DeFi project KingSwap today announced the launch of its NFT staking program and raffle games. On a mission to drive mainstream DeFi adoption through gamification, KingSwap is a high-yield liquidity platform that offers extensive staking rewards, digital collectibles, and fiat conversions.
KingSwap’s new NFT staking program allows users to stake their King, Queen, or Knight NFTs for a set period of 3, 6, 12, 24, or 48 months, similar to a bank’s Certificate of Deposit. For a 12 month commitment, investors earn 60% APY for staking a Knight NFT (worth 10,000 $KING tokens), 80% APY for staking a Queen NFT (worth 100,000 $KING tokens), and 100% APY for staking a King NFT (worth 1 million $KING tokens).
Holders can also stake their NFTs in a variety of unique games built on the KingSwap platform, including raffle drawings. To join a KingSwap raffle, players pay an entry fee of 20 $KING tokens. Once 100 players have entered, one player is randomly selected to receive a limited-edition NFT. For every friend a player refers to the raffle game, they’ll earn one $KING token for each entry they buy.
“We created this raffle game to provide better rewards to participants, while at the same time earning the loyalty of $KING token holders,” said Malcolm Tan, KingSwap senior advisor. “We’ve already seen many enthusiastic users join our first few raffle drawings, and look forward to continuing to reward our community with limited edition NFTs.”
KingSwap has also rolled out NFT games inspired by poker and slot machines, giving players more opportunities to stake their NFTs for a chance to earn greater rewards. All of KingSwap’s NFTs can be kept to use in various games in the ecosystem, or sold and traded as digital collectibles on platforms like OpenSea and Rarible.
The launch date originally set for NFT staking was December 3. During the KingSwap development team’s testing phase, they found there was extra work needed to improve NFT staking by reducing gas fees and security risk. The development team added these functions to account for airdrops for users while they stake their NFTs, and added an emergency withdrawal system in case of contract malfunctions to refund a user’s tokens. KingSwap’s development team added more information on the UI to make it more user-friendly. All these improvements were detected during UAT testing. In order to roll out features to benefit KingSwap’s supporters and minimize risk, they postponed the launch until December 4.
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 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; Lionel Iruk, Esq., and Dr. Robert Choi.
Prior to KingSwap’s public launch in October 2020, venture capital firms and cryptocurrency investors participated in a private fundraising round, raising more than $20 million USD in funding and liquidity support. KingSwap’s backers include Plutus VC, Hashstreet VC, Alpha Sigma Capital, Tradecraft Capital and 7CC.