KFI Mining is a pioneering event in crypto, as KLV holders infused $77M of value in the form of KLV into the blockchain governance token KFI, while burning & removing the KLV used to mine KFI.
The mining of Klever Finance Token (KFI), the governance token of the upcoming Klever Blockchain, has successfully concluded in the largest mine-burn in the history of crypto.
629 million KLV at the value of ~$77 million USD has now officially been burned and removed from KLV circulating supply on March 26 as a result of the KFI Mining. You can find the blockchain transaction hash to the KLV burn below.
The KFI Mining method was unique in crypto industry standards since it used an existing utility token, KLV, to mine a blockchain governance token, KFI.
The fact that 77 million USD worth of value in KLV flowed into KFI, while reducing the circulating supply of the ecosystem’s main utility token KLV is something that no other prominent crypto has attempted or executed before.
KLV shows how a true utility token should be constructed and maintained as a scarce asset. The fact that KLV token gets destroyed after use in the mine-burn only confirms that. A process and method that will continue to make KLV increasingly scarce and valuable over coming years.
There are now three different and powerful burn mechanisms that make KLV interesting and unique in the crypto market:
Daily coin burns of KLV is implemented and broadcasted to the KLV community every day based on 100% of the fees collected from Klever Swap, one of the core products of the Klever ecosystem. Klever Swap handles over 10k Swaps daily.
Annual revenue burn occurs each beginning of the year, when Klever team calculates the revenue made from last year, and removes KLV from the token’s circulating supply at the equivalent USD value that previous year’s revenue amounted to. Klever officially burned and removed from circulating supply 379 million KLV on February 2, which represented around 9% of KLV’s circulating supply at the time. As the usage of the Klever Swap and Klever ecosystem products increase over the coming years along with Klever’s revenue, so will the annual KLV burn amount.
KLV mine-burns is what the KFI Mining event of March 22-25 constituted, where KLV holders use their utility token KLV to mine another token, in this case the scarce governance token of Klever Blockchain, KFI. Klever Finance was the first of many projects to be birthed through this mine-burn process. The concept of infusing value into another token by burning an already valuable and highly liquid traded utility token is a new and exciting idea among prominent crypto companies, pioneered by the Klever and KLV community.
The third and last of these burn mechanisms is in our opinion the most interesting one. Klever’s own in-house development entity, Klever Labs, burns all tokens from the project mining process, thereby creating scarcity and at the same time adds more value to the ecosystem by infusing long-lasting value into new technologies, innovations and platforms.
Under Klever Labs, teams are thoroughly screened, KYC’d and reviewed by the Klever Compliance Team. KLV community members and KLV holders worldwide can use their utility token KLV to mine another token. This way, Klever is never creating new tokens out of thin air, but creating continuous demand and scarcity for KLV by bringing innovative people and projects to the Klever ecosystem.
Klever is a true community project, funded entirely by community members and there is no Venture Capital involved, only klever people around the world in joint pursuit of financial freedom through the use of innovative, simple-to-use and powerful technologies. KLV is growing at unprecedented pace, with over 144,000 daily active users (DAU), over 500,000 monthly active users (MAU), and has risen to become a Top #120 coin on Coingecko in a matter of weeks.
With the immense support of the global KLV community, we at Klever will achieve our goals of providing everyone around the world with self-bank tools to achieve financial freedom, get millions out of debt, and become masters of their destiny once more. Klever is the most simple way to get into crypto, and achieve true financial independence.
Director of Communications at Klever