Kira is announcing the upcoming KIRA’s Public Liquidity Auction that will start on November 25, 2020, at 3 PM UTC and will conclude in 24 hours or once the hard cap is reached. Custom, Hard & Soft capped Dutch Auction will be launched to ensure that every whitelisted participant will have an equal opportunity to acquire KEX tokens at the best possible price, driven by demand.
About The Auction
The auction will open at a valuation of ~$3.00 per KEX, which will then rapidly decline within the 1st hour down to ~$1.00 per KEX. For the remaining 23 hours, the price will decline at a slower pace, until the minimum of ~$0.075 per KEX and the $300K soft-cap have been reached. The full timetable can be found here. By setting an initial hard cap reasonably high we can ensure that, at least within the first hour, the auction is less likely to end abruptly. This also ensures that everyone will have a chance to deposit tokens on time and there will be no need for GAS wars.
The auction will only accept ETH. The longer participants wait after the start of the auction to transfer ETH, the lower the potential final price will be. However, this also substantially lowers the chances that all participants will manage to acquire KEX tokens before the hard cap is reached and the auction ends. THE final KEX closing price will be the same for everyone, set at the lowest possible rate regardless of when participants transferred ETH to the contract address, as long as they do it while the auction is still running. The KEX closing price will be determined at the end of the auction and will be based on the total value of contributions in ETH divided by the total number of KEX tokens allocated to the Auction.
The total number of KEX tokens allocated for the Liquidity Auction will be fixed to 4’000’000 KEX, which is worth $300K at $0.075. The price is expressed as ETH per KEX within the auction contract and locked 24 hours prior to the auction start based on the ETH/USD ratio as indicated by CoinGecko. While theoretically, it is possible that the total ETH value of all contributions will exceed the $300k soft-cap imposed by KIRA, any capital contributed during the auction above the soft-cap will be used to facilitate additional exchange listings and increase the liquidity of KEX in the open market, thus returned back to its ecosystem and participants over time.
Rules & Requirements
- Anyone can participate in the auction with the exception of residents or citizens of North Korea, Iran, and non-accredited investors from the United States. To be eligible participants must submit their public Ethereum key that they will want to whitelist and fill out a KYC form available here: https://whitelist.kira.network.
- Whitelist form MUST be filled out before November 23, 2020, 23:59:59 UTC, after which no further submissions will be accepted. The auction frontend with the live status visualization will be available under the following address: https://auction.kira.network
- To participate in the auction there are no requirements to use a frontend application or take any other action apart from verifying the validity of the deposit address and transferring ETH when the auction starts on November 25, 2020, 15:00:00 UTC, to the contract address: https://auction-contract.kira.network
To learn more about how to verify a deposit address please refer to our Best Practices Article, which explains in-depth PGP signature verification. The ERC20 KEX tokens will be automatically distributed to participants within 24 hours after the auction concludes.
Liquidity
Every participant who managed to transfer ETH when the auction was ongoing will be able to withdrawal their KEX tokens instantly after finalization of the auction by sending a claimTokens transaction directly from Etherscan Write Contract page. KIRA Team will initiate token withdrawals for those participants who did not claim their tokens ~24 hours after the auction finalizes.
Tokens will not be transferable after the finalization of the auction to ensure that everyone receives their KEX before market access is enabled and has equal opportunities. Trading of the token will be enabled on November 27, 2020, at 3 PM UTC via dedicated Uniswap pools that will be announced later. The opening price will be set at the price at which the Liquidity Auction finalized. Until the primary listing, trading, and transfer to and from only predefined, vetted smart contracts and pools will be allowed to prevent all possible listing and phishing scams. Join our telegram chat to let us know on which decentralized platforms you would want to see KEX available.
Summary
KIRA strives to ensure the highest possible standards when it comes to the security of our community. All contracts endorsed and deployed by KIRA Team have corresponding third-party audits which are publicly disclosed on our official GitHub page along with the full codebase and deployment instructions available for testing. KIRA encourages everyone to further review KIRA First & Second Security Challenges which in-depth explore many potential vulnerabilities that can be encountered on a daily basis in the crypto industry.
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GitHub: https://github.kira.network
Blog: https://blog.kira.network
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