BlockTalks x 2nd Kine Protocol AMA Transcript!
We recently hosted an AMA with Kine Protocol, on December 16th at 1 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Lei, CEO & Co-Founder of Kine So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce Kine Protocol to our community in layman’s term?
Ans —KINE Protocol is an Ethereum-based decentralized derivatives protocol designed to build an infinitely liquid derivatives marketplace and help users trade derivatives fast, transparently, and conveniently. All transactions are supported by the industry’s innovative [Peer-to-Pool] engine, which maximizes capital efficiency based on optimal leverage through state-of- the-art cross-margin function.
KINE has achieved a multi-chain layout to meet the diversified needs of users and create a multi-chain integrated trading ecology, making it the decentralized derivatives trading platform with the best user experience.
Q2. Kine Protocol has been running for 9months, would you like to share the progress that Kine has made?
Ans —
Here is the operation data we have achieved over last 9 months:
We accumulated $44B in trading volume and our 30-day active users has reached a new high close to 7000.
Yes, In addition to this impressive achievement in derivatives trading market, KIINE was also one of the winners of the Binance Smart Chain #MVBIII Monthly Star in September.
Q3. Would you please share the important updates and announce upcoming campaigns with us?
Ans —
- Product wise we are going to launch our new version to provide Kine.NFT for all users to enjoy trading fun with Kine Protocol.
- Market wise: our South Asia and middle east market expansion has started by working with local institutions and KOLs.
- Kine Ecosystem building: as one of our important and significant ecosystem expanding roadmap, we have launched Avalanche this month. Now Kine Protocol supports major chain networks including Ethererum\BSC\Polygon and Avalache. All of the Kine users can use Kine to trade and transfer your assets across chains.
At last but not least
Kine Protocol ‘Trading Fun’ 🔥Xmas Special Event has kicked off with community warming up in this week. 📈Trading+📦Blind Box+ 🃏token card NFTs Event will launch 🔜. Way to join our community Blind Box Lucky Draw: https://gleam.io/competitions/QwTMO-trading-fun
Q4. We noticed that you mentioned Kine Protocol ‘Trading Fun’ Xmas Special Event will be launching soon, what is the event about?
Ans —I think a lot of you are familiar with ‘trade mining’. now Kine comes our innovation event ‘Trading Fun’ which you can achieve ‘trade to earn’ on Kine Protocol.
After users trade on Kine, they will be rewarded a Blind Box which contains 1 NFT token card. The combination of trading and NFTs allows all “enthusiasts” sharing ownership. While accelerating the circulation of NFTs, allowing NFTs to generate different premiums, and ultimately forming a large economic ecosystem.
For Kine users, redeem the blind box allows for the extraction of NFT Token cards. Users can be directly burned NFT Token Cards into corresponding cryptocurrency Tokens for direct gain. Users can also collect NFT cards forge to get collection NFT card to gain additional Kine Token rewards. Swapping NFT Token Cards in Kine NFT Playground will allow you to accelerate the collection NFT card forging.
More details can find on our medium:https://medium.com/@KineProtocol/kine-trading-fun-christmas-event-b2fb05a18c36
Q5. Trading+Blind Box+NFT is very innovative, we would like to know how we can participate?
Ans —Yes, from Dec 23rd to Jan 23rd , Kine will open Kine NFT market. users can acquire blind boxes containing NFT token cards through trading.
The objective of this event is to have more people participate in trading through Kine Protocol. The users who complete a min $10 deal will gain a blind box which can draw for NFT token cards.
Furthermore, users can get up to 1 ETH after joining the Kine NFT platform and acquiring extra Kine tokens by forging non-fungible token cards now or at a future date.
Achieving a higher trading volume will yield a higher level of the blind box for the user. Higher-level boxes will have better chances of delivering a high-value NFT token card.
Also another fast pass to get our brand new Blind Box is to join our community activity. we will giveaway 1000 Blind Boxes to all of our friends. who will also be the 1st batch user to collect our Blind Box on D1.
Questions Asked on Twitter For Kine Protocol Team!
Q1. I understand that peer-to-pool may be new in defi, but it is widely used and quite mature for CFD trading in the traditional financial world. So, can you explain how Kine uses this interesting feature in its platform? How users can benefit from this tool?
Ans — The liquidity pool is over-collateralized by digital assets and act as the ultimate counterparty for all traders. All trades are executed at real-time price indices with up to 100X leverage. Kine also supports cross margin and isolated position to maximize capital utilization
On the other side, Stakers funds liquidity pool and rewarded by fee incomes and token incentives.
Q2. They have been operating on Avalanche since December 6th. So, can you give details on how the Avalanche community has received your platform? Why did they decide to operate on this network in the first place? Will you be able to offer all your services in this ecosystem?
Ans — Kine’s impressive performance as a derivatives trading platform built on ethereum has also attracted the attention of Avalanche as an opportunity to collaborate with them. Kine is also looking to implement its multi-chain support feature by deploying it on different chains.
We have provided all of our services on Avalanche which include staking, LP farming, and trading, we will keep building together with the projects on Avalanche to enhance the ecosystem like gather decentralized projects to build new financial products and provide scable solutions for all users in Defi world. which in a simple word is making Defi a more user friendly way for everyone to live with.
Q3. In your last news I read that Kine was holding a special Christmas event called “Trading Fun”, could you tell us a little bit about what this event is about? How can we participate? When will this event start and what will be the benefits of participating in it?
Ans — The event provides an innovative combination with derivatives trading and NFTs.
The objective of this event is to have more people participate in trading through Kine Protocol. While trading, Kine will provide users blind boxes as trading rewards. The blind box can be drawn for NFT token cards. The more you trade, the better the chance you will get a more valuable NFT token card.
Burning, swapping or forging NFT token cards to get cryptocurrency tokens. Extra KINE rewards will be distributed to Collection Card NFT(Acquired through forging).
The event will start from Dec 23rd to Jan 23rd，users connect with Kine Exchange to complete trading task and get Blind Box which contains various NFT token cards .
Up to❤️ 1 ETH NFT Token Card ❤️ will be available in the Blind box. Good luck to all of you and see you in Kine Exchange.
Q4. One of the problems I see in DEX swaps is that there are always “slippage”, I know that it takes away another percentage, in addition to the fee in any transaction, but really how can we make a swap in KINE with the same pair, but without having to pay fee or slippage?
Ans — Kine solves this with the guaranteed liquidity of the peer-to-pool model. Kine makes traders and stakers counterparties to each other through the [peer to pool] mechanism. With the staking pool acting as the assets pool, it provides unlimited liquidity for traders without slippage. All deals will be executed immediately, without the risk of illiquidity or huge slippage compared with order book or AMM.
In addition, Kine incorporates synthetic funding rates and auto-deleveraging features from CeFi that enable it to offer up to 100x leverage and cross-margining.
Q5. I understand that Kine has developed NFTs but I would like to know what role they play in your ecosystem? What are their characteristics? What benefits do they bring to their users or holders? Is there a classification or rarity for the NFTs you have developed?
Ans — The traditional old-school trading mining in Defi industry has been running out of potential, as Kine we still want to reward our loyal communities, so we are exploring for a more playful and innovative experience along the way. here comes our blind box NFTs. Kine users will be able to get blind box and NFT token cards as trading rewards.
One of our visions for the KINE Blind Box NFT‘s future is to partner/Interact with all kinds of projects- all of the project tokens can be included into our NFT scheme. Those who trade on KINE EXCHANGE will therefore be introduced to those projects as well.
Questions Asked by our BlockTalks Community Members during live Session to Kine Protocol Team!!
Q1. Does your token have a maximum supply? What are some of the utilities of your tokens and why should anyone buy/hold them?
Ans — The KINE token is a utility token designed to facilitate community governance and incentivize the virtuous circle of Kine Ecosystem. token supply is 100,000,000.
Governance
Once mature, Kine will gradually transition to community governance, allowing the community to decide the future of the protocol. KINE token holders may stake their KINE to vote on or propose new ideas to improve Kine Protocol. Some of such decisions could be:
• Addition/removal of staking assets on Kine.Finance
• Addition/removal of trading assets on Kine.Exchange
• Protocol parameters such as collateral factor, supply cap, risk limits.
Staking
• KINE is accepted as a staking asset of liquidity pool.
• KINE stakers to receive a dedicated share of fee pool, allowing higher return than other collaterals.
• Trading fee revenue from Kine.Exchange will be converted to KINE before being distributed as rewards.
- Long-term KINE stakers will accumulate more voting power for governance.
Q2. Does Kine exchange accept any assets I have (ETH, BTC, etc), or a particular assets is acceptable? Where can Kine be bought?
Ans — Kine exchange accept USDT/USDC/kUSD as margin currency. you can buy KINE from Uniswap on Ethereum , Pancake swap /Baby Swap /MDEX on BSC, Trader Joe on Avalanche
here you are the whitepaper: https://docs.kine.io/v/english-1/whitepaper/kine-the-liquidity-pool-protocol, audit report : https://docs.kine.io/v/english-1/audit/peckshield
Q3. In your next Christmas event I understand that we will be able to win blind boxes and that these will have 6 different levels, what represent the different levels of the blind boxes? What prizes can we get depending on the level of the box?
Ans — Achieving a higher trading volume will yield a higher level of the blind box for the user. Higher-level boxes will have better chances of delivering a high-value NFT token card.
Every NFT token card represents a cryptocurrency token. We have put together a collection of 19 different tokens to be included in this special Christmas event.
Each Blind Box contains one of the following NFT token card: ETH, BCH, BNB, COMP, LTC, AXS, AVAX, FIL, ETC, DOT, LINK, UNI, EOS, ADA, MATIC, XRP, DOGE, TRX,SHIB
Burning, swapping or forging NFT token cards to get corresponding cryptocurrency tokens. Extra KINE rewards will be distributed to Collection Card NFT.
Q4. A key feature of Kine is the liquidity pool that provides unlimited liquidity but is this feature currently available in the Avalanche ecosystem? Within this ecosystem do you have enough liquidity to eliminate order books as in the other ecosystems you work in?
Ans — We use the peer to pool model, the liquidity of the kine trading comes from our staking pool and is not related to which network you connect with us.
