A major upcoming event is currently under way for the KleeKai project — Something which is so significant that you need to know!
The KleeKai token was born on May 13th 2021 and was launched with a short term prospect meaning the tokenomics were reliant on large wallet holders and the community to unite as one and allow the project to grow with holders gathering together to provide when the project was in need of funding.
As months progressed, the demand of income became significant, a cryptocurrency project needs a lot of capital to continue to grow and the contribution from the community began to appear stretched.
On April 8th, 2022 it was announced that the KleeKai project will undertake one of the most difficult hurdles yet in its lifetime — a contract migration. This article will provide information on the upcoming expansion and will cover all you need to know about the future.
- What is a contract migration? A contract migration means a move or upgrade of a smart contract, a new contract address for the project will be deployed.
- Why is a contract migration required at this stage of the project? A contract migration for this project is vital to ensure the project can operate as a company without the needs for investors to fund development
- What will happen to my current V1 token/wallet holdings? The V1 tokens in your wallet will lose value as the liquidity will be migrated to the new contract — your V1 tokens will have their same value in the V2 contract upon migration and will continue to become valuable as trading begins on the new contract. The V1 tokens once migrated will leave your wallet automatically and you will receive the V2 tokens.
- Do I need to sell my V1 tokens? Holders do not need to sell their tokens, the V1 tokens will be required to perform your migration into the V2 contract.
- Should I buy more tokens? Holders can purchase more V1 tokens if they wish to do so before the migration takes place, buying tokens on the V1 smart contract will not incur any new taxes.
- Is there a timeline for the migration to be completed by? The migration portal will be open for up to 3 months, this is to ensure holders are not rushed to migrate and can perform the migration when they are ready.
- Do I need to migrate and convert my tokens? Yes, migrating of your tokens will ensure your current tokens are moved into the new smart contract. If you choose not to migrate within the 3 months which is provided, the tokens will not be accessible.
- How can I migrate to the V2 Klee token? A migration portal will be setup, users will need to connect their wallet which Klee V1 tokens are held. Once connected, users will need to tap “migrate to V2” and sign the contract, once the transaction is signed — the V2 tokens will be airdropped to your wallet. Be sure to add the new contract address once you have migrated (this will be provided in many locations once the contract has been deployed).
- What block-chain will this migration be to? As this contract upgrade is for the governance token within our ecosystem — this migration will remain on the ERC20 block-chain (Ethereum)
- What is the ratio of tokens? How much supply is available? The V1 contract has 100 Quadrillion tokens available, the V2 contract will have 100 Quadrillion tokens available. This migration is a 1:1 ratio of tokens.
- What will happen to the V1 liquidity? The liquidity of the V1 contract will be migrated over to the V2 contract.
- Will the new contract be audited? Yes, the new contract has been audited and passed successfully with TechRate.
- Is there going to be time to allow holders to migrate from V1 into V2 before trading begins on the new token? Yes, holders will be provided a 72 hour window to perform their V1 to V2 migration before the V2 token will begin trading. Overall the migration portal will be open for 3 months.
- What are the new contracts tokenomics? The new contract will have an allocation of 100 Quadrillion tokens upon minting of the contract.
- What are the new contract taxes? The new contract will have a variable tax rate. The taxes upon launch of the contract will be 6% upon buys and 8% on sales. As the new contract permits tax adjustments, taxes of the project will be reduced/removed upon special events for example — No tax on purchases!
16. Is there a scheduled date for the migration? The date is currently not yet known, there is still alot to be done with the project to ensure the migration goes as smooth as possible.
17. I hold on a centralized exchange, how do I migrate? Holders who keep their Klee on a centralized exchange will be able to receive their V2 tokens automatically, the developers of the KleeKai token will allocate an exact token value to each exchange where the exchange will disperse all tokens to the wallets automatically.
18. What does the Marketing tax mean? The marketing tax on buys and sells will be used towards marketing campaigns, marketing material, promotional material and events, this fund will also be used towards buy backs and burns of the V2 token. This wallet will receive funds in the Ethereum token which means the development team does not need to sell Klee tokens in order to obtain usable funds.
19. What does the Development tax mean? The development tax on buys and sells will be used towards exchange listings, development of the eco-system which includes our flagship game KleeRun, creation of a DAO, staking and farming pools, creation of an onboarding Play-2-Earn (P2E)gaming launchpad, development of the Klee metaverse and many more fun and exciting P2E games. This wallet will receive funds in the Ethereum token which means the development team does not need to sell Klee tokens in order to obtain usable funds.
20. What does the 1.5% Rewards pool tax mean? The rewards pool tax will be where the tokens are stored and disbursed to holders who are earning in our eco-system. Earning will currently be from our game KleeRun however the future will see users being able to earn through means of staking/farming pools and many other exciting avenues.
21. What does the Kaiba pool tax mean? The Kaiba pool tax is a 0.5% tax which is being provided to the Kaiba DeFi project as a standard fee for their smart contract services. This wallet will receive funds in the Ethereum token.
22. What does the liquidity pool tax mean? The Liquidity pool tax will allow the liquidity pool to grow by 2% upon each sell. The LP will be locked for 6 months at time and will not be accessible by the development team.
23. Will the marketing and development wallets be multi-sig? Yes, as per our previous setup, these wallets are setup with Gnosis multi-sig meaning every transaction made from these wallets will require a minimum of 2 signatures on every transaction.
24. I notice there is no reflection tax, are there no reflections? Yes, there are no reflections in the V2 contract. We have reviewed the reflections tax from our V1 contract and realized there are much more ways for our holders to earn while holding the $KLEE token. Development of a staking/farming pool and P2E games/platforms will ensure holders are earning passive income just by holding the new token. It is to be mentioned that the reflections tax actually has a significant increase on the GAS fee on the Ethereum block-chain.
25. Does the contract have GAS saving features? Yes, the contract does have GAS saving features developed in the smart contract — Holders will be now buying and selling their tokens with a much more affordable GAS fee!