Kylin Network
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Token Economics

Token Utility and Use-cases

The Kylin Network Mainnet token $KYL is necessary to secure and power the decentralized data network. The use-cases and utility of $KYL include but not limited to:
    Stake to be a Miner or Arbitrator: All miners are required to stake $KYL with a higher stake equating in a high probability of being selected to fulfill data requests.
    Intermediary of Exchange: $KYL tokens will be used to pay as a transaction, query fee, and also for data access behind paywall (private APIs).
    On-chain Governance: $KYL Token holders are able to vote for the protocol upgrades and parameter changes on Kylin Network.

Token Metrics

There are a total of 1 billion $KYL tokens, with the distribution plan as the following:
Token Allocation
%
Vesting
Seed Sale
7.5%
6.25% unlocked on TGE, then monthly vesting over 12 months
Private Sale
9%
20% unlocked on TGE, then monthly vesting over 9 months
Public Sale
1.5%
100% unlocked on TGE
Team
9%
0% unlocked for 12 months, then monthly vesting over 24 months
Advisors
3%
0% unlocked for 4 months, then monthly vesting over 18 months
Parachain Bond Funding
15%
10% unlocked on TGE, tokens under Foundation control to be used to pay for the DOTs required for the Kylin parachain slot in years 1-6
Ecosystem and Community
5%
10% unlocked on TGE, then monthly vesting over 36 months
Foundation Reserve
10%
10% unlocked on TGE, then monthly vesting over 36 months
Mining Incentive
40%
10-year vesting period starting from the Mainnet launch

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.

VRF & ORZ: To Build a Real Decentralized Oracle Network

The data provider i.e. the Miner, is mainly responsible for providing various types of data, and the data verifier i.e. the arbitrators verify and challenge various data provided by the data provider and re-quote. The arbitration node arbitrates the query raised by the data verifier and forms the final result.
In the mining design of Kylin Network, miners can obtain KYL by providing verifiable random numbers or quoting on-chain assets and other social data. Each time a miner calls a mining contract, the system does not charge any handling fees (except for Polkadot blockchain itself). Miners need to stake a certain amount of KYL each time the contract is called beside the blockchain node staking requirements.
Among all miners nodes wish to provide data quotes, Kylin Network will deploy Verifiable Random Function (VRF) to randomly select a group of miner nodes to compete for providing the most accurate market data. By introducing VRF into the system, the decentralized degree of the system could be boosted drastically.
Moreover, Kylin Network will make settings on different weights on different staking amount ranking: Optimal Ranking Zone Model (ORZ). The staking amount ranking is based on the jump ranking weighting algorithm rather than the weighted average of the nodes staking amount. This is to avoid the control of KYL by a few people, avoid monopoly, and break up large nodes.
Kylin Network has introduced a unique staking ranking method in the mining design, and users in the best ranking area will get the most benefits. This provides a good mechanism guarantee for attracting more users to participate in mining and is also conducive to data provision. People are more dispersed, ensuring the decentralization of the oracle system, and well guaranteeing the positive development of the community.
Last modified 7mo ago