Development Update - AVAX, Fantom, LPs, bonds, KalmySwap & more
Dear all, these are truly tough times for the world. To all the Ukrainian and Russian members of our community - the whole KALM team is here online, ready to contribute to peace in any way we can.
Taking the stress around into account and understanding that crypto is not a priority for a lot of people these days, we'll try to be short and details oriented in today's development report/status.
Cross-chain and 4 new LPs
Firstly, all the Kalmy.APP products, starting with KalmySwap will be supporting Avalanche and Fantom EVM networks.
Each network is set to have 2 options of community LPs (total of 6 pools) with KALM rewards each. Here is the list of KALM LPs to be infused in KalmySwap:
KALM - BNB, KALM - BUSD, KALM - FTM, KALM - USDC (FTM network), KALM - AVAX, KALM - USDC (AVAX network).
Since the day one, the project was driven by 2 key factors: creating DeFi-NFT hub and protecting the core value of token fueling this hub. Moving cross-chain is a significant option for many and it was now allowed due to the upcoming tokenomics adjustments that would strengthen the KALM token value.
The upcoming tokenomics adjustments overview
• Formation of initially centralized managed treasury by selling bonds (bonds are discounted locked tokens)
• Bonds can only be purchased by one out of 6 KALM LP tokens
• All 24 hours unsold daily bonds set to go to the burn address
• If the 24 hour cap is reached constantly, the model of fluctuating bonds supply to be introduced
• The treasury is set to kickstart with a majority of incoming balance going to protocol owned LP
• A part of protocol received LPs are set to split into tokens, classified as KALM and non-KALM assets
• These assets will be used to refuel rewards on top of the initially reserved KALM for incentives; all the treasury addresses will be public and the use of the treasury will be setting liquidity as the number one priority
• KALM is moving to closed cycle tokenomics (extended from original 30 years to infinite through buyback of KALMs or/and reinjecting treasury received KALMs)
The tokenomics changes will not affect the total maximum supply of KALM, which will forever remain at 10,000,000 (9,868,571 KALM maximum supply currently, taking in consideration the burned KALM).
The numbers will be published within the 2 weeks prior to the first factual changes. We as well target to publish the updated docs around that time.
Avalanche & Fantom journey
To accelerate the growth on new chains, the team is currently preparing to deposit KALM liquidity on AVAX and FTM networks through a 3rd party service.
To accelerate the adoption, we are currently working on creating a partners network on both of new chains. At the moment we can confirm that we are in the advanced stages of negotiating with significant contributors on both Avalanche and Fantom chains. Any specific progress will be communicated separately.
We have collected the feedback for beta and have now processed most of the bugs. We as well are preparing the cross-chain related updates. The KalmySwap release will be going out together with LPs and bonds on all 3 chains. ETA for the code-ready state is around 2 weeks; we will start communicating launch dates a little bit later based on the initial security checks.
The team is currently scheduling the security audit for the entire set of new products, however, we are yet to confirm the start date.
Once all the safety measures are taken and addressed, we will be focusing on updating Leverage and NFT products to v3 and v4 respectively, including the integration into new tokenomics and support of the new chains.
Meanwhile, we will continue working on polishing and balancing treasury strategies. Once the certain level of clarity and sustainability is reached, we will proceed to moving to DAO - another long term goal of Kalmy.APP.
That's all we want to share as for today, we will be coming back with more details within the next couple weeks.
P.S. Apologies for a slightly messy style of this communication; it hurts to see what's around, especially, when friends and family members are involved. Yet, peace, love, and good people will triumph.
Mark and Ri