Expanding to the Harmony blockchain and what this means
The KleeKai project started out on the Ethereum blockchain and with the congestion of the Ethereum network, partly thanks to the NFT craze, the transaction fees are approaching an all time high. As you all know, we are currently working on the Beta of KleeRun, our first play-to-earn cross-platform game that is playable on PC/MAC with mobile support coming THIS September! However there is one problem, the current high transaction fees make it economically infeasible to pay for the rewards of the play-to-earn mechanism until ETH 2.0 comes out. Nobody knows when that will happen, so what now?
We have been brainstorming for solutions and came up with three options:
- Bridge, buyback and lock - We BRIDGE funds from the Harmony blockchain to the Ethereum blockchain, We BUYBACK KLEE ERC20 tokens, We LOCK the tokens to grow a treasury
- Bridge, buyback and burn - We BRIDGE funds from the Harmony blockchain to the Ethereum blockchain, We BUYBACK KLEE ERC20 tokens, We BURN the tokens which will reduce the circulating supply
- The waiting game - With this option, KleeKai will be unable to pursue its purpose as a utility token that enables third world countries to be able to earn money while playing until the Ethereum 2.0 contract is established.
We have put the three options to a community vote and the results are shown in the figure below.
The majority of the community voted in favor of option 1: Bridge, buyback and lock. This means KleeKai will be expanding to the Harmony blockchain. Note that we are not moving away from the Ethereum blockchain. So what does this exactly mean for the KleeKai project and for you the holder of KLEE ERC20 tokens? To explain this, we made a simple visual overview.
In the community there have been many recurring questions which we compiled in a FAQ down below. To answer the questions regarding when the launch on Harmony will take place, there is no specific date for that yet since we just recently got the final results of the community poll.
Stay tuned for more information regarding launch date, tokenomics and more! Once again, you don’t have to do anything with your current holdings!
We are excited for our Cross-Chain future and we want to thank the KleeArmy for their support!
FREQUENTLY ASKED QUESTIONS (FAQ)
Do we still earn the 2% reflections to our wallet from KLEE HRC20 (Harmony) transactions while holding KLEE ERC20 (Ethereum)?
- No, reflections can’t be bridged.
Why should we hold our KLEE ERC20 tokens?
- Buyback will enhance the value of the token whether we burn or lock.The buyback works from transaction fees within the KLEE HRC20 contract that will be generated. Those funds will then be bridged, used to buy back the KLEE ERC20 tokens and burn/lock the KLEE.
What are the tokenomics for KLEE HRC20?
- The tokenomics will be announced in time.
Can current holders of KLEE ERC20 play KleeRun and earn the new KLEE HRC20 token? Do we need a new wallet address?
- Yes! There is no need for a new wallet address since your ERC20 wallet is compatible with Harmony. It uses the same address.
Why does the KleeKai project need KLEE ERC20?
- We need KLEE ERC20 for when ETH 2.0 comes out as Ethereum is the dominant blockchain in the space.
What option does the developer team prefer?
- We prefer option 1 and we are glad that it is the prefered option of the community aswell. The lock will build us a treasury for when ETH 2.0 launches and makes it super feasible! Remember that we took over the project from the previous team, including its meme tokenomics which doesn’t have a treasury currently to fund development. We are adding utility and that needs to be funded.
Will the KleeRun game be different between the Harmony and Ethereum blockchain?
- KleeKai on Ethereum will have exactly the same updates as KleeKai on Harmony, just without the earning mechanism until ETH 2.0 is around.
