Regulated DeFi project KingSwap today announced it achieved $4 million USD in transaction volume in its first three days on Uniswap. KingSwap is a high-yield liquidity platform that offers extensive staking rewards, digital collectibles, and fiat conversions.
$KING/ETH launched at less than USD 0.01 (due to the way Uniswap’s platform for new pairs works), and the market’s price discovery saw the $KING price bidded up to USD 0.13 before early high-yield farmers started selling $KING tokens down to USD 0.02+. APYs were initially at five-digit levels, and have now settled at over 3000% APY as of the time of this release. The project launched on Uniswap on Saturday, October 31, and was listed on www.coinmarketcap.com on Saturday as well.
“Early support for Uniswap shows the DeFi boom is just getting started, and that there’s global demand for KingSwap’s unique offering,” said Malcolm Tan, KingSwap Advisor. “We’re pleased by KingSwap’s initial popularity on Uniswap, and plan to keep our momentum going with several campaigns in the coming weeks and months. Very few new projects have been able to achieve the recognition and support, much less the volume that KingSwap has achieved from its IDO on Uniswap.”
Before KingSwap’s public launch on October 30, venture capital firms and cryptocurrency investors participated in KingSwap’s private fundraising round, helping the project quickly exceed its 1000 ETH soft cap to raise over $20 million USD in funding and liquidity support. KingSwap’s backers include Plutus VC, Hashstreet VC, Alpha Sigma Capital, Tradecraft Capital, and 7CC. KingSwap also sold out four editions (and since then, another 3 editions) of its exclusive ‘Knight Token’ NFTs (and also an edition of its “Queen Sparkle” NFTs), which provide owners access to upcoming $KING airdrops. Two airdrops have already been distributed to all NFT holders (with over 200% ROI). The resale market for these NFTs is already robust, with some resellers already achieving returns of over 150 percent.
An evolution of Uniswap, KingSwap provides user-friendly features that provide real-time benefits in terms of price curves and contributor rewards. KingSwap’s NFTs give their owners loyalty rewards from $KING tokens issued. The project recently released its limited-edition Halloween-themed NFTs.
KingSwap was founded by a team of experienced leaders in banking, finance, and crypto, including Dr. Anish Mohammed, who has advised and worked for companies including HSBC, Lloyds, and Zurich, and was an early advisor to Ripple and Ocean Protocol; Dunstan Teo, Chief Architect of the Fido Protocol and President of Sanctum Pte Ltd.; and Ho Chin Shin, who previously worked as a director at Standard Chartered Bank; Nomura, Japan’s largest investment bank; and the Bank of Singapore.
KingSwap’s advisors include Dr. Christian Rio, Chief Executive Officer at Green Candle X Capital; Venture Capitalist Dr. Giampaolo Parigi; Professor Alex Nascimento, Faculty and Co-Founder, Blockchain at UCLA; Michael Terpin, Founder and CEO of Transform Group and Co-Founder of BitAngels; Lioenl Iruk, Esq., and Dr. Robert Choi.