In order to reduce token total supply from 10B to 9M for fair governance of our DAO governance token and also due to Celo Optics Bridge V1 → V2 migration, KNOX tokens were airdropped in Celo Network at a 1:1 rate to existing KNX holders (those with more than 1 KNX in their wallets) and Ubeswap KNX-CELO LPs. The snapshot was taken on March 18 on both Celo and Ethereum Networks (Ethereum KNX holders receive KNOX tokens in Celo Network as well). Due to faulty Celo Optics Bridge V1, Ethereum KNX holders were not able to bridge their KNX tokens to Celo Network. Through this KNOX airdrop, Ethereum KNX holders received an equivalent number of KNOX tokens on the Celo Network, allowing them to participate and redeem their KNOX from DAO-owned liquidity.
What about KNX token?
KNX holders swapped a significant amount of KNX (~8M KNX) back to our DAO-owned liquidity pools on Ethereum and Celo in the past few months. As a result, KNX currently only has a circulating supply of <1%. Morever, Ethereum KNX holders were not able to use faulty Celo Optics Bridge V1 to bridge their KNX tokens from Ethereum to Celo Network. Therefore, KNX tokens are not ideal to be a fair governance token, and KNOX tokens were airdropped to existing KNX holders to reduce token total supply from 10B to 9M for fair governance of our DAO. Here is a summary of KNOX token:
Fair launch, 100% community-driven, airdropped to KNX holders
Reduce total token supply from 10B to 9M to ensure fair community-driven governance
There will only ever be 9,007,035.930907 KNOX tokens
No new KNOX tokens can be minted
No future KNOX vesting
DAO-Owned Liquidity on Uniswap (Celo)
3 months after the proposal to launch Uniswap V3 on Celo Network, Uniswap officially launched on Celo in July. Thanks to Uniswap V3 low slippage swap mechanism, the community has voted to allow KNOX to redeem DAO-owned liquidity indefinitely. All assets (CELR, AGLD, MVI, DPI, NFTree, SOS) have been converted to CELO to allow for KNOX → CELO redemption on Uniswap for all KNOX holders. Please click this link to go the KNOX-CELO pool.
In December 2021, the community has made several community-driven governance decisions to diversify our DAO-owned liquidity on https://commonwealth.im/knoxedge when snapshot.org was not supported on Celo network yet.
KNOX contract address: https://explorer.celo.org/token/0x833fD14F0FD4eaA47433A07428a46d1Ac60fA591
KNOX-CELO Uniswap V3 pool (Celo):