TheCryptoUpdates
Blockchain News

Dutch Auction For CryptoKitties NFT MMO ‘KittieFIGHT’ Starts

Decentralized finance (DeFi) has been making waves across the cryptocurrency world. Infrastructure built around cryptocurrencies like Ethereum has fueled the rise of websites which offer trading and lending arrangements through crypto loans.

DeFi permits borrowers to stake cryptocurrency as collateral, ushering in a new era of financial opportunity and liquidity.

With more than $4 billion in loans locked up as of August – the world of decentralized finance has led to phenomenons like yield farming.

With yield farming, crypto traders lend or borrow virtual currency to also receive new types of coins, with hopes speculation and momentum drive up prices and lead to profit. 

The idea of yield farming made waves in June with the Compound-issued COMP token. The coin’s price surged to $350 in the same month before leveling out.

Overall, the limitless potential of yield farming ushers in a massive expansion of the cryptocurrency ecosystem.

The Further Emergence Of Yield Farming Programs

September 10th ushered in the pre-launch of a lucrative yield farming program known as “Volcano.” The yield farming setup represents the token incentive program for KittieFIGHT, a well-known combat Cryptokitties NFT MMO game.

The pre-launch includes a limited-time Dutch auction of KittieFIGHT KTY tokens.

A Dutch auction is where a batch of tokens are sold to the public in a manner that permits buyers to set token price.

Each bid represents the total amount a buyer would be willing to pay for an allocated number of tokens at a certain price point, during a specific time in the auction.  

The auction process balances first-mover advantage with buying tokens with a democratic price allocation. This system ensures all who want to buy the token can do so at a fair price point that satisfies all auction participants.

The Volcano yield farming program commences just before the Dutch auction concludes.

Estimates are the yield farming program will lead to 500%-6000% more KTY and DAO token earnings.

The Mechanics Of KittieFIGHT

The structure of the KittieFIGHT game is similar to fans supporting a boxing match. Participants bet Ether on opposing Cryptokitties NFT’s arranged to fight in ‘Mortal Kombat’ style, with an array of fighting styles and finishing moves.

The frequency and style of Ether bets influence how a particular Cryptokitty NFT fights. As the battle rages, participants backing each CryptoKitty are also encouraged to bet by the fight’s swelling Ether jackpot incentive.

The incentive often surges to 10x its original size, enticing betters with lucrative winnings and the return of initial investments to original lenders who bankroll the open-source bank associated with the KittieFIGHT platform gaming system.

Crypto enthusiasts can utilize the KittieFIGHT KTY token as payment for utility fees in the CryptoKitty MMO game, instead of acquiring KTY in-game.

Functioning analogous to a high yield casino game, the KittieFIGHT platform gaming system returns funds weekly to the open source bank. Lenders are then able to withdraw from the bank proportionally to their initial investment.

When asked about how the platform can entice lenders to invest, KittieFIGht and KittieFIGHT DAO founder and system architect Oladapo Ajayi explained,

 “Every game must return 10x its value in order for games to be ended. Defi enthusiasts will be able to benefit from the system soon; the gaming protocol along with the game is ready for mainnet… while awaiting smart contract audits.”

Arrangement Of The Dutch Auction

Crypto enthusiasts interested in the KTY Dutch Auction can bid Eth on KittieFIGHT’s website. Designed to foster on-chain liquidity, the Dutch Auction allows bidders to set the price of KTY democratically over four weeks.

By bidding, users can receive more KTY tokens and SDAO for providing KTY and WETH, ANT, yDAI,yYFI, yyCRV, yaLink, aLend, aSNX, yETH, aYfi , 2key, GNO, yETH liquidity on Uniswap.

Bidding taps users into a potential $1.7+ billion USD worth of governance power. Users who provide more liquidity over a longer period of time will receive a greater share of the KTY and SADO token pool.

The total KTY available for the entire project equals 100,000,000. 65,000,000 tokens will be Locked up and drip fed to gaming reward issuance. 15,000,000 will be vested for team allocation, while 9,000,000 will be reserved. 7,000,000 will be set aside for the yield farming program Only about 15% of the tokens will be available on the market in the short term for yield farming operations.

According to KittieFIGHT, the deployment of the dApp will lead to greater demand for DAO Tokens as they are locked via the staking reward mechanism, and as more dApps are available in general.

Prospective bidders should note the KTY Token Dutch Auction will end on October 8th, 2020. The start price is USD $2.01 with a USD $0.30 minimum price. The entire KittieFIGHT team invites bidders to visit the project’s website and participate in the bidding process. Their community will help if there will be any questions. 

Related Articles

Money transfers to Africa with Bitcoins or MTOs

Jens Ischebeck

Rakuten, a retail giant in Japan recently launched a cryptocurrency exchange

Vijaya Bharti (Author)

Crypto Asset Exchange SeedCx announces launch of New Crypto Wallet Solution

Supriya Saxena (Senior Correspondent)