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Last updated: Aug 16, 2023
KSwap Finance is a decentralized exchange built on OKExChain. The project was under development since 2020 and finally launched its dApp in beta on OKC in July 2021.
The project started as many DEXes at the time - by announcing an airdrop and huge returns for early users and supporters. At the time of this writing, KSwap Finance doesn’t seem to age well or even mature enough: the price of its native token has been in a constant decline since its genesis, and the anonymous team fell completely silent on social media since the beginning of 2022. However, KSwap Finance remains the biggest DEX on the OKExChain by TVL.
Similar to other DEXes, KSwap Finance operates as an automated market maker (AMM) on the OKC blockchain. The platform’s main product, KSwap, provides users with the opportunity to swap any type of supported tokens that are being stored in single-asset or dual-asset pools. KSwap also provides users with four different ways to earn the platform’s native token, KST.
KSwap Finance product suite also includes an NFT system called KUniverse which allows users to obtain NFT cards depicting various space objects. These NFTs were initially distributed as mystery boxes between bug hunters and participants of the early testing activities on the platform. Each of the 20,000 NFTs varies by their level or weight and brings different bonuses for their holders such as staking opportunities for USDT rewards from the bonus pool.
KSwap Finance fees are proportionally distributed between three causes, the main of which is the buyback of KST tokens (70-80%). Tokens that were bought by the platform are being stored in the Treasury and locked until the governance system will be implemented and the community decides what to do with them. The team spends 10-20% of the overall fees generated on the KSwap exchange for operational expenses while the remaining 5-10% of the KSwap fees go to the NFT bonus pool described above.
KSwapFinance app offers its users three types of yield farming. First, it is liquidity mining. Aside from the traditional way where users provide LP tokens to the corresponding pool to grow their holdings, there’re also the so-called dual mining opportunities that enable users to receive not only the platform’s native token but also partners’ tokens as a reward for LP tokens they have provided.
The second way to get KST tokens is to deposit selected tokens in single-asset pools which is regular staking. Finally, KSwap farming gives users an option to earn KST rewards for trading specific pairs of assets on the platform.
All KSwap dApp activity is displayed on the analytics tool created by the team.
KSwapFinance wallet options include MetaMask, OKEx Wallet, TokenPocket, BitKeep, and ONTO.
KST is the KSwap Finance native token. Its total supply is limited to 1 billion. The team receives 10% with the promised linear unlock three years after the launch of the mainnet, another 5% goes to investors and the market, while the rest 80% is reserved for mining purposes and future rewards for users.
KSwap Finance team consists of five core members who have chosen not to disclose their identities and stay anonymous. All developers reportedly have more than five years of blockchain experience and provide a wide range of expertise in technical and marketing fields. KSwap seems to be based in China given their rewards schedule is tied to the Hong Kong time zone.
According to an old AMA of the project’s volunteers, the list of KSwap Finance investors includes Mr. Block, CHAIN Capital, Spark Digital Capital, AlphaCoin Fund, ZB capital, GATE Labs, HOO Labs, Nirvana Capital, and Onemax Capital.
There are around two hundred token pairs listed on the KSwap Finance exchange.
The team depicted their vision of the future of the platform on their roadmap. According to the document, the next KSwap Finance product is supposed to be an IDO platform called KStarter meant as a decentralized way for token distribution and early investor engagement.
Another important checkpoint that hasn’t yet been reached by KSwap Finance is its own DAO launch that is supposed to bring decentralized governance onto the platform.
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