DevLog #6 | Kryptomon Market Currency Transition
It’s time to talk tokens! This week, we announced that the Kryptomon Marketplace will be transitioning from Binance Coin (BNB) to our native token, $KMON. To gain a deeper understanding of the reasoning behind this change and the timeline for its implementation, we conducted an interview with our Founder and CEO, Umberto Canessa Cerchi.
What is the BNB to $KMON “transition” and what is the reason behind it?
Since the beginning of Kryptomon we saw the $KMON coin as the unique currency in our universe, but of course, at the very beginning was also useful to keep using BNB cause is way more used, but now we finally got to the point where we can finally ditch BNB and start only using $KMON everywhere in the Marketplace.
The reason behind its quite simple, increase the utility of the $KMON, which at the end of the day is what will really increase its value.
What would happen if we do not change our listed Kryptomons from $BNB to $KMON coin when the transition takes place?
I would say nothing, bad, but those sales won’t be shown anymore, so that’s why I highly suggest moving your sales from BNB to $KMON. Also because as some people might have seen we are now releasing a new onboarding flow for new users, making it simpler for them to buy their first Kryptomon, and if your sale is on BNB it won’t be proposed.
And I know that you might think that the $KMON is highly volatile, but again we got you covered somewhere close to the end of Q1 we will release an update of the Marketplace which will allow you to actually define the cost of your Kryptomon in USD Dollars, and then the system will take to keep the price in $KMON updated :D
Do we still need BNB as a gas fee when making transactions in the Kryptomon Marketplace?
Yes, for the time being, but as soon as the full $KMON transition is done, we will take care also of removing BNB gas fees, and also have the gas fees paid in $KMON :)
Are there any additional utilities planned in the future for the $KMON coin?
No spoiler here, but in general what our community can expect from us is always the same, we are continuously working to improve the experience and the utility of all of our products and tokens.
When shall we expect the transition to take place?
Also here we took a baby step approach, so first of all as mentioned, the update on the Marketplace will go live later on in Q1, but in the meantime, we do encourage everyone to already change their sales from BNB to $KMON, because by the end of January, the new onboarding will go live and we are going to reactivate user acquisition campaigns, so I’m sure everyone who has a Kryptomon on sale don’t wanna miss the opportunity to propose his Kryptomon to a new possible buyer ;)