow! The amount of the prize obviously depends on the daily income of the exchange, as mentioned above, however, thanks to the enabled auto-topping option and the constantly growing bonus, your prizes can be settled on more and more amounts without much effort.
Preferential transaction commission rates for KNG holders
For KNG holders, we have prepared a special functionality that has a real impact on saving when making transactions on our exchange. It is worth noting that these lower rates apply to makers, who is maker?
There are 2 types of users on the exchanges: makers and takers, how do they differ?
Maker – The person whose order goes to the orderbook
Taker – A person who uses orders that previously entered the orderbook
To get a lower commission per transaction (“maker” only):
deposit KNG tokens in the specified amount on Staking,
activate Autotransfer and get at least 10% bonus.
During the promotional period, the following discount levels apply:
- Level I – staking minimum 100 KNG – Commission 0.16%
- Level II – staking minimum 500 KNG – Commission 0.09%
- Level III – staking minimum 5000 KNG – 0% commission
Priority during the IEO
Thinking about our users who believe in us and our flagship KNG token, we have introduced auction packages that guarantee auction winners participation in IEO on Kanga.
How it works?
As part of the sale of tokens on the IEO, the owner (issuer) of a given IEO has the right to make some (of the entire pool) of tokens available for sale in a given listing for auction, e.g. the pool of a given IEO will be 1,200,000 tokens and the part (any, depending on the issuer) of them, for example, 300,000 will be allocated to the auction, thus ensuring 100% user participation in this IEO.
The winners of each such auction will therefore gain some participation in the purchase of tokens in a number equal to the number contained in the bidding package.
Who can bid on bundles?
Users who have KNG on Kanga’s wallets or KNG (staking users) or meet both of these conditions at once (they will be given before each IEO and may differ in each of them) can bid for packages before IEO. The packet for KNG breeders will be marked with a special KNG sticker.
To qualify the user for the auction, the following will be taken into account, among others:
- Amount of auto-supply on the KNG stacking, e.g. min. 3%
- Sum of the bonus obtained by the user on the KNG staking from the last 30 days, e.g. min. 1 KNG
If the user bids several packages (e.g. 100 tokens and 500 tokens), after the end of the auction, the system will check whether he has won more than one package.
If so, he is assigned a higher value package and he is removed from the list of winners of the cheaper package and his winnings are transferred to the first person from the reserve list who did not win the auction.
Each pool will have a specific number of packages available for winning, e.g. 100 packages of 100 tokens, 50 packages of 500 tokens, 20 packages of 1500 tokens, etc.
Only those who submitted the highest offer win, and in the case of a greater number of the same offers, the time of submitting the offer is counted.
With 100 packages with a value of 100 tokens each, the winnings will be formed according to the formula:
- 30 people gave 2 KNG – they won
- 25 people gave 1.5 KNG – they won
- 25 people gave 1 KNG – they won
100 people gave 0.5 KNG – 20 first offers of this amount won, the remaining 80 were submitted later and did not win (because there were only 100 packages in total).
It is worth noting that each user has the right to continue to participate in traditional sales in a given IEO up to the amount of tokens equal to the maximum amount available for one user (i.e. the difference in the amount won at the auction).
The uniqueness of KNG
As we have introduced and continue to introduce new innovative solutions and products to the cryptocurrency market, an important point on the KNG functional list is autotransfer, which is an original idea of our team and is available only on the Kanga Exchange on the KNG staking, which distinguishes Kanga from other exchanges .
Author: Piotr Szopa