3% transaction fee removal on KEYS Token + 24,000,000 KEYS Token drip for MAXI staking & farming.
August 18 is near, and the community request to remove the 3% transaction fee on KEYS has been heard clear. We are excited to confirm that we will be removing the 3% transaction fee for all buys, sells, and transfers of KEYS Token on August 18, 2022. This is a major step towards empowering creators and our community to use KEYS Token for transactions at scale without having to worry about the 3% fee. Furthermore, this provides our utility token with mass adoption capabilities, resulting in a more attractive approach to top-tier exchange listings and business integrations. But wait, it gets even better.
As many of you are aware, we used a large portion of the 3% to reward staking and farming; so how will we be able to make up for this as we remove the fee?
Well, we already solved this and are allocating 24,000,000 KEYS Tokens from our token dripper to MAXI staking (40%) and farming (60%) for the next 24 months (2 years). This allows us to reward our supportive holders and also utilize our token dripper in a meaningful way, which was our goal from day one.
Furthermore, we added the MAXI Sniper program into this update for the staking & farming protocols. This allows anyone to contribute to the KEYS ecosystem by paying the gas necessary to run the reward distributions. In return, the user who covers the gas has also rewarded a bounty in KEYS based on their LoyalKEY Ranking. Users that do not own any keys will get 1% of the pending rewards to be distributed, scaling up to 4% for users with the largest loyal key rank. Please see the pending reward % distribution below:
1.0% for SEEKER
1.6% for HOLDER
2.0% for COLLECTOR
2.4% for STACKER
2.8% for WHALE
3.2% for MAMBA
3.6% for MEGA MAMBA
4.0% for MAXI MAMBA
This means that if there are 50,000 KEYS pending to be distributed, a MAMBA can SNIPE the distribution and receive 3.2% of those KEYS, which is 1,600 KEYS! You must execute from the wallet where the KEYS are located, the protocol will not know if you are a MAMBA if you hold the KEYS in another wallet.
We are aiming to launch the SNIPE button on the KEYS Dashboard on September 1st, 2022 and anyone can press the SNIPE button at any time as long as there is at least 1 pending KEYS Token ready to get distributed. A special thank you to the dev team at KEYS for working super hard and most importantly, taking the community advice and feedback and acting on it immediately.
The volume is turned on at all times in the KEYS ecosystem; we listen to you. Please continue sharing progressive feedback and let’s build the best organization this space has ever seen. Have fun and good luck sniping!