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Kensetsu KEN ​

INFO

This token was originally proposed in SORA RFP 60 by Satoshi Shibarimoto.

TL;DR ​

  • All of the initial KEN tokens will be distributed to accounts that burn at least 1 million XOR between blocks 14,464,000 and 14,939,200
  • Burning less than 1 million XOR will yield no KEN tokens
  • 1% of all Kensetsu stablecoins minted will be used to buy back and burn KEN on Polkaswap
  • 80% of KEN burned daily will be reminted and given to Demeter Farm for farming rewards on the XOR-KUSD pool, to incentivize liquidity

Kensetsu Introduction ​

With KENSETSU, XOR token holders will be able to vote to create stablecoins pegged to any values available via oracles on the SORA network, such as popular fiat currencies, GOLD, SILVER, and others. As with Maker DAO, users can mint stablecoins by locking up collateral in vaults.

In KENSETSU, there will be two vault types:

  1. Vaults where users lock up collateral and they can get the collateral back by paying back the minted stablecoins.
  2. Vaults where users lock up collateral, but to get it back, they will have to pay the minted stablecoins + a stability fee.

Type-1 vaults cannot be liquidated, but there will be a stability fee as a tax that is taken from the collateral over time, so users won’t ever get their total collateral back. Type-2 vaults can be liquidated if the value of the underlying collateral goes too low. Initial collateral assets are expected to be XOR, TBCD, VAL, PSWAP, ETH, and DAI.

The ability to mint stablecoins from collateral is very useful. Still, because there is a stability fee on the vaults, there also is a need for the the stablecoins to be liquid and create demand. That’s where KEN comes in.

KENONOMICS ​

KEN is a farming reward token meant to incentivize liquidity for KENSETSU stablecoins. For each stablecoin minted from deposited collateral, 1% extra of the stablecoin will be minted and used to buy back and burn KEN tokens. 80% of the burned KEN tokens will be reminted and distributed to Demeter farm for farming rewards on the XOR-KUSD pool on Polkaswap. To up the stakes, to get an allocation of the initial KEN supply, you will literally have to burn money. KEN will be strictly deflationary once launched, meaning the supply will only go down, additionally KEN will only be allocated to accounts on the SORA network that burn (using the assets.burn extrinsic) at least 1 million XOR, at a rate of 1 KEN per 1 million XOR burned. You can only get the initial KEN tokens by burning XOR.

How to Burn XOR ​

Burning XOR for fun and profit can be done using the nifty dotapps interface. Just click on this link and fill out the form as follows:

To fill out the form:

  1. Select the assets module and burn extrinsic (assets.burn)
  2. Select the account that has the XOR you want to burn.
  3. The asset ID to burn is XOR: 0x0200000000000000000000000000000000000000000000000000000000000000
  4. For the amount, you need 18 zeros after the amount of XOR you want to burn, so burning 1 million XOR is: 1000000000000000000000000.
  5. Then sign the transaction and confirm that your XOR balance went down correctly, showing you burned the XOR.

All XOR burned by calling the assets.burn extrinsic between blocks 14,464,000 and 14,939,200 will be considered in the calculated burned amount. To be eligible for the KEN drop, at least 1 million XOR should be burned by an account. 1 KEN will be given for each million XOR burned.

For example, if 999,999 XOR are burned, 0 KEN will be given to an account. If 1 million XOR are burned, 1 KEN will be given to an account. And if 1.6 million XOR are burned, then 1.6 KEN will be given to an account.

INFO

You can track the burnt XOR on the Polkaswap interface Kensetsu tab. KEN reservation through burning XOR ended on the 20th of March, 2024

This article was originally published on Medium and written by community member Satoshi Shibarimoto. This entry retains the basic principles of Kenonomics.

Learn More ​

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