Singapore, April 19, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) –
KingSwap announced today that its Official Token Swap Mode is now open for all holders of old $KING tokens, who can participate without limitations, and with no restrictions on the slots opened. Previously, the Stage 1 Layer 2 Implementation kickstarted the Beta Token swap program that allowed holders of the old ERC-20 $KING tokens, but who did not purchase any NFTs, a chance to swap their old tokens for new $KING Tokens. The initial program also provided a chance for some NFT holders to take up limited slots in the beta testing stage.
KingSwap has now transitioned to a full-scale deployment which allows token holders to progress to the current Stage 4, where all users are able to swap limitless amounts of their old $KING tokens from April 17, 2021 to April 25, 2021. However, once token swaps have occurred, users will not have the ability to convert tokens back to the old $KING ERC-20 tokens.
For those users who are holding onto KingSwap’s NFTs, there will be an exclusive tier of benefits for each tier of NFTs that they hold. Please refer to KingSwap’s website for further details.
Both NFT and non-NFT Holders will be able to convert their old ERC-20 $KING Tokens through the NFT Rewards Conversion feature. They will be able to swap limitless amounts during this program, with all swapped tokens to be credited to their wallets by July 27, 2021. By April 25, 2021, users must place all old $KING into the NFT conversion system so that the system’s smart contract will distribute the new $KING tokens gradually to the users. No further swaps may be executed after April 25. Users who place $KING in the NFT Rewards Conversion will be able to extract the rewards of their new tokens daily every 24 Hours after deposits.
These swaps will be held on the KingSwap Layer 1 mainnet, and once the KingSwap Layer 2 mainnet is fully implemented, token holders may also do the same via the xDai Layer 2 system (for lower gas fees).
For users that did not swap completely or place their $KING in the system, KingSwap will not be liable for any losses or claims as these announcements have been made since January 2021 and the public has been duly notified.
ABOUT KINGSWAP’S LAYER 2 IMPLEMENTATION PROGRESS
In summary, KingSwap’s Layer 2 Implementation will:
- Reduce the costs of interacting with the network by reducing gas fees and aligning incentives across all participants.
- Improve collaboration and move forward to a HyFi (hybrid finance) platform. KingSwap aims to facilitate joint initiatives, like interfaces with combined CEX ventures like Bitmart and Hotbit, which will improve protocol development, shared community resources, and insurance pools. Extensive progress has been made by members of KingSwap towards researching mechanisms that can accomplish all of the above on-chain.
- Establish a robust network moat on co-beneficial ground, reducing the likelihood of the network being forked. The software can always be copied, but decentralized ecosystems such as crypto networks are resilient to attack.
- KingSwap also pioneered Layer 2 implementation to be able to achieve highly-scalable growth. This first token swap will set a precedent for KingSwap’s future, as well as establish the collaborative need to build effective KingSwap ecosystem interfaces, and other infrastructure.
KingSwap’s Layer 2 implementation will be deployed in three stages:
- Stage 1: Swapping OLD $KING Token to NEW $KING Token, Converting OLD $KING Token to USDT if desired
- Stage 2: Rolling out ERC1155 NFTs
- Stage 3: Deploying Layer 2 Ecosystem and Gateway contract
For users requiring support in their swaps, please reach out to KingSwap’s
Telegram group, or email hello@kingswap.io/
ABOUT KINGSWAP’S FEATURES AND ADVISORY TEAM
KingSwap is a high-yield liquidity platform that offers extensive staking rewards, digital collectibles, and fiat conversions. An evolution of Uniswap, KingSwap provides user-friendly features that provide real-time benefits in terms of price curves and contributor rewards. In its first three days on Uniswap alone, KingSwap achieved $4 million USD in transaction volume.
KingSwap was founded and advised by a team of experienced leaders in banking, finance, and crypto, with its advisors including Dr. Anish Mohammed, who has advised and worked for companies including HSBC, Lloyds, and Zurich, and was an early advisor to Ripple and Ocean Protocol; Venture Capitalist Dr. Giampaolo Parigi (PhD); Professor Alex Nascimento (MBA), Faculty and Co-Founder, Blockchain at UCLA; Michael Terpin, Founder and CEO of Transform Group and Co-Founder of BitAngels; Lionel Iruk, Esq.(J.D), Dr. Robert Choi (PhD), Malcolm Tan (LLM) and Frank D.(MBA).
To learn more about KingSwap, join the KingSwap Telegram group, or follow the project on Twitter.
ABOUT KINGSWAP
KingSwap (https://www.kingswap.io/) is a DeFi project based out of Singapore that is introducing a liquidity pool platform with fiat conversions. KingSwap’s high-yield liquidity platform offers extensive staking rewards, digital collectibles, and fiat conversions. An evolution of Uniswap, KingSwap provides user-friendly features that provide real-time benefits in terms of price curves and contributor rewards.
Websites: kingswap.io — kingswap.info — kingswap.exchange
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