Token Economics
The Kylin Network is powered by the $KYL token, which is used to secure the network, back DAO decisions, and incentivizes participants for their contributions. On Kylin’s canary network, Pichiu, on the Kusama blockchain (Polkadot testnet), the $PCHU token serves all of these purposes of $KYL and even more, including securing crowdloans to win the required parachain auctions. Outlined below are these token specifications; Testnet Stage Token Ticker: $PCHU Max Supply: 100 Million Token Type: Utility | Canary Network Token Allocation: Crowdloan(s) - 40% Parachain crowdloan stimulus - 10% PLO Reserve (Used for future auctions) - 30% Ecosystem - 60% Community rewards - 9% Lock drop rewards - 5% Holders rewards - 6% Marketing Fund (Promotions & Educational Content) - 20% Liquidity Fund (Liquidity for $KSM swaps) - 10% Developer fund (Infrastructure costs and validator rewards) - 10%
Mainnet Stage Token Ticker: $KYL Max Supply: 1 Billion Token Type: Utility Token Standard: Polkadot Parachain Pichiu Airdrop The Pichiu token ($PCHU) is set to have a generation event on the Kusama Network at block 13,219,200, and this will be followed by an undisclosed amount of snapshots of the ERC20 $KYL holders for the necessary token migration to its test chain on the Pichiu Network and subsequently its native chain on a Polkadot parachain.
Pichiu Airdrop Eligibility $KYL Holders will be eligible for airdrop only by connecting their $KYL custody wallet to a native Polkadot wallet by a dapp to be provided by the team for validation of balances and equivalent $PCHU airdrop.
Holder Rewards Total Rewards Supply - 6% of Max Supply. 1% $PCHU will airdrop to $KYL holders immediately, and the remaining tokens will be distributed each month (0.5% per month) Based on holder rewards of 6%, 6m / 173m equates to 0.034 $PCHU per KYL The values will be different for lock drop rewards as it is 5% instead of 6%
Lock Drop Rewards. Total Lock Drop Supply - 5% of Max Supply. 0.5% $PCHU will airdrop to $KYL holders who lock their $KYL per month by staking. This will last 10 months. All airdrop rewards are given to Kylin addresses who are holding their $KYL tokens in non-custodial wallets or staking from the time of the snapshots.
$KYL & $PCHU Token Utility and Use-cases
The utilities of the $KYL token include the following but are not limited to;
Network Fees. The $KYL & $PCHU tokens find value in settling the network overheads and other on-chain economic activities between agents, including;
Dapp Queries
Polkadot parachains queries
External chains queries
Dispute resolution
Elections
Inquiries.
Staking In order to secure their position in the Kylin ecosystem, the following entities must comply with the SLA requirements and stake an amount that can be slashed in case of bad behavior.
Push based oracles
Pull-based OCW
Pull-based API
Collator node
Parachain node
Data market/NFT/SNFT Submitting data feeds to the Kylin Network decentralized data marketplace, as well as the questions necessary to test and validate the submitted data, are powered by the $KYL tokens. If any disputes arise, they serve as an incentivization and disincentivization tool to foster the best behavior accordingly. Other utilities include the crowdsource funding to build and register pertinent data feeds for Semi-Fungible-Tokens. Finally, the bidding and asking of Data feeds sold/auctioned in the marketplace is done in $KYL tokens.
Rewards Network contributions from the following entities are compensated with the $KYL/$PCHU token.
Push-based oracles KYC and the use of random and decentralized fair sequencing will act as a barrier to attacks and allow reporters to earn rewards equitably. Also, the reporters will have to pay a transaction fee for their chance to be included in the aggregation buffer. If they do make it to the buffer, and if this contribution is used in the overall process of answering a paid query, a percentage of the fees will go to this reporter, and reimbursement for all previous transaction fees will occur.
Pull-based OCW Because they are integrated into a collator, OCW benefit from guaranteed access to the Kylin Oracle runtime aggregation Buffer
Pull-based API
Collator node
Parachain node
Attesters
Curators
Gatherers
Strategic Investors
Kylin Network completed its seed round fundraising in Nov, receiving enormous support from nine institutional investors on capital, project advisement, technology development, future parachain slot auction, and more.
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