Introducing $KNOX (KnoxDAO Reserve) Token
KNOX tokens were airdropped in Celo Network at a 1:1 rate to existing KNX holders (those with more than 1 KNX in their wallets) and Ubeswap KNX-CELO LPs. The snapshot was taken on March 18 on both Celo and Ethereum Networks (Ethereum KNX holders receive KNOX tokens in Celo Network as well).
KnoxDAO Reserve & KNOX Book Value
Similar to Celo Reserve, KnoxDAO Reserve is holding KnoxDAO asset ($KNX) and non-KnoxDAO assets ($ETH, $CELR, $AGLD, $MVI) to expand kUSD supply and maintain its dollar peg, in-line with user demand. If our diversified portfolio of cryptoassets grow in coming years, KnoxDAO will be able to expand its kUSD supply to >$100,000.
KNOX book value = KnoxDAO Reserve holdings / KNOX circulating supply
KNOX token is a way for KnoxDAO members to redeem for KnoxDAO Reserve assets and vice versa. When KNOX token is trading below book value, there will be a weekly buyback on Symmetric DEX. You can track current KnoxDAO reserve holdings, kUSD outstanding supply, reserve ratio, and KNOX book value here: https://knoxer.xyz/reserve
What’s the Difference between KNX & KNOX tokens?
KNX token is the utility token of AI-powered products such as KnoxMarket and KnoxStream. However, 99% of KNX total supply (>900,000,000 KNX) are yet to enter the circulating supply. With a circulating supply of <1%, KNX tokens are not ideal to be paired with kUSD to give everyone the ability to get exposure to Knoxer NFT upside. Thus, KNOX token is here:
- Fair launch, 100% community-driven
- There will only ever be 9M KNOX tokens (7M circulating supply, 9M total supply)
- No new KNOX tokens can be minted
- kUSD liquidity mining on Symmetric
kUSD liquidity mining on Symmetric will start soon. A KNOX-kUSD liquidity pool has already been created on Symmetric: https://celo-pools.symmetric.exchange/#/pool/0x1d7106c08365ccd823b90201cc2d3d3e1335870f. KNOX-kUSD LPs will receive 500 kUSD/week as liquidity mining rewards.
KNOX token will increase the demand for kUSD and hence Knoxer NFTs. Instead of directly converting kUSD to cUSD, Knoxers now have incentives to pair their newly generated kUSD to KNOX. This will increase the liquidity and demand for both kUSD and Knoxer NFTs.
KNOX contract address: https://explorer.celo.org/token/0x833fD14F0FD4eaA47433A07428a46d1Ac60fA591
kUSD contract address: https://explorer.celo.org/token/0x266C13DeD5A1d636E502fd56B3F76d38c3107EC2
Knoxer NFT contract address: https://explorer.celo.org/token/0x1F25F8Df9E33033668d6F04DAE0bDE4854E9F1A5