On December 22th 2021, our community had a chance to welcome Mr.Lei - CEO & Co-founder of Kine to join an AMA to deliver fruitful information about the key features and roadmap of the project.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
🔎 Kine Protocol (https://kine.io/en-us/) is a decentralized exchange with staking on chain, and 0 gas fee ,0 slippage for derivative trading. The peer-to-pool model provides trader a market with no limitation on liquidity or underlying. Kine on ETH and BSC is already live, support for Heco,Polygon and OEC coming soon.
At this AMA, Mr.Lei directly greeted the community and provided detailed information on the project as well as some exciting events that will be held in the near future.
Time: 19:00 (UTC+7) | Wednesday, 22-12-2021
Venue: https://t.me/CryptoFamilyVN
Reward Pool: 200$ + 10 Bind boxes for members with the best questions..
Below are some main points of this AMA session:
PART I: INTRODUCTION OF KINE PROTOCOL:
1. Could you give us brief introduction about your team and Kine Protocol?
Mr.Lei: KINE's core team consists of development engineers from traditional financial market such as Merrill Lynch, HSBC, Standard Chartered and Citi. Team members all equipped with solid R&D experience and crypto trading experience. Other than that，the core team has been collaborating for more than 5 years. 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.
I am Lei, co-founder and CEO of KINE, graduated from Imperial College of Science and Technology with a master degree in Computer Science. I have over 15 years of experience in traditional investment banking and is also a CFA holder. I was the head of the institutional division of Huobi and led the institutional division of Huobi to launch a series of innovative products including quantitative treasury and have ample experience and unique insights into the crypto market.
2. What are the strengths of your product that make you believe it can compete with other competitors?
Mr.Lei: Kine is built with peer-to-pool mechanism which allows us to provide unlimited liquidity, 0 slippage and immediate execution and support over 100x leverage for traders without the restriction of market maker or order book. I believe Kine is the first protocol provides 100x leverage on DeFi. Kine uses a hybrid approach which allows gas to be only consumed for staking and margin transfers but not for trading activities.
Dydx adapts the similar hybrid infrastructure, except the liquidity is still based on orderbook and needs active market maker support, it solves the gas fee problem but liquidity and slippage is still a big issue for them. I believe that with our success, many more solutions are going to follow our footsteps soon.
3. Would you mind sharing with us your partnership and investors that strongly support Kine Protocol ?
Mr.Lei:
Our $7M financing round led by Alex Pack and Naval Ravikant, with participation from Ascensive Assets, OK BlockDream Fund, CMS Holdings, Spartan Capital, Blockchain Capital, NGC Ventures, Origin Capital, Krypital, Taureon, Divergence, Defi Alliance, A195 Capital, Honglian Capital, PNYX, MGNR, TRG Capital, Gestalt, BlockSync, Hypersphere, Kosmos, Moonrock Capital, 3Commas, Lotus Capital, BGain, Bixin Ventures allowed us to introduce derivatives to the world of DeFi
4. We notice that Kine Protocol ‘Trading Fun’ 🔥Xmas Special Event will be launching soon, what is the event about?
Mr.Lei: I think a lot of you are familiar with ‘trade mining’. Now comes to 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, redeeming the blind box allows for the extraction of NFT Token cards. Users can directly burn NFT Token Cards into corresponding cryptocurrency Tokens for direct gain. Users can also collect NFT cards to get collection NFT cards 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
PART II: PRE-COLLECTED QUESTIONS FROM TWITTER
1.From @Edgester_b2
What is your top priorities in the end of 2021 and the coming 2022, so could you share some plans for the upcoming year? Which part of the project are you most focused on right now?
Mr.Lei: 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 Avalanche. All of the Kine users can use Kine to trade and transfer your assets across chains.
Last but not least，Kine Protocol ‘Trading Fun’ 🔥Xmas Special Event will grandly open from 10am，UTC on 23rd Dec . welcome to join our 📈Trading+📦Blind Box+ 🃏token card NFTs Event on Kine.io
2. From @maringuyen498
Could you please let us know how your contract audit is progressing? Is KiNE protocol
safe to use? Is everyone totally doxxed? We must be upfront with everything in order to achieve investor trust, and I'm curious as to how Kine Protocol accomplishes this.
Mr.Lei: sure, Kine Protocol is audited by PeckShield, we take security as our top priority at all time, each time we see an attack in defi world, we analyse it carefully and even try attack Kine with the method to find vulnerability, if we find a risk we quickly make improvement to prevent it from happening. Kine has been running safely for about 9 months, and all the attack mechanisms that we know don't work on Kine, so it is very safe.
We handle 10s of thousands orders every day and few thousands users use it simultaneously, haven't encountered any successful attack or security issue, me and the team have been working in investment banks for years, risk management is in our DNA.
3. From @hoangnguyennamm
Almost every investors hold the token for short-term without understanding the long-term value. So, how can KINE protocol ensure us that holding $KINE is more beneficial for long-term and what is your plan to increase the demand and scarcity of $KINE?
Mr.Lei:
Firstly, over 80% of the transaction fee is used to buy back $kine, and our transaction fee is growing rapidly, that creates a strong support for token price. At the initial period, part of the reward comes from the ecosystem grant beside the fee share, as the fee keeps increasing, the part from ecosystem will reduce eventually to 0, that guarantees scarcity. as the community becomes mature, we will gradually hand the governence to community through kine token voting, decisions like listing new asset, support new staking asset, risk limit, fee etc will be decided by the community not the team anymore eventually, long-term holders will accumulate more voting power, so hold it for long term if want be part of kine's future.
4. From @RuinsOliver
I read that one of the benefits users have thanks to Kine is that: “ You can dynamically hedge the impermanent risk through KINE’s real-time pool exposure API”. Can you tell us more about this? How will Kine’s real time pool exposure API help on hedging risks?
Mr.Lei: Not like uniswap's AMM impermanent loss as a guaranteed loss, providing liquidity on Kine may be in a gain/loss, for risk takers they most likely end with gain and choose to leave it, for risk a verse users it is easy to hedge against the MCD as long/short for each asset on kine are public information and MCD change is linear, you can simply hedge it with future contract.
5. From @Lidiamga
One of the main features of Staking pool with Kine is the Multiplied Staking Rewards. So, can you explain more about this Multiplied Staking Rewards? How can people get double or more staking rewards? Is this Multiplied Staking Rewards program long-term?
Mr.Lei: 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.
40,000,000 KINE tokens (40%) are for Ecosystem Grant which with the mandate to grow and promote Kine Ecosystem.
CF: Much appreciation to all the insightful answers from our Guest. The community must be really interested in becoming part of Kine protocol. Let's continue with the last part of today's AMA: Live questions
In this free-asking part, all members will have 2 minutes to make questions for our Guests today. Feel free to ask and he will explain gradually in his answers.
PART III: BEST LIVE QUESTIONS IN CRYPTOFAMILY GROUP
1. -I read in your recent news, that Kine will have a Christmas event, can you share with us the details of this event? How can we participate? When will this event start and what are the benefits for users who participate in it? What is the ultimate goal of this Christmas event?
Mr.Lei: 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 Day1.
2. At the next Christmas event, I read that increasing trading volume will increase the level of the user’s blind box. What do the different levels of blind squares represent? What rewards can I get depending on the level of the box?
Mr.Lei: 6 levels of Blind boxes will be distributed, below are the designs for our blind boxes.
- Higher level boxes will have better chances of delivering a high-value NFT token card. - I level will be the highest level.
- 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.
- 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.
3. What are your future project plans?and what is your current project achieving?
Mr.Lei:
Our Project Progress are:
•2020.12 Started full-time development
•2021.03 Closed round one fundraising – 7M
•2021.03 Public Test & IDO – 10M
•2021.03 Official Mainnet launched on Ethereum
•2021.06 Launched on Binance Smart Chain
•2021.08 Major enhancement on UX
•2021.09 Launched on Polygon
•2021.10 BSC MVBIII Sept Monthly Star Recognition
•2021.11 Launched on Avalanche
Here is the operation data we have achieved over the last 9 months.
4. How your tokens are in circulation and what is your total supply? What is the schedule for Unlocking of listen token? In short, please assist us with your structure of Tokenomics?
Mr.Lei:
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.
5. Do you have a whitepaper? if yes please share it with us and secondly are you working to AUDIT your project, to make its security more secure and reliable?
Mr.Lei: yes, we have. please find it by https://docs.kine.io/v/english-1/whitepaper/kine-the-liquidity-pool-protocol and audit report here: https://docs.kine.io/v/english-1/audit/peckshield
CF: Thank you so much for taking your time to join our AMA today, as well as thanks our members for rasing hundreds of good questions for the project.
Seems like there're many things to learn more, but I'm afraid the time is up now. For all of the questions that have not been answered yet, guys feel free to search for more information on the links provided below:
➡️Website: https://kine.io/en-us/
➡️ Telegram: https://t.me/kineprotocol
➡️ Twitter: https://twitter.com/KineProtocol
