Kryptomon — The KMON-BNB Liquidity Mining Campaign
Hello trainers, welcome back to the wonderful world of Kryptomon. It must have been a busy week for everyone in the community, not only with trainers having to work together in order to figure out the first of Professor Koa’s Lore Challenges, but also doing plenty of math trying to figure out what your chances are at winning a prize in the second of our Staking Lottery prizes!
If you thought we were done, think again! Not only do you have the second Lore Challenge to test your wits against today, the Kryptomon community is about to get even busier with the launch of our KMON-BNB staking pool!
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A New Partner — DODO
For the trainers who follow our social media channels, this should come as no surprise to you. We’ve previously released information regarding our talks with DODO and we’re now excited to announce that we’ll be joining the DODO’s Booster Program starting the 29th of September 2021!
While staking your KMON for a chance to win a Kryptomon egg is a great deal (who doesn’t want an egg?), we can also appreciate that some in our community might prefer the option to have their returns in the form of additional KMON tokens. With the new KMON-BNB Liquidity Mining Campaign, you can do precisely that! Even better, trainers who participate will be rewarded both in KMON AND DODO tokens!
I’m convinced! What do I need to do?
Participating is easy. Simply pop on over to DODO and provide KMON-BNB liquidity to receive DLP (Dodo LP) tokens. Trainers who stake these DLP tokens on the DODO website will then start to receive both KMON and DODO tokens as rewards, which are known as the “Liquidity Mining rewards”.
The best part is, the amount of Liquidity Mining rewards available every week will be readjusted higher or lower depending on the volume of trading activity that happens, up to a maximum of $45,000 worth of DODO and 225,000 KMON tokens!
Do note though, that DODO only takes into account the trading volume for KMON-BNB that occurs on the DODO platform and does not include any trades made on PancakeSwap.
While the Kryptomon team will provide a fixed 225,000 KMON tokens every week to be earnt by trainers who participate in this program, the amount of DODO tokens provided to the pool will be determined by the following:
- If the total trading volume of the current week is no greater than $5,000,000, the reward value for the next week will be capped at $7,500 worth of DODO tokens.
- If the total trading volume of the current week is between $5,000,000 and $10,000,000, the reward value for the next week will be capped at $15,000 worth of DODO tokens.
- If the total trading volume of the current week is between $10,000,000 and $15,000,000, the reward value for the next week will be capped at $30,000 worth of DODO tokens.
- If the total trading volume of the current week is greater than or equal to $15,000,000, the reward cap for the next week will be capped at $45,000 worth of DODO tokens.
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But how do I provide liquidity? How do I stake these DLP tokens?
Before you begin, make sure you have equal amounts (in dollar value) of WBNB and KMON. That means that if you want to stake $1000 worth of KMON, you’ll need to also have $1000 worth of BNB to participate in the liquidity pool.
Ready? Let’s break it down into a few simple steps:
- Pop on over to DODO and connect your wallet with the “Connect to a wallet” button on the top right hand corner of your screen.
- Select the “Liquidity” option under the “Earn” tab, which should then bring up a screen much like the one in Picture A.
- In the search bar under the “Create Pools” button, find our KMON-BNB liquidity pool contract by entering the following address
- Once you see the WBNB/KMON liquidity pool, hit the bright yellow “Add Liquidity” button to bring up the following screen.
- Choose how much KMON or BNB you’d like to add to the liquidity pool. Remember that you must deposit equal amounts (in dollar value) of both tokens.
Just like with the staking lottery contract, you’ll need to first “approve” the spending of your tokens. That means one transaction to approve the spending of your KMON, a second one to approve the spending of your WBNB and a final one to actually add liquidity. So don’t be surprised if you have to approve 3 different transactions.
- One the liquidity has been provided, you’ll receive DLP tokens in return. These act as sort of a “receipt” that you’ve provided liquidity.
These DLP tokens don’t necessarily have to be a 1 to 1 relationship, so while you might have provided 10 BNB worth of KMON and BNB, you might not receive 10 DLP tokens. Don’t worry, this is normal and the DLP tokens you now hold are definitely still worth the 10 BNB worth of KMON and BNB that you provided.
- The final step! Under the Earn tab, select “Mining” this time and you should be able to see the KMON-BNB Liquidity Mining section (as in Picture C) once the program goes live on the 29th of September 2021. Simply hit the “Stake” button, approve the transactions on your wallet and you’re done!
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That’s it! Sit back, relax and let your liquidity work for you by earning KMON and DODO tokens. After the 4 week program, you’ll be able to remove your liquidity from the DODO platform by following almost the exact same process in reverse.
Simply unstake the DLP tokens from the “Mining” page. These DLP tokens act as your receipt so pop back over to the “Liquidity” page and exchange the DLP tokens for your BNB and KMON!
This does NOT mean that your LP tokens will be locked. There is no lock period and you’re free to unstake your LP tokens with the additional rewards you gained and exchange them for BNB and KMON at any time, though after the 4 week program, there will no longer be a liquidity mining campaign that pays our DODO and KMON in exchange for your KMON-BNB liquidity.
Please also do note that providing liquidity opens you up to the possibility of impermanent loss. If you’ve never heard of the term, make sure you DYOR before jumping into this.
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See you in game trainers! Let’s play to earn in the Kryptomon-verse.