Almost three years since Cryptokitties took the crypto world by storm, it seems the game is back at it again, this time with KittieFIGHT, one of the games based on the platform. KittieFIGHT is offering fans of the digital pet game a chance to earn KTY tokens through an auction. Then after the auction, they can use the KTY tokens to participate in a lucrative yield farming program that will take place on the Uniswap V2 pool. Owners of KTY tokens will have a chance to provide on-chain liquidity on the network by staking Uniswap liquidity tokens. During a six month period, participants are rewarded handsomely in KTY and SDAO tokens.
Dubbed the KTY Dutch auction, this event will precede the KittieFIGHT volcano yield farming, where participants will get the chance to set the price of KTY by sending bids. This will help determine the cost of KTY by choosing the least possible price after the bidding period is over, and each participant will get to buy the tokens at that price, no matter how much they had initially bid.
If it sounds confusing, let’s try and break it down. At the beginning of bidding, a certain number of KTY tokens are set aside to be sold by auction. Bids will start at 0.00542 ETH right now, equivalent to $1.94, and the minimum bid price will be 0.00082 ETH/$0.29.
As the bidding period takes place, the price will gradually decrease towards the minimum bid price. For example, there is a chance early bidders will start their bids at $1.94, but as time runs out, others will enter at a different interval like $1.80, $1.49, $0.99, and so on since the price is dropping with time. Once the bid period is over, the actual sale will take place.
The exciting thing is if the available tokens run out, let’s say at $0.80, it doesn’t matter how much you had bid, but everyone will get the KTY tokens for $0.80. The total number of tokens set for this event is 4,000,000 KTY, and the bidding process will end in three weeks.
Users that have KTY tokens after the auction is over will now have an opportunity to earn passively by lending their tokens on the Uniswap V2 pool to offer liquidity for six months. Yield farming involves providing liquidity to a given pool by staking tokens, which earn rewards as time passes. The program dubbed KittieFIGHT volcano yield farming will distribute more KTY and SDAO tokens as rewards during the program. And those that offer more liquidity over the longest period will benefit the most.
The yield farming will involve staking Uniswap liquidity pool tokens and to ensure people don’t unstake from other protocols so that they can participate; it will allow the following pairs KTY-WETH, KTY-ANT, KTY-yDAI, KTY-yYFI, KTY-yyCRV, KTY-yaLink, KTY-aLend, KTY-aSNX, KTY – GNO, KTY – 2key, KTY – yETH, and KTY – aYfi, KTY- SDAO.
As a participant, you will have to deposit any of the pairs mentioned above on the Uniswap V2 pool, where you will receive UNI-V2 LP tokens, and then you can stake those tokens in the volcano.
The rewards will be in KTY and SDAO tokens, and both will have different roles. KTY will reward early participation in the staking process, and SDAO will reward long term participation.
The project has set aside 10% of the total rewards 700,000 KTY and 700,000 SDAO to reward those who participate in the program within the first seven days. And the remaining 90%, 6,300,000 KTY, and 6,300,000 SDAO will be awarded proportionally according to how much the participant has staked over the six months.
For KTY which awards early participation it will be 30%, 25%, 15%, 10%, 10% and 10% and for SDAO which encourages staking longer it will be 16.5%, 16.5%, 16.5%, 16.5%, 16.5% and 17.5%.
The project features a volcano interface where users can check how much they have earned after staking. Also, one can add on the staking amount as they like, but if they decide to unstake, they must have staked for at least a month to be eligible for rewards once the program is over.
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