Kraken Finance Genesis Pools Launch

October 16 update – Genesis did not launch as planned, the team says they will update “soon.”

October 13 update – launch delayed to October 16.

New algorithmic stablecoin pegged 10:1 to DAI on BSC.

Genesis Farms
- Genesis farming will last for 48 hours
- 20,000 KRAKEN rewards to be distributed across the following pools:
  - 10,000 — KRAKEN/DAI LP pool
  - 6,000 — BNB pool
  - 4,000 — DAI pool
- No deposit or withdrawal fee
- 6% (??) sales tax on KRAKEN and KSHARE, and during LP creations; tax applied when peg token is at (or over) peg. Use the built-in zap feature on the dApp to avoid tax when creating LPs
- governanceRecoverUnsupported function removed on genesis contract

Tokens
- $KRAKEN is the algo-stable, pegged 10:1 to DAI
  - Initial supply: 20,500
    - 20,000 — Genesis farming
    - 500 — Pre-mint for initial liquidity (200 added to liquidity and 300 held by contract creator at time of review)
- $KSHARE is the shares token
  - Total supply: 37,000
    - 29,999 — Farming rewards (vested linearly over 350 days)
    - 3,500 — DAO fund (vested linearly over 160 days – 21.86 KSHARE/day)
    - 3,500 — Team fund (vested linearly over 160 days – 21.86 KSHARE/day)
    - 1— Pre-mint for initial liquidity
- $OCTO is bond token
- Ownership renounced for $KRAKEN [tx]

Features
- Fire Tax
  - Sell tax on KRAKEN and KSHARE when peg price is under at or above peg (tax used to buyback KRAKEN)
- Rebate (bond mechanism for building Protocol Owned Liquidity)
  - deposit assets such as; USDC/DAI/USDT/BUSD, to receive discounted KRAKEN/DAI LP and also earn KSHARE rewards
  - bonded rewards linearly vests over 10 days
- Referral system
  - Refer and receive 3.2% of a referred user’s sales tax; the referee will receive 20% off their sales taxes
- In-built auto-compounder
  - KRAKEN/DAI and/or KSHARE/DAI auto-compounding vaults to earn KSHARE
  - compounds every 2 hours or when a user claims the bounty using ‘Harvest’ function
  - 4% fee on claimed rewards for every compound (fee used to buyback and burn KRAKEN)
  - withdrawal taxes apply on withdrawing rewards, as necessary