Kanga Exchange and Tenset strategic partnership

We are proud to announce that Tenset has officially become a strategic investor for Kanga Exchange! Following on from the reveal this week that we are joining the Tenset Gem Launch Platform, we are delighted to be forming this exciting partnership with Tenset.

Tenset is demonstrating its commitment to helping Kanga develop by purchasing 2.1 million KNG tokens! Our PoS system has placed these tokens to earn passive income for their ETF 2.0 portfolio and company buybacks. Therefore, these tokens are now out of the circulating supply and cannot be sold, which is a significant positive for KNG holders! This massive investment by Tenset clearly shows their enormous belief in the Kanga project and their desire to bring us to a greater level.

The Tenset team brings a wealth of knowledge from both the business and crypto world, along with access to valuable contacts to develop our operations. We are planning to expand the business internationally, and Tenset expertise will be crucial in helping us achieve this. Tenset already has a strong presence in Europe and Asia which will facilitate our expansions there.

With Tenset’s guidance, we are confident that we can enter and conquer new markets in Europe, Asia, and the rest of the world. Featuring as a gem within the Tenset ecosystem is a tremendous honor as they only accept projects of the highest quality and potential. This privilege will grow our brand tremendously and increase awareness of Kanga across the world. We can make a significant impact and attract a global user base to our platform.

This is a partnership that will truly accelerate our goal of mass adoption for cryptocurrency. Exciting times lie ahead for Kanga and our users as we begin our journey with Tenset to become a true powerhouse in the cryptocurrency exchange market.

Kanga reveals IEO date

Brace Yourself as Kanga reveal IEO date :calendar:
Mark your Calendars as $KNG IDO is coming on 23th September, 2021.KNG IEO DETAILS:
:small_blue_diamond:Start date: 23th September
:small_blue_diamond:Start time: 1PM CET
:small_blue_diamond:Format: IEO on Kanga Exchange
:small_blue_diamond:Rules: Only for TGLP subscribers, first come first serve
:small_blue_diamond:Total sale: 1 000 000 KNG
:small_blue_diamond:Vesting: 50% unlocked, rest unlock 2% per day
:small_blue_diamond:Price: 1 KNG = 2$
:small_blue_diamond:Max allocation: 1000$ per address
:small_blue_diamond:Available crypto: ETH, USDT

:warning: Kanga Exchange IEO

:raised_back_of_hand:There are bad actors who, using unfair technological advantages, buy large amounts of tokens before any real community members can, and then dump those tokens on the real community members and investors after a few minutes. Using this pump and dump scheme, bot owners can earn millions of dollars in just a couple of minutes at the expense of the community.
To avoid bots, protect investors and perform as fair and beneficial a distribution as possible for our community members, the $KNG sale will take place exclusively on Kanga EXCHANGE.

:warning: Kanga whitelist systemTo verify their whitelist, investors MUST transfer ETH or USDT from their TGLP whitelisted address (where they locked their tokens for TGLP subscription) to their Kanga ERC20 wallet. This transfer can be a minimal $ amount, but a transaction must occur from the subscribed wallet in order to link the account. Only this Kanga wallet will then be able to participate in the IEO. Each subscribed wallet will only be able to link with one Kanga account. Kanga IEO will eliminate the problem of unpredictably large gas fees on the ERC20 network.

:warning: Important Notice

:spiral_note_pad:Kanga Exchange will shortlist the whitelisted participants, and only the whitelisted addresses provided by Tenset team will get the chance to participate in the $KNG IEO.

Lock (https://tenset.io/gems/) 3,000 10set now. You can lock your tokens now via the Tenset websit

:rotating_light:Beware of fake contracts & fake tokens being traded on any DEX. $KNG IEO and listing will only take place exclusively on Kanga.Exchange

Once again, please mark your calendars and gear up as we dive into an exhilarating journey.

New listing – DODO token

Do you even DODO?

We want to welcome DODO to Kanga Exchange. DODO is a set of DeFi tools that are used by many DeFi users every day. DODO is operating currently on multiple blockchains like Ethereum, Polygon, BSC and HECO. These as some of the things available on DODO protocol:

  • create an asset on the blockchain: Ethreum, Polygon, Binance Smart Chain, HECO- pool and create a swapping market for your asset.
  • create a crowd pooling campaign that allows you to build liquidity for your token with the help of the crowd.
  • create a liquidity mining campaign- DODO is also a decentralized swap exchange that offers great liquidity for many assets.
  • earn DODO by providing liquidity and many more.

DODO is one of the leading DeFi protocols and it has a great potential to become a go-to DeFi platform for any crypto asset.

Listing details:

  • deposits are open from today.
  • we are listing an Ethereum based DODO token.
  • new pair is DODO/ETH.
  • trading starts on Friday at 12:00 GMT.

The ‘Fake Bitcoin’ fraud or how not to get tricked out of your lifetime savings

As the Polish police informs the number of frauds involving financial services, including cryptocurrency, is invariably growing. Let us look at a hypothetical case: Edward lost his job due to redundancies at his company. The ongoing pandemic and his close-to-retirement age did not make it easier for him to find new employment. In theory, he had enough savings to cover for his basic needs. However, things turned bad for Edward and he suffered a severe loss. What do you think happened? 

A survey would come in handy at this point, but it will be easier for me to use a few examples which would fit well in this quite stereotypical scenario. And no, it was not the ‘fake grandson’ or ‘fake policeman’ or any other fraud method involving a trustworthy person. Edward fell victim to a fraud which for the purpose of this article I called the ‘fake Bitcoin’ fraud. 

Situation 1. The Internet scam

Who would not like to get rich quickly and easily? Especially in a situation where they struggle to find a steady source of income? Edward was one of such people. While searching through social portals on daily basis an advertisement glorifying the possibility to earn money on cryptocurrencies caught his eye a few times. A smiling attractive woman at the side of a prominent businessman in the picture was an additional stimulus encouraging him to click on the advertising banner. Next, it was enough to read a few sentences about ‘your only chance in a lifetime’, fill in the contact form and wait for a phone call from ‘a broker/consultant/exchange agent/personal advisor’ (the sky is the limit). 

What next? Well pleased Edward sets the kettle to make some tea, rubs his hands and… Huh, the phone is ringing! Good morning, good morning – the usual exchange of courtesies. He can hear that there is a gentleman at the other end. Eloquence, elegance. A slightly foreign accent, but after all Edward’s grandmother was from Vilnius, so we cannot suspect a man of dishonest intensions based on that! 

‘Right then, so what is the plan? Well, dear sir, 250 euros/dollars will suffice. Such a trivial amount, you must admit, considering the sea of opportunities which will later unfold for you!’ Things followed a scenario that is well known to the police and the Financial Supervisory Authority (KNF): 

Edward was asked to install an application on his computer, which would enable the consultant to run the so-called ‘remote screen’. Thanks to that, as was explained, he could show Edward step by step how to run the operations. He also needed a trading application (a cryptocurrency wallet) and another one, which would enable him to make multicurrency transfers, preferably one that also offers a quick exchange to cryptocurrencies. Edward made a transfer for 250 euros. 

Next, having learnt ‘his client’s needs’ the consultant persuaded Edward to make another bigger investment. All legal, off course. Edward could see with his own eyes the steps that were being taken. Both men were operating on the same computer, the only difference being that the consultant was present remotely and every now and then asked Edward to provide the codes that were being sent to his client’s phone number. At some point the situation got complicated, because unlike so far, when Edward could see his funds in the wallet, now he saw them disappear… and they never came back. In panic he tried to contact the nice gentlemen but, unfortunately, it was impossible to connect to him. He lost 1000 euros.

Situation 2. A phone scam

A similar situation, yet this time Edward receives the information about ‘the investment of his life’ on the phone. The speaker presents himself as a representative of a well-known company/cryptocurrency exchange and informs Edward that his phone number was retrieved from a database in which Edward’s number was available as the result of a consent he had given to be contacted for marketing purposes. Dismayed Edward cannot recall anything of that sort, but then again, he was not reading the message that carefully. They start the conversation. The broker asks about his economic situation and cheers his victim up, saying he could not have come at a better time. They make an appointment to meet. Once the broker presents the investment plan, Edward decides to invest 50,000 PLN. The broker assures him that he does not need to do anything. Well, only to go through a positive KYC verification, but that is just the same as for banks – there you need to give your full credentials as well. No need to worry, they will help. 

The day comes when Edward is asked to make an additional verification as part of the KYC procedure. This time in the form of a video conversation with an exchange worker. Edward does not find it convenient, but his new advisor promises to prepare him for the video call. This way during the conversation Edward conceals the fact that he is not acting on his own behalf and was persuaded to open an account by a third party. Let us assume that he managed to outsmart the exchange worker. As a result, Edward can make transactions for more than 1000 euros. He gives his advisor details to access the account and… that’s right. The advisor disappears along with Edward’s savings. Edward calls the exchange support, appalled. He learns that workers of the exchange never call to their clients first, and they surely do not offer help in the form of investment advice. Edward was frauded and must report the fact to the police. 

Summarizing the above situations: 

  • NEVER give your personal information to third parties – this concerns both your personal details and credentials to access your banking systems, e-mail and the like.  
  • ALWAYS check who you are speaking to. If there is something that rises any doubts in you, trust your intuition and resign for your own safety. 
  • If you receive a phone call from someone who present themselves as Kanga exchange worker (or a worker from another service), tell them you will call them back. Note down the phone number and call the support of the company which allegedly contacted you (do it preferably by phone, since scammers most probably also have access to your e-mail box). You may also report the case to the police. 
  • Fraudsters may also try to contact you via such popular communication channels as Whatsapp, Skype or Telegram. 

Finally, I will describe one more method used by fraudsters, equally popular. 

Situation 3. Phishing or crypto phishing 

This method has been known among fraudsters for a very long time. It involves sending spam messages with the use of an email or text message. The fraudsters pretend to be cryptocurrency exchange or other cryptocurrency service providers (e.g. exchange offices). Most often the messages include a link confusingly similar to those sent out by real companies. For the sake of the discussion for this situation we must assume that Edward already has some funds in a cryptocurrency wallet and receives a worrying message (e.g. that his funds are in danger) with a call to action. Unfortunately, unluckily for Edward, he fails to carefully check the sender’s address and clicks the link, which redirects him to a clone website. He enters his logging credentials and is surprised to see that everything is fine. He logs out and the next time, once he logs in to the proper service, he is in for an unpleasant surprise: his wallet is empty 🙁 

Fraudsters in social media, including the popular Facebook platform, work in a similar manner. They create a fanpage that is identical to the one our protagonist observes and place information about free bitcoins there. Additionally, very often they tag their victim posting a dedicated message with congratulations. It is enough for the user to click on that link and… you know what will happen next. 

Summarizing:

  • ALWAYS check carefully and thoroughly the email address and phone number from which you received a message which rises your doubts, especially when it comes to your finances and personal details! 
  • Do not believe that someone wants to give you a Bitcoin or another cryptocurrency for free. 
  • Install anti-virus software on your devices. 
  • Never allow a third party to access your devices remotely! If they ask you to install such applications as TeamViewer or AnyDesk – do not install. 
  • Whenever possible enable two-step verification. 

You can read more about the actions taken by fraudsters in our previous article or on the website of Polish police. 

Something made you feel alarmed? Contact us immediately!

New listing – SUSHI

Feeling SUSHI…

This week we welcome pSUSHI on Kanga.Exchange. We want our users to have a chance to trade the best DeFi tokens out there. SushiSwap is one of the major players in the DeFi space. Its team hasn’t stopped and has been rolling innovation non-stop! 

One of the latest news is an innovative new generation AMM (Automated Market Maker) called Trident AMM, which is rolling out as we speak.

SushiSwap is the most multichain swap exchange out there! You can use it on Ethereum, Polygon, BSC, HECO, Avalanche, Fantom and many others. 

It has been recently approached by large VC funds that offered Sushi DAO large investments but they got refused by the Sushi Community. Showing the strength of the community and a decentralized nature in the core. 

SushiSwap entered the market in mid-2020 with its successful vampire attack on UniSwap, and after that, many thought it won’t last for long. But It proved to create a really strong and vibrant community, that is constantly innovating. Since then Sushi has become the money market with multiple great products enabling trading, leverage, yield farming, automated yield strategies etc. 

For DeFi investors, SUSHI is a must-have token in the portfolio.

Listing details:

– We are listing a Polygon-based SUSHI token with a symbol “pSUSHI” – it means low fees and fast transactions,

– We are opening a new pair pSUSHI/pMATIC  

– Deposits of pSUSHI are open from today

– Trading of pSUSHI/pMATIC starts at 12:00 GMT on Friday (27th of August)

Happy trading!

Technical analysis of the KNG token 17-08-2021

KNG/PLN 1D

On Thursday KNG reached a new ATH at the level of 11 PLN alongside vast turnover – three times higher than a day before. After a few hours of hovering around 10-11 PLN some investors realized their profits and finally KNG closed at the opening level. The next day brought another series of rises, this time more stable, and the following two days welcomed another correction and currently KNG is under consolidation around 7.10-7.20 PLN. This situation is normal after such a strong increase and quite typical for consolidation when accompanied by a decreasing turnover. 

There is a strong resistance ahead for KNG at the level of 7.20 PLN, where there is a significant sales order. Breaking that level should lead to quick increases, since the former charge at 11 PLN caused a concentration of supply of KNG. Looking at the order book there is still a slight resistance at the level of 8 PLN. 

If, however, there should come a deeper correction then one important support is to be found at the level of 6.75 PLN, where currently there is a purchase order for 1035 KNG awaiting. Only breaking that level will bring further drops towards 5.85 PLN.

Current price: 7.20 PLN.

Resistance levels: 7.20, 7.99-8.03, 8.55-8.60, 10.50-11

Support levels: 6.75, 5.85-6.10, 4.85-5.13, 3.70-4.10

KNG/ETH 1D

The KNG/ETH pair has been forming a descending triangle for over ten days, which may be indicative of breaking out in a downward movement by going outside the 0.000520-0.000565 support and declining even further. However, if that were to happen, the breakout should come in the next two or three days. If, however, KNG should escape upwards by breaking through the 0,000585-0,000650 level, the market should reach 0.000895-0.00100 quite quickly. 

Right now what we can see is that similarly to the KNG/PLN pair the biggest turnover for KNG/ETH was recorded on Thursday, when we also observed a substantial volatility. However, the pair reached its ATH at the end of July and that was at the level of 0.001295. If Etherum should undergo consolidation in a longer run we can expect another rise of the KNG/ETH pair. Otherwise, we may be returning to the levels we had in June and the first half of July, when the pair was moving sideways between 0.000400-0.000500. Only a strong acceleration of increases for ETH will probably cause the pair to fall. 

Current price: 0.000574 

Resistance levels: 0.000575-0.000585, 0.000895-0.00100, 0.00125-0.001295

Support levels: 0.000520-0.000565, 0.000498-0.000513, 0.00035-0.000400

Arbitrage option:

The KNG tokens can also be obtained for ETH on the Polygon network with the use of Quickswap (https://quickswap.exchange) where the current purchase price is 0.000656896 ETH, so the difference is 14% compared to the price on Kanga exchange and gives room for arbitrage.

The KNG tokens are also available on ShibaSwap in Etherum network (https://bit.ly/3Bt7gLA). Here the current price is 0.000568959 ETH for 1 KNG and is 0.8% lower than on Kanga exchange.

Maciej Harcej – Liga BTC for Kanga Exchange

New listing – MahaDAO!

This week we welcome MahaDAO on Kanga.Exchange. 

Our Polygon listings are getting more interesting and there is more choice every week, we hope you like it. 

MahaDAO is a Decentralized Autonomous Organisation that is creating a new kind of money that maintains it’s buying power irrespective of which direction the market moves in. This is a new kind of the stablecoin, called Valuecoin. Rather than being pegged to USD it aims to be a stable store of value even if the value of the USD collapses. 

ARTH is pegged against a Global Measurement Unit consisting of a well-diversified, anti-correlated, carefully curated basket of assets to provide ARTH users a lasting stability of intrinsic value. ARTH is one of the first currencies that will not only protect people’s wealth but will also promote social good.

During those uncertain times, when the brightest minds question the position of US Dollar as a reserve currency and turbulences in the global economy MahaDAO is creating an asset that sole goal is to protect the purchasing power of it’s holders. With enough adoption, the potential of MAHA and ARTH is huge and can save lives!

Kanga is listing the governance token of the MahaDAO called MAHA – it empowers the token holders to vote on savings rates, stability fees, direction, strategy and future course of action for the ARTH coin. The MAHA tokens help keep the ARTH coin completely decentralized. By buying MAHA you become the shareholder of what might become a new generation of the International Monetary Fund. 

Yesterday MahaDAO have released their second product – ARTH Loans on Polygon. ARTH Loans is a 0% interest-free loan platform to secure loans in $ARTH valuecoin 😳 Find our more here: https://arthcoin.com/

MahaDAO is a relatively new project with a smallcap but with huge potential. It has expanded recently from Ethereum to Polygon and plans to become multichain. It’s being traded on multiple exchanges, but not yet on Binance… 😉

Listing details:

– We are listing a polygon-based token with the symbol “pMAHA” (contract address: 0xedd6ca8a4202d4a36611e2fff109648c4863ae19)

– pMAHA deposits are open from today. 

– We are opening a pair pMAHA/pMATIC

– Trading starts on Friday (20.08.21) 12:00 GMT

Pro-tip

Don’t miss the opportunity for the arbitrage between Kanga and Swap markets

New listing – Cryption Network Token!

This week’s listing is the Cryption Network Token $CNT!
Cryption Network is the ecosystem of DeFi products like swaps, farming, Initial Farming Offering, mobile wallet etc.
Recently Cryption Network launched PolyDex on mainnet (July 28th). It’s a next-gen interoperable AMM DEX that offers several unique features and rewards to the community. It is a first-of-a-kind DEX that offers better farming rewards using Cryption Network’s Elastic Yield Farming.
PolyDEX operates on the Polygon mainnet; however, it offers interoperability between Ethereum and MATIC networks for easy movement of crypto assets within different blockchains.
There is a lot done, like:

Tokenomics:

  • Total supply: 100 000 000 CNT
  • Circulating supply: 8 346 097 CNT
  • Utility: Governance token, incentive token, token burns, Initial Farm Offering

Listing details:

  • We are listing a polygon-based token, with a symbol $pCNT
  • New pair is pCNT/pMATIC
  • Deposits are open from now.
  • Trading starts on Friday 12:00 pm (13.08.21)

Technical analysis of the KNG token 10-08-2021

KNG/PLN 1D

After reaching its ATH at the level of 8.25 PLN last week KNG dropped to the level of 6 PLN. As predicted in the last analysis, after it consolidated around this level and successfully defended the 5.85-6.10 support, KNG is again in a rising trend and is nearing its ATH.

This time the increase is more steady and looks organic, but it is a good sign for KNG and evidence that there is a constant demand for the token. If the demand should increase around the level of 7.80-8.25, I expect the ATH to be broken and the token to rise on towards 9 PLN.

If, however, the increase slowed down at the resistance level and there should be another correction, we will see the formation of a double peak, which is an introduction to much deeper falls. In that case first there should be another move to somewhere around 6 PLN, and later even another fall to 4 PLN. However, this scenario seems much less likely at this moment. 

Current price: 7.68 PLN.

Resistance levels: 7.80-8.25, 8.80-9.00, 10.50-10.75

Support levels: 6.95-7.05, 5.85-6.10, 4.85-5.13

KNG/ETH 1D

The KNG/ETH pair has recently formed two peaks – the first one on 29-30 July at the level of 0.000990 and the second one on 4 August at a slightly lower level of 0.0000896. This double peak formation, particularly where the second peak forms lower than the first, usually signifies drops, which we observed in the last days. At the same time from the bottom wicks of the candles we can see that there is demand around 0.0000530 and this is the current bottom for the pair, which the market will defend. Additionally, the level is supported by people who use the opportunity of arbitrage and buy KNG at these levels to sell them later on the KNG/PLN pair with a profit.

If it is possible to keep the KNG/ETH pair at the current level, i.e. over the 0.000575-0.000610 zone, we should experience a bounce up towards the last peak at 0.000896.

If, however, the support was to be broken, the Bulls may still defend the 0.000498-0.000513 zone. Only once this zone is broken, it will lead to a further decline towards 0.00035-0.000400.

Current price: 0.000616

Resistance levels: 0.000895-0.000937, 0.000990-0.00100, 0.00125-0.001295

Support levels: 0.000575-0.000610, 0.000498-0.000513, 0.00035-0.000400

Arbitrage option:

The KNG tokens can also be obtained for ETH on the Polygon network with the use of Quickswap (https://quickswap.exchange) where the current purchase price is 0.000617517, so the difference is only 0.2% compared to the price on Kanga exchange.

The KNG tokens are also available on ShibaSwap in Etherum network (https://bit.ly/3Bt7gLA). Here the current price is 0.000608717 ETH for 1 KNG and is 1.2% lower than on Kanga exchange.

Maciej Harcej – Liga BTC for Kanga Exchange

Are banks going to collapse?

We have certainly come to live in interesting times. The banking system must seriously rethink its future. I will even go on to say that by continuing its operations in the form it operates now, it should even become truly concerned about its future…

It is not that people do not want to use banks or do not need them. However, taking advantage of clients while treating them as a ‘dull’ and passive money-making machine, unable to act or logically think, has taken its toll. And not only that.  Abusing their privileged position and their image of a trustworthy public institution, as well as continuously charging their clients (who after all contribute directly to their success)  with unsubstantiated costs of banking operations has led to the situation where people have become distrustful and cautious. 

Sounds harsh! Perhaps. It is, however, high time to start calling things as they are. ‘They who sow the wind, reap the whirlwind.’ This old saying, which is rooted in the Old Testament (Hosea 8:7), perfectly defines this so-called process, a process that has lasted for years. Now, however, it seems to have ripened and is starting to bear fruit. 

There is something else that happened as well. Up to now the financial market was airtight, closed, unavailable for Mr Average. And I am not only talking about being aware of the existence of specific financial instruments and the possibility to use them to make money. Since the appearance of blockchain and Bitcoin people have realized that banks are not the only institutions able to meet their ever growing and expanding financial needs. They have become aware that there is an alternative channel, a more perfect and fairer one, more humane. And when it turned out that blockchain is the best medium to record and carry even the most intricate and complicated financial operations and transactions in the whole world, the Defi market was born. From that moment on virtually every person in any part of the world has had access to instruments which until now were reserved only and exclusively to financial leviathans, banks, brokers, and the richest people in the world.

Whether people want to use them is yet another question. Possibilities are plentiful, indeed, but there are also many dangers. The greatest of all certainly is the lack of knowledge all sorts of scammers thrive on. 

Cryptocurrency companies and projects are putting more and more effort into making the use of such instruments as transparent and most of all as simple as possible. One of the examples of simple solutions is the option of the so-called staking. It is worth mentioning that Kanga Exchange clients have already been able to use this interesting form of growing their capital for the past 18 months with the KNG token. It is also worth noting that at Kanga Exchange the KNG token holds the function of a driving force, which similarly to a heart in living organisms brings live-giving oxygen to each cell of this unique ecosystem, even the smallest one.

What staking is and how it works is perfectly explained in one of the articles on our blog, called ‘Passive income with KNG tokens!’ In reality staking may be compared to a bank deposit (though this is of course an oversimplified explanation), the difference being that those who generate cryptocurrency value share their income equally with those who deposit offering them rewards for staking that can reach a few up to even a few hundred percent. 

You must of course stay extremely alert and cautious. The fact that such solutions exist and are widely available does not mean that each of them is a safe investment. That is why you need to carefully examine each project that attracts your interest. It is especially worth checking the foundations – how the profit is achieved? Is the market it operates in realistic and able to bring profits? Is the value we intend to stack sufficiently liquid? Is its market sufficiently deep?…

It all seems quite complicated. Yet a little common sense is enough to realize that interest at the level of a few hundred percent annually should trigger not only a vision of getting rich quickly, but at least one or even a couple of red alert lights! Let us come back, however, to the solution offered by Kanga and make a short analysis. How does it work and where do funds for paying the interest on staking come from? 

All fees generated on Kanga exchange and in the whole ecosystem (trading on the exchange, local and on-line currency exchange offices, payment gateway, billing systems for miners, loans secured with cryptography – as you can see there is quite a lot and Kanga is not done with making new solutions and instruments available to us) come as KNG tokens. Each time a transaction is carried in Kanga ecosystem, a fee, which is charged from the buyer and the seller, is generated. This fee in turn is automatically changed into KNG tokens. Thanks to this process there is constant demand for KNG, since the demand is generated by the whole ecosystem. 

KNG tokens can also be staked in the exchange PoS (Proof-Of-Stake), which allows you to make additional KNG profits, refinanced from the fees brought in by the users of Kanga ecosystem solutions. Rewards for staking are shared among them automatically each day. 

How does the Proof-Of-Stake (PoS) mechanism on Kanga Exchange work?

The mechanism serves to encourage KNG token holders to temporarily freeze all or some of their KNGs (on a special PoS account) in exchange for the right to have their share in the daily profits. Each day Kanga accumulates tokens charged as fees for all operations in a special pool and next, at the end of the day, the pool is proportionally shared among all KNG holders who have their KNGs deposited in a PoS account. 

Tokens accumulated in a PoS account are excluded from classic trading. You can, however, withdraw them from the PoS at any moment, though you will only be able to access the freed funds after about 48 hours. Such structure of the staking solution is meant to limit the volume of tokens in trade, which in result has a beneficial effect on their price. You can familiarize yourself with the Proof-Of-Sake: Kanga Coin guide here. 

Now that you know what staking is in Kanga Exchange and where funds for daily rewards come from, in order to have continuous increase of new tokens and make passive profits all you need to do is log in at the Kanga exchange website (you may use this link: https://trade.kanga.exchange/auth/?path=/pos) and choose the PoS tab from the top menu. 

To deposit your KNG in your PoS it is enough to enter the amount or use the MAX amount button and accept the transfer with the DEPOSIT KNG button. That’s all! You must admit this is much easier than opening a bank deposit. And it can even be easier! You can use a very convenient Kanga Wallet app to manage your KNG tokens. The app is available for Android and iOS

Anywhere you are, whenever you have access to the Internet, you can log into your Kanga Wallet, move to the Proof of Stake tab and deposit a chosen amount of KNGs to your PoS. At midnight UTC time zone your tokens will go to the pool, which will guarantee your participation in the daily share of profits form the exchange. Simple, isn’t it? To benefit from the compound interest, i.e. get interest on interest and make even more money, it was enough to run your application every day and add the funds you accumulated to the PoS system. 

However, adding KNG to the PoS pool on daily basis may have seemed a wearisome task. Amidst all the work and responsibilities you have on your mind it has probably happened that you simply forgot to perform this uncomplicated operation. And here Kanga once more rose to the challenge. To make our lives easier Kanga modified its PoS mechanism a few days ago in such a way that adding KNGs to the PoS may be automated. All you need to do is enable the ‘Autodeposit to PoS’ feature in your Kanga Exchange account. This may be done by moving a dedicated slider. This feature may also be enabled in the Kanga Wallet app with a slider you can find in the AUTOTRANSFER section. 

We have already said much about the staking solution: about its simplicity, wide availability to any person, about how it works, but… we have not said anything about whether it is worth the trouble. Is it something we should be interested in? Let us then address this question. And the question is: 

Does it pay off?

I have been using the option of staking on Kanga Exchange practically from the very beginning. I must, however, be honest and say that I started doing that more out of curiosity than conviction. At that time this solution was not as popular or as available as it is now. You may be surprised by the fact that Kanga developed, described and launched this solution as one of the first cryptocurrency exchanges in the world! And I wanted to see how it works and find out if it pays off. That is why I scrupulously added my KNG to the PoS pool for over a year. I must admit right away that I happened to forget to do it on several occasions. And since the several occasions can be counted on one hand, I think it did not affect the results of my observations in a particularly negative way. Apart from making daily transfers of my rewards for staking to my PoS, every day I also calculated the percentage the reward constituted in the blocked funds for a given day. The result of the observations carried between 1 March 2020 and 28 February 2021 are presented in the chart below. 

Conclusions? 

For 365 days, so for a full year, every single day I received KNG tokens as rewards. Sometimes those rewards were bigger, at other times smaller, but they did appear on my account EVERY day in the amount of no less than 0.0048%. The highest interest rate I was able to notice in this period was 0.5092% and that happened on the 12 March 2020. During the year of my observations the total value of rewards amounted to 18.3631%. 

Is that much or little?

Out of curiosity I looked through the current list of ‘The best annual deposits – changes in the lead’, which I found at Bankier.pl, the most widely known and opinion-making financial news service in Poland. I would not like to be accused of spreading any inaccuracy or distortions, hence I took the liberty to show screenshots of what I had found. Allow me to leave the rate of return from bank deposits without any comment. I shall only ask this one and only question. 

How is it that banks, qualified to make all sorts of financial investments, having practically unlimited investment options and additionally the possibility to create money, offer their clients 18 to over 367 times lower profits for using their money to trade than Kanga Exchange, which was launched only 2 years ago and which operates with incomparably smaller resources and possibilities? 

Two answers to that question come to my mind. Either banks are so ineffective in their operations and should therefore give way in the market to those entities which can generate such profits or… they simply cheat their clients (who, by the way, are their sole breadwinners) out of their money, keeping all generated profits only to themselves. Either way, continuing in any of these directions, whether consciously or unconsciously, may prove to be fatal for banks. 

Let us, however, concentrate on more positive news. When modifying its Proof-of-stake solution Kanga has brought to life a bonus for using autodeposits to PoS. Daily increase of this bonus is currently at the level of 0.5%. What does that mean? Well, if you enable autodepositing for the period of 30 days, you will get a 15% bonus. Moving on, if you do not disable the autodepositing feature for 200 days, you will receive a bonus of 100%. And so on and so forth. And to answer your next question, there are no limits to the bonus. It all looks pretty good, but what benefits come from this bonus? 

Every person who deposits their KNGs in an individual PoS account is entitled to receive a reward that is proportionate to the volume of their deposit. The amount of the bonus is directly reflected in the amount of the reward for staking. How does that happen? Receiving a bonus of 15% causes the balance of KNG deposited in your PoS to virtually increase by 15%, which in turn results in the increase of your reward by 15%. 

Example:

On a particular day the pool of commissions increased by 250 KNG. The total amount in the PoS pool on that day is 500,000 KNG

This means that on that day for each KNG accumulated in the PoS pool there is 0.05% reward (see the calculation below).

250 / 500,000 * 100% = 0.05%

You have 1,000 KNG deposited in your PoS account. What will then be your reward? 

  • If you have no bonus 1,000 * 0.05% = 0.5 KNG
  • If you have 15% bonus 1,000 * 1.15  * 0.05% = 0.575 KNG 

Therefore, having a bonus of 100% (which will happen after 200 days of continually using autodepositing to PoS) means that the value of your rewards will double. You can check the current level of your bonus in your Kanga Exchange account or your Kanga Wallet app. 

There is also the other side of the coin. If you disable the autodepositing function to withdraw funds from your PoS, you will lose the bonus you have been working on and you will have to accumulate it from the start. It is comforting to know, however, that no one will take away the rewards you have already received. Neither will the level of rewards be corrected. It is slightly different than what banks do, where interests will equal 0% if you withdraw your deposit. 

Why am I writing about all of this?

It is a very interesting and profound question, though it might not seem so. Did anyone pay me for writing it? No. Do I get any benefits from it?. No. Or maybe I am a cyberpunk and simply hate banks. Again, no. I only care about it that each person, absolutely each and every human being on Earth, learns about it and is aware that there are alternatives to what banks offer or actually do not offer, although they should. Will anyone use this knowledge and how will they use it? That is an individual decision of each reader. 

Kanga Exchange is one of those projects which put efforts into increasing the financial awareness and freeing our individually accumulate money, oftentimes earned with great strive, from the bonds of possessive institutions which claim the right to monopolize the financial market, even though they do not bring any or little results while managing the finances of their clients. I personally acknowledge Kanga’s effort and that is the reason why I am writing this article. I realize that there is a long way ahead of us, one requiring a great shift in awareness and constant access to knowledge. That is why it is so important for as many articles of that sort to appear as possible. Without them thousands of people would stand no chance to learn about the solutions which are available. Where else would they find out about them? You are now reading this article. Think about it… what would happen if you had no occasion to read it? Would you have learnt about it from the radio or television? Or perhaps from the newspaper? Or maybe your bank will simply inform you about it? I honestly doubt that, though it would be great. 

Coming back to the question I posed at the very beginning. Are banks going to collapse? In the shape they operate and function now, they most certainly are! If they do not start treating their clients, like you or me, seriously, I can imagine their collapse and much sooner than it would seem. The gravest and unforgiveable mistake banks make seems to be following the policy of mindless exploitation and excessive drainage of their breadwinners. Normally every company in the world pays for such capital mistakes as negligence of their clients. And the cost can be tremendous. What can a company in fact achieve and gain without its clients? The ability to operate on their clients’ money is not only an opportunity to make profits, but also – or perhaps above all – it is a privilege and a duty. Obviously, banks did not want to keep that in mind… they forgot about it… Sooner or later they will have to pay for this mistake. Only time will tell how soon that will come about. 

Piotr Kowalski – BTC League for Kanga Exchange

LEGAL NOTICE

Dear Reader!

Investing in any financial instruments, particularly those related to the cryptocurrency market and the blockchain technology, is associated with high risk. Investing in such projects may carry a significant risk of losing all or part of the invested funds. Therefore, prior to engaging in this type of investment make sure you understand the risk related to it and seek advice of an independent investment advisor. 

Materials and information published as part of this article serve informative purposes only and should not become the sole basis for making investment decisions. The information particularly does not serve as a recommendation to invest in any financial instrument, nor should be treated as investment advice. 

All opinions, any information and any other details included in this article do not constitute investment advice. The author is not liable for any loses, including the loss of profits, which may be directly or indirectly connected with making use of the information obtained from the article or with relying on such information.