Lift.Kitchen Announces Genesis Launch
The Chefs at Lift.Kitchen have been cooking up a storm in preparation for our Genesis Launch this Saturday, April 24th at 1pm EST. If you are new to the Lift.Kitchen family and wish to learn more about the mechanisms of our DAO please check out our lite paper on Medium.
Genesis will take place on Lift.Kitchens website. You will need to have WBTC in your Metamask wallet in order to participate. We will have a YouTube video explaining in detail how to participate on launch day. Please stay tune in our discord on launch day for the YouTube video.
Ode To Klondikes Stabilization Fund
An ode to Klondike Finance is in order, as our WBTC stabilization idea came from being early investors in $KLONX & $kBTC. In Klondike Finance $kBTC is able to keep peg (1 to 1 ratio) to WBTC by being backed by a WBTC stabilization fund. If $kBTC were to fall below peg then the WBTC stabilization fund would buy $kBTC back to return it to a 1 to 1 peg.
Currently Klondikes WBTC stabilization fund has 111 WBTC worth around 6.2 million USD.
The Chefs of Lift.Kitchen being serial entrepreneurs outside of the Crypto space brainstormed on how to utilize the unused capital in the stabilization fund while also increasing its value. Thus the idea of utilizing the WBTC stabilization fund to incubate & seed new crypto projects was created.
Lift.Kitchen Genesis Tokenomics
Using the Lift.Kitchen website you will be able to exchange WBTC for lfBTC/LIFT during the 7 days of Genesis. You can choose to lock your lfBTC/LIFT between 30–120 days depending on the multiplier you wish to have. If you lock for 30 days then you will get a 2x multiplier, 60 days 3x, 90 days 4x and 120 days 5x. The entire time that your lfBTC/LIFT LP is locked you will receive emissions of LIFT tokens as your LP rewarded.
Examples of how the multiplier works:
- You exchange 1 WBTC for 2x, locked for 30 days, you receive in emissions, 1 lfBTC and 1 lfBTC worth of LIFT tokens.
- You exchange 1 WBTC for 3x, locked for 60 days, you receive in emissions, 1.5 lfBTC and 1.5 lfBTC worth of LIFT tokens.
- You exchange 1WBTC for 5x, locked for 120 days, you receive in emissions 2.5 lfBTC and 2.5 lfBTC worth of LIFT tokens.
You may also decide to exchange your WBTC for a few different lockup periods.
For example you may do 1 WBTC for a 3x day lock and 1 WBTC for a 5x day lock. There is no limit to the combinations you can make in how much you wish to stake for each multiplier.
Early Exchange Bonus
If you Exchange WBTC to lfBTC/LIFT within the first 8 hours of Genesis launching you will receive .02 CTRL, Lift.Kitchen’s governance token, per 1 WBTC exchanged.
What Does Each Token do? Why Do We Have 3 Tokens?
lfBTC — is a derivative of WBTC it will be backed by the WBTC stabilization fund and can be exchanged for WBTC. There are plans to utilize lfBTC in other protocols.
LIFT — You stake LIFT tokens in the boardroom to receive rebase rewards in CTRL tokens.
CTRL — When lfBTC rebases CTRL token is rewarded to boardroom stakers. CTRL is the governance token.
DAO
Early engaged participants in the DAO will be eligible to receive an airdrop of CTRL at the end of the 30 day lockup. Please note the 30 day lockup begins on May 1st and ends on May 30th.
Lift Off
Lifters we are ready for lift off! We are beyond excited to go full steam ahead working hard to bring decentralization and blockchain to traditional business and to bring further innovation to the blockchain space.
