Kinto has been designed to offer users a unique value proposition: a safe and KYC-compliant L2 that bridges TradFi and DeFi. Our goal is clear, but how we get there is equally important for us. Our fundamental tenet is creating an open and credibly neutral financial infrastructure.
To achieve this, we want to onboard and reward valuable participants to the network as early as possible. In a month, we are starting Engen, the launch program of Kinto. This program will last until the spring of 2024.
Launching a decentralized network gives ownership and voice to the participants who add value to the network, especially to the early adopters who jump in at the beginning of the journey. Kinto is uniquely positioned to create the fairest launch program ever created in crypto, thanks to its native sybil-resistant capabilities.
This blog post will explain how Engen works, how long it will last, and how users can participate in the launch of Kinto over the following months.
Show me the incentive…
Typically, web3 launch initiatives suffer from Sybil attacks. Luckily, thanks to Kinto’s user-owned KYC, Kinto is Sybil-resistant by design. Engen can maximize value creation and distribution while minimizing value extraction by Sybil hunters.
Engen will be split into four different phases. During each phase, users can complete specific tasks to earn Engen credits.
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Phase 1: 🌊 KYC Arrival— Starts on November 27th.
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Phase 2: 🛡️ Wallet Set-Up — Starts January 15h
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Phase 3: 🛟 DeFi Rescue— Starts February 7th
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Phase 4: 🥇 Capital Commitments — Starts March 1st.
Engen credits will be tallied using the following formula:
Engen Credits = (Phase 1 + Phase 2 + Phase 3) * Phase 4
Max Credits per user = 2,500
Engen credits can be used for the following:
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Getting priority access to products launched on the Kinto network.
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Reduced fees and unique discounts on products launched on Kinto.
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Cover gas costs for all transactions in the Kinto network.
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Participate in the Kinto governance initiation ceremony.
Disclaimer: From the start, we also want to clarify that Engen credits won’t be tradeable for fiat or tokens. Engen credits won’t be available on exchanges.
With the disclaimer out of the way, let’s cover each phase in detail.
🌊 The KYC Arrival — November 20th
During this phase, users can complete our user-owned KYC system to onboard into the Kinto network. Every user in the Kinto network needs to KYC to send transactions, but the users remain in control throughout the process. To learn more about our KYC, please read this article.
Every user who completes the KYC process during this period will receive 5–10 Engen Credits.
Action: Complete the KYC process.
Reward: 5-10 Engen Credits. Earlier users receive more credits.
🛡️ The Set-Up—January 15th
The users who have completed the KYC process can now create a non-custodial smart contract wallet. In plain English, users will completely control their funds without worrying about installing browser extensions, storing seed phrases, or understanding gas costs.
In other words, it’s the holy grail of a crypto experience; users get the benefits of having no intermediaries and the ease of use of a traditional fintech app user experience.
The user can set up additional keys to increase security when setting the wallet. Users will be rewarded for doing so.
Action: Create a Kinto Wallet and set it up.
Reward: 10–20 Engen credits, depending on the set-up.
🛟 The Rescue— February 7th
DeFi users have suffered scams, rugs, and hacks in the last two years. More than $30B was lost in 2022 alone. Users lost part of their hard-earned savings in many incidents through no fault of their own. That cannot continue.
One of our core tenets is to make Kinto’s security the best in the ecosystem and protect users from lurking risks and dangers. To that end, we will offer additional rewards to users affected by exploits that occurred in the last two years in DeFi.
Action: Prove ownership of wallets affected.
Reward: 0–30 Engen credits, based on the number of exploits suffered.
✍🏽 The Commitment —March 1st
In the weeks leading up to our public launch, Kinto will share the products and protocols built by our partners that will be live on launch day. Users can commit capital to these products to ensure an allocation and receive additional benefits and rewards.
Action: Commit capital to interested products.
Rewards: 1–50 Engen credits according to the following formula.
Engen is almost here…
Engen will mark 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 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!