KaibaEarn is Live!
KaibaEarn is our brand new commodity and token staking platform. This article will explain the tech, passive earn mechanisms, and how we have incorporated KaibaEarn into Kaiba Lightning Chain, our upcoming Proof of Reputation blockchain.
KaibaEarn Smart Contract
We have produced a custom built staking contract, highly optimized, and gas-efficient. Whereas most staking platform contracts consist of 1000 lines of code on average (a product of mass replication and low developer input), our staking contract consists of around 500 lines code our contract ensures that all required functions exist, but with no junk code present. This means each user interacting will save a significant amount of gas fees, greatly increasing yields accrued over time. As well as increased profitability for users, it also allows mechanisms such as compounding of earned interest to be worthwhile.
What You Can Stake
Users will be able to stake their $KAIBA tokens to earn our reward token $FANG. As well as being able to stake the Kaiba DeFi native tokens, we will be expanding our staking platform to partner projects, and other projects wishing to work with us.
We have the following staking options available at launch:
- Stake $KAIBA → Earn $FANG
- Stake $FANG → Earn $FANG
Users will have the option of staking their tokens for 1 week or 6 months. Users to who enter the locked pools can earn up to 3 times the APY as compared to a shorter staking period.
There will be a staking deposit fee of 1% to prevent misuse of the staking contract and to allow strengthening of the Kaiba ecosystem and KaibaEarn product.
Users can harvest their reward tokens at any given time. Each time a function is used, such as Claim, there will be a gas fee, as with any of transaction on Ethereum. These fees will be drastically lower than other Ethereum farms, but as we every kind of claims and rewards we always recommend using these functions as sparingly as possible to allow greater yield efficiency. Less gas used means less money spent!
What is $FANG?
Our reward token, called $FANG, is created specifically for providing an Ethereum paired asset to allow users to receive rewards without adding sell pressure to the $KAIBA token. When a user submits a claim for their rewards the $FANG contract mints the required number of tokens and delivers them to your wallet.
You can add the $FANG contract to your wallet to keep track of them by using the contract address:
Users will also be able to stake $FANG on a variety of Kaiba native pools, as well as any non-native tokens pools that are introduced.
As well as just being a rewards token $FANG will have other utilized functions, such as allowing holders to gain access to premium level Kaiba products. A further enhanced use of $FANG will be on Kaiba Lightning Chain to fuel liquidity and and operations, other future utilities to be revealed at a later date.
There is a 1% buy and sell fee on the $FANG token to boost $FANG , as well as a means of preventing rapid-term staking to take advantage of reward pools.
How to Use KaibaEarn
Go to KaibEx, click on the Earn tab, and simply connect your wallet, select the pool your wish to enter, and input the amount of tokens you wish to stake, confirm the transaction pop-up that appears. Your staked tokens will then appear and the interface will begin showing your rewards as they are earned.
Congratulations, you have just begun your staking journey with Kaiba DeFi!