A lot has happened since we announced our writing and creativity contest a couple of days ago!
Here is a summary:
We launched a reward program for KITTEN liquidity providers
We have a second farm now on MistSwap for liquidity providers
We have a new supporter group. If you want to help making KITTEN better, please join!
All these measures led to a significant increase in the KITTEN price - which shows the increased trust in KITTEN. 🥰 We are very happy about that, especially after some people spread FUD (fear uncertainty and doubt) for weeks. That FUD has now been proven wrong - and KITTEN is here to stay. 🥰 We are actually just getting started. 💪
To celebrate the new farm on MistSwap, we modify the rules of the contest to include MistSwap farming. 🥰
And we need to add a cap to the competition prizes to avoid crashing the KITTEN price. We believe that the prizes remain very attractive and protecting the KITTEN price is in the interest of all KITTEN holders. 😊
Did you know that you get more than 500% APR (annualised percentage rate) on your investment if you provide liquidity for the pair KITTEN and Bitcoin Cash? We have two farms for that: One farm on MistSwap and another one on the MuesliSwap. Both are DEXs (decentralized exchanges) on SmartBCH.
That means - if the APR and the KITTEN price remain constant for a year - you will receive more than 5 times your initial investment in MIST / MILK rewards for providing liquidity. And you will also receive the trading fees:
If someone swaps KITTEN for BCH or the other way around, they pay the liquidity providers 0.2% on MuesliSwap of their trading volume in fees. And on MistSwap they even pay 0.25% of the trading volume to the liquidity providers. The more liquidity you provide, the higher the share of the fees that you receive.
And the current KITTEN price is still pretty low - even though these two great farms exists - and even though the KITTEN price has already recovered quite a bit after the FUD attacks.
MIST and MILK are the governance and reward tokens of the MistSwap and MuesliSwap DEX.
It gets even better!
We - that is me and a few fellow KITTEN supporters - are rewarding you for providing liquidity - if you own at least 10 million KITTEN. You can put as many or as few KITTEN into the liquidity pool - and you will receive your share of the KITTEN reward each and every week on top of the MILK and MIST rewards - and on top of the fees from MistSwap and MuesliSwap.
The current reward in the first week is 10 million KITTEN. In subsequent weeks, the reward may vary.
It's still not all! Me and the fellow KITTEN supporters are hosting a writing and creativity contest. Here are the updated rules:
The topic is "farming KITTEN for MILK on MuesliSwap" or alternatively "farming KITTEN for MIST on MistSwap".
Anything related to these topics can be submitted:
How-to-articles: Explain how to provide liquidity and farm MILK/MIST on MuesliSwap/MistSwap.
earning reports: How much money did you make farming KITTEN?
experience reports:How was it using MuesliSwap? How was it using MistSwap? Which DEX do you prefer? Where did you earn more?
Short stories, poems, pictures, memes, videos, tweets, podcast episodes, whatever you can think of: Feel free to get creative!
Make sure to include screenshots of your KITTEN farm on MuesliSwap or MistSwap in your article and mention your SmartBCH address, so that we can send you the KITTEN.
(We will check that you actually farmed KITTEN on MuesliSwap or MistSwap with the address that you submit. So please, don't try to cheat.)
Submit your entries here on read.cash as an article. Please submit your article to the KITTEN community (https://read.cash/c/kitten-the-cutest-meme-token-on-smartbch-c80d)
You can include links to your videos, tweets, posts on reddit, etc in your articles. We will click every link and admire everything that you include in your article.
If you don't have an account on read.cash yet, now is the best time to create one!
In addition to the prize money, you will most likely receive tips for your article which you get to keep, of course.
The first: Originality. Don't copy others' work, create your own.
The second: Quality. We judge good content more highly than millions of views.
The third: Views. Of course, having lots of views is nice - if your content is original and of good quality. So make sure to share your article, video, tweet, etc with everyone you know!
Please submit your articles before October, 22nd, 10 pm UCT.
We will distribute at millions of KITTEN among the participants. Every qualifying entry will receive a prize, but the best entries will receive the highest prizes, of course. The winner will receive 5 million KITTEN. The second place will receive 3 million KITTEN and the third place 2 million KITTEN.
As the KITTEN price has increased a lot after we created this contest and introduced the Farming rewards, we need to introduce a cap. If we distribute too many KITTEN, the winners will be tempted to sell them once they receive them. That could crash the price - and that's no fun for anyone except the person who sold. To avoid that, we need to modify the prizes as follows: The winner will receive 5 million KITTEN - or $25 worth of KITTEN if 5 million KITTEN is worth more than $25. The second place will receive 3 million KITTEN - or $15 worth of KITTEN if 3 million KITTEN is worth more than $15. And the third place will receive 2 million KITTEN - or $10 worth of KITTEN if 2 million KITTEN is worth more than $10. We believe that is the right decision for the benefit of all KITTEN holders. That's why we introduced this cap - which honestly, we should have included from the beginning of the competition. We hope that the prizes will motivate you to participate despite the cap.
Please note that we have not had any submissions onto the contest yet, but of course, we know that some of you are probably already working on your submissions - and we appreciate that. 🥰
KITTEN is the cutest meme token on SmartBCH - and as such it is about having fun. So don't forget that part!
We hope you will have lots of fun with this contest and we are looking forward to seeing your submissions!
Keep calm and love KITTEN!
If you need some help to get started with SmartBCH, have a look at the following articles.
Hey, I'm not sure if I translated it correctly. Did you ask if you could have more time to submit your entry into the contest?
If so that's fine. I will add a rule for late entries. Each day later will reduce the prize by 5%. In that way, people have an incentive to hand in their submissions on time, but they can also submit late entries.
Saw your post on noise with links to this post. Like yourself I do love all-in liquidity, I have stayed away from kitten so far as there is so much happening on the SmartDEXs, however, I shall have a wee look further about kitten.
Sounds good. 😊
KITTEN has suffered in the past from FUD that had no substance to it. And in fact, KITTEN is still held back by that FUD. However, as this crashed the price, it also presents an opportunity. The price recovered a bit, but is still nowhere near to where it was in the beginning - when the risk of a rug pull was a lot higher and when there were no pools and no reward programs. Now the ownership is distributed and no individual holder could do a rug pull - even if they tried.
Hmm, seems nice.. although I didn't provide LP even if I had some kittens as I don't like impermanent losses.
I can relate to that. However, being a liquidity provider is similar to buying and selling small parts of the position all the time - which I usually do anyway, but I get the fees instead of paying them. 😁
And if you get several hundred percent APR (annualised percentage rate) on top, I believe that the benefits outweigh the risks. 😊
That's why I am pretty much all-in liquidity on SmartBCH DEXs. 😁
Same here .. it is known I don't do LPs ... that's why I didn't participate
Yeah, I copied you 😁
Me gustaría tanto participar pero soy bruta a la hora de entender así. Si me mastica un poco más te agradecería. Linda tarde. Saluditos desde Cuba