Kinto is an L2 rollup designed to accelerate the transition to an on-chain financial system. It features user-owned KYC, AML, and native account abstraction to solve the biggest blockers to mainstream adoption: security and user experience.
TLDR
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Engen is open for new users. Join our +25k active users today.
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Engen has already passed $10,000,000 in TVL.
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Engen will run until May 16th. Rewards slowly decrease every week.
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Engen users who have already committed will keep their max multiplier for future deposits.
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Kinto users who locked EtherFi weETH will receive boosted points. They will receive a 2x multiplier vs locking the capital themselves.
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Kinto members who locked Ethena sUSDe will receive their proportional shards.
As explained in our Engen post, Kinto is preparing for its full mainnet launch in May. Before launch, we wanted to onboard and reward valuable network participants through our launch program, Engen.
Last week, we launched the previous phase of Engen, The Commitment. In this phase, users can multiply their Engen credits by locking capital in one of the four assets we offered: sUSDe, weETH, wstETH, and sDAI. These assets will compound and earn yield while they remain locked until launch.
The community's reception has been incredible. Over 25K users have completed the KYC process**,** creating over 24K Mamori Wallets and 1250 unique depositors.
In total, Kinto has received over $10,000,000 in locked capital.
The numbers are unique and real because of our user-owned KYC.
🧮 Why lock capital now?
As we explained in our previous post, locking capital allows users to multiply their Engen credits. Even if the multiplier slightly decreases over time, you can still easily 10x-50x your Engen credits. In our previous post, we explained how the numbers are calculated.
Given that the resulting credits can be hard to estimate, we ran a few scenarios for you.
Assuming a user starts with 20 Engen Credits earned on Phases 1 to 3. Here is a table to check how powerful the effect of locking capital is.
It is worth noting that even if a user does not lock capital, he is rewarded with a 2x multiplier, the equivalent of locking $100.
Furthermore, to help existing users increase their credits, their multiplier will be calculated based on the time of the first deposit. So, they can add capital until Engen is closed and receive the same bonus simultaneously.
🤝 Etherfi Partnership
One of the four assets that Kinto users can lock is wrapped Ether from EtherFi or weETH.
Kinto users who choose to deposit weETH will receive their Engen credits multiplier, the native ETH staking yield, the restaking yield, and EtherFi points.
After discussing with the EtherFi team, we secured a 2x point bonus for Kinto users.
🫙 Ethena’s Shards
Similarly, Kinto also offers sUSDe from Ethena as a choice to lock capital.
Ethena’s team has confirmed that our bridge contract will earn all shards from Season One until it ends in the first days of April.
All Kinto users that deposited sUSDe will receive their proportional shards allocation based on capital and time deposited.
👀 Psst! We are cooking some exciting rewards for Kinto Users for their upcoming season 2. Stay tuned for details.
🕐 Final Launch is coming
A few weeks remain until Kinto fully arrives on May 16th.
Until then, users can create an account to become founding members. New users can go through Engen's phases: The Arrival, The Setup, The Rescue, and the Commitment.
We have again partnered with Layer3 to add a quest on their platform.
Phase Four will be available until May 16th at noon PST.
🌊 Engen is open
Engen marks the beginning of Kinto. We want to accelerate the transition to an on-chain financial system.
A system that can match the guarantees of traditional finance, increase availability 24/7, enhance security, and decrease the friction and costs associated with traditional asset issuance.
If you share our vision for a secure, open, decentralized financial system, help us realize it.
Join us!