The Next Generation Swap, with LP Tokenomics & Governance.
In the two years since its launch, 🦄 Uniswap has proven itself as a bulletproof, high-efficiency AMM, capable of opening up new markets and executing stable trading in a fully permissionless way.
As the crypto space evolves, users demand ownership and governance of the core infrastructure tools they depend on. With that, we have designed KeyKey, a new Decentralized Exchange, powered by the UniSwapV2 engine, and fully owned & governed by the people who power the trades.
It's time for LP's to be the VCs
🔑🔑 So What is KeyKey?
KeyKey = UniSwap V2 + Non-Dilutive LP Reward Token
In other words, a clean fork of Uniswap, owned and governed by the Community using an LP Reward Token, LOCK.
LOCK is a non-dilutive token, so your early support will not be outweighed by wacky infinite-supply tokenomics! Pre-miners will own approximately 18% of the total LOCK token supply. After all, there are only so many fish in the sea!
📝 Protocol Design
💦 Liquidity Provider Incentives
With KeyKey, one can provide liquidity and earn LP fees, while gaining Governance power and protocol ownership in the form of LOCK tokens. Those LOCK tokens entitle holders to a portion of the protocol’s fees, accumulated in LOCK, even if you decide to remove your liquidity.
Early LP's, the most crucial for bootstrapping trading, are invited to Pre-Mine LOCK by staking UniSwapV2 LP tokens before block 10848000. Pre-mining LP's will be non-dilutable stakeholders of the protocol. See Full Tokenomics below.
The earnings that you’ll receive from staking will be proportional to the amount of LP tokens you have staked versus the total amount of LP tokens staked.
👨🌾 LOCK Token Distribution
The token distribution mechanics are designed for Uniswap liquidity providers to seamlessly Liberate the Liquidity and take ownership of DEX trading.
At every block, 27 precious LOCK tokens will be created. These tokens will be equally distributed to the stakers of the supported pools. To get started earning LOCK, anyone holding Uniswap LP tokens can stake those LP tokens into the corresponding initial list of pools. New LP tokens can be added with COMP-tastic on-chain governance.
The initial set of available pools:
- CeFi Stablecoins:
- DeFi & Protocols:
- Synthetic Assets:
- Ultra-Tight (2x reward):
However, for the first 68000 blocks (~10 days), the amount of LOCK tokens produced will be 12x, resulting in 324 LOCK tokens being minted per block. This is to incentivize early farmers and adopters of the protocol and to help in The Liquidity Liberation.
Also! The LOCK pool gets a 2X pre-mine reward, so be sure to re-supply your LOCK to UniswapV2 to become eligible for extra earnings! Once LOCK is live, the community can vote to add more eligible pools, or change the LOCK weights of any pool.
💸 Reward Distribution
With the current Uniswap configuration, 0.3% of all trading fees in any pool are proportionately distributed to the pool’s liquidity providers. In KeyKey, 0.25% go directly to the active liquidity providers, while the remaining 0.05% get converted back to LOCK and distributed to the LOCK token holders 📈.
🕑 Protocol Fund
Let’s ensure the long-term viability and sustainability of the project. Following suggestion from the community, 8% of every LOCK distribution is set aside for the development, partnership incentives, & future iterations, including security audits. To bootstrap early development, partnerships, and meme-creation, we have also allocated ~2.27% of the total supply of LOCK for early stage growth.
⛵️ The Liquidity Liberation
During the first 68000 blocks from the protocol’s inception (~10 days), we will be migrating all the liquidity tokens staked onto KeyKey contracts. This liberation movement will involve taking all of the Uniswap LP tokens staked on KeyKey, redeeming them on Uniswap for the respective token pairs, and initializing new liquidity pools from those tokens. These new pools will be almost identical to the standard Uniswap pool, with the added feature that any fees accrued will be distributed to LOCK token holders through the logic outlined above.
Once the liberation is complete, the liquidity converted will be fueling the first sets of KeyKey pools, and will bring the protocol into operation immediately. The stakers don’t need to do anything and will continue to receive LOCK token rewards from providing liquidity going forward.
Remember, early Liquidity Providers who stake during the pre-mine will ultimately be rewarded with approximately 18% of the LOCK total Supply, and will not be diluted!
👨🔧 Protocol Integrations
At the protocol and smart contract level, KeyKey shares an identical interface to Uniswap. This means that if your protocol is currently compatible with Uniswap, it should be relatively simple to integrate with KeyKey. We will work with various DeFi and other ecosystem tools to start integrating KeyKey.
🔐 Security Audit
Before deploying the code, it was audited informally by two 3rd party consultants.
We have invited the a number of Auditing firms to audit the KeyKey contracts. The First firm 3 Firms to confirm audit of KeyKey on the official Telegram Channel will win contracts immediately. If you are interested and qualified, please PM our Telegram Admins.
⚠️ The KeyMaster contract for farming is Audited by two independent 3rd party security professionals, but we are awaiting full formal reporting, as well as additional audits. Please read through the contract before putting your LP tokens at stake! Everything is in BETA, please use at your own risk.
💻 Smart Contracts
The contracts are available on Github. Some codes are from other projects including Uniswap/Yam/Compound/OpenZeppelin and are subjected to their licenses. The followings are the list of the contracts with rough explanation:
🔒 LockToken: The token contract, with COMP/YAM voting functionality.
🔑 KeyMaster: Deposit LPs tokens to farm LOCK.
👨🔧 LockSmith: Collect revenues, convert to LOCK, and send to GateKeeper.
💂 GateKeeper: Stake LOCK to earn more LOCK 📈.
👩💻 Migrator: Migrate MasterChef LP tokens from Uniswap to KeyKey.
🏛 GovernorAlpha + Timelock: Governance from Compound.
🦄 UniswapV2: UniswapV2 contracts with small modification for Migration.
If there are any security concerns, please let us know privately via Telegram. We are offering Bug Bounties!
🏁 How You Can Participate
You can start depositing LP tokens to the KeyMaster contract using the interface at https://www.keykey.fi
You will begin to earn LOCK precisely starting from block 10780000. Be sure to stake your LP tokens prior to that for maximum 🔒🔒🔒, and keep your liquidity LOCKED and loaded for block 10848000!