Smart Contract: 0x67B6D479c7bB412C54e03dCA8E1Bc6740ce6b99C

→Audited February 28th, 2021 by the Certik Foundation with 0 critical, major, and/or minor issues. Our contract address also has Certik Shield Coverage.

Token Launch Schedule

The KYL token launch schedule will: Begin on March 1st and be completed by March 5th.

KYL Launch Schedule

Preface

It has been an amazing journey to get to this point, and we couldn’t be more grateful for the support and good faith that all of our ‘Kylians’, partners, investors, family, friends, and various crypto communities (in particular W3F!) and individuals have given us thus far. It’s worth reflecting on that only 6 months ago we were relatively unknown and now we are proud to say that we are considered a cornerstone project within the Polkadot Ecosystem — we are humbled to be spoken of in the same breath as some of the projects that we looked up to when we first began!

All in all, we are also extremely proud to say, that, through the excellent efforts of our ‘Kylian’ Team + Community, we have been delivered to a point of immense interest, and so we turn to the next chapter: our long-awaited token launch.

Rationale behind our Strategy

Although this level of interest is a good problem to have, it is nevertheless challenging — especially from the standpoint of fairness. Internally, we have been looking for the most ideal solution to our launch, obsessed with finding the right mix of features to a public launch that would fit in with our philosophies as well as satisfy some key goals:

  1. Humans>Bots — methods of the launch should provide no advantage to someone’s code.
  2. Small Fish=Big Fish — methods of the launch should provide no advantage to a human-based entity’s command of resources.
  3. Geo-Equality — no matter where you are in the world you should be able to take part (relatively) equally.
  4. Crypto Asset Diversity — a diverse array of assets should be able to be used for the launch.
  5. Wide Reach and Popularity — it goes without saying that the more humans that are aware of Kylin Network, the better.

It all seemed like a tall order, and something we tried to accomplish initially with a mosaic of platforms, solutions, ideas, and schemes. That is, until we centered in on the ability of Liquidity Balancer Pools (LBP) to satisfy many, if not all, of these key goals.

KYL is Coming Now

PHASE 1 : PRE-SALE — Whitelist on Polkastarter (March 1st-March 2nd)

  • ~2M KYL tokens from the Public Sale will be allocated to Polkastarter as IDO.
  • The IDO will officially begin at 2:00 pm UTC on March 1st.
  • This round is only open to the investors that complete the whitelist process before March 1st.
  • The price for this part of the launch will be $0.05.

Detailed instructions for taking part in this phase will be provided in a separate medium post to follow.

PHASE 2 : LAUNCH — Balancer LBP (March 3rd-March 5th)

  • ~13M KYL tokens from the Public Sale will be distributed to Balancer’s Liquidity Bootstrapping Pool (LBP) on March 3rd at around 10:00 am UTC.
  • The LBP will run for 48 hours, ending on an exact block number or time to be announced. The weight of Balancer Pool will be adjusted according to the market buying power.
  • This round is open to anyone. As previously discussed, the Balancer LBP is not like a regular Balancer pool. The price will start very high to disincentivize bots, front-running and speculation. Over time, the price will automatically decrease by design.
  • Below is a graph that shows the KYL:USDC pool weight starting at 95:5 (with a high KYL price) and declining to 50:50 (lower KYL price) over 48 hours.The end price is $0.05 per KYL. The Balancer LBP table can refer to the KYL LBP Calculator.

Detailed instructions for taking part in this phase will be provided in a separate medium post to follow.

LBPs Explained

A Liquidity Balancer Pool is a mechanism that may seem at first counterintuitive to the general speculative environment of crypto token launches in that we are actually looking for the price to go down. (It’s essentially a specific Balancer pool that automatically adjusts its pool weights over time, applying downward pressure on the price). Yet, if you think about this a bit more deeply, what this means is that bot and front-running in such a scheme would be nullified, as those trying to get in early would have a huge disincentive for doing so. Whale resistance is offered via the same methodology.

There is some more technical background to all of this, but this is the basic essence of it.

There’s also an interesting video on youtube explaining how it works here (with reference to the APY.finance LBP specifically, using 90:10 ratio and USDC).

In addition to dissuading from bot front-running and offering whale resistance, LBPs are also an organic method of price discovery. The price is discovered as function of finding a consensus around what the ‘floor’ is of the asset rather than beginning at an arbitrary starting point.
(We believe, in and of itself, LBPs in fact may represent a method of price discovery that is quite important for many other launches and the entire ecosystem, perhaps even becoming a defacto standard as time goes on.)

LBPs also occur in a long enough period of time such that price discovery has time to mature. For our launch, this will mean a period of 3 days. This feature gives the ability for people all over the world, no matter the time zone, to take part.

It also acts as a further cushion against the worst aspects of ‘FOMO’ crypto culture as it allows a bit more in the way of sober assessment and relaxation. Those interested users will feel no pressure sitting on the sidelines until they feel comfortable with the price.

Lastly, there are a variety crypto assets one can use to take part in the LBPs via Balancer.

PHASE 3 : TRADE — Uniswap Pool (March 5th-Ongoing)

  • Once the Balancer LBP concludes, funds and KYL from Foundation Treasury will be placed into the Uniswap Pool.
  • This round is open to anyone. You can buy and sell the amount as you wish in the Uniswap Pool.

Detailed instructions for this phase will be provided in a separate medium to follow.

BEAUTIFUL, ISN’T IT?

Acknowledgments

Thanks to our Advisory Board for providing valuable feedback on our overall strategy. Thanks also, of course, to both Perpetual Protocol and APY.Finance for pioneering some of the first successful LBPs.

About Kylin Network

Kylin Network aims to build a cross-chain platform powering the data economy on Polkadot. It will be the data infrastructure for the future DeFi and Web 3.0 powered by Polkadot. Kylin Network will provide valid, reliable, secure, cost-effective, and easily-coordinated data sources and data analytics.

Contact Kylin Network

Building a Cross-chain Platform Powering the Data Economy on Polkadot