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Klever (KLV) To Hold Its KFI Mining & KLV Burn For Three Days

Mon, 03/22/2021 - 14:42
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Vladislav Sopov
Klever (KLV) blockchain shares an update on its KFI mining program. Here's how KLV holders can join the platform's governance
Klever (KLV) To Hold Its KFI Mining & KLV Burn For Three Days
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Klever (KLV) blockchain invites all tokenholders to take part in KFI mining, i.e., the procedure of minting the new governance asset, KFI. The entire campaign will last only three days, to be followed by a massive KLV burning event.

KFI mining: three days, 100,000 coins

According to the latest announcement by the Klever (KLV) blockchain team, its KFI mining program has been updated. It will take place between March 22, 2021 (4:00 p.m. UTC), and March 25, 2021 (4:00 p.m. UTC).

Klever blockchain launches KFI mining event
Image via Twitter

The entire supply of 100,000 KFI coins allocated for this event will be divided proportionally between all KLV accounts of mining program participants. Thus, all KLV tokenholders who send their coins from special mining addresses will receive their shares of the KFI supply in three days.

All KLV tokens received by this address will be destroyed on March 26, 2021. Therefore, the burning event may be one of the largest such events in crypto history.

KFI rewards will be sent to participants on March 29, 2021. The remaining KFI tokens (50,000 coins) will be immediately swapped into TLWT assets.

Introducing Klever (KLV) governance model

The Klever (KLV) team stresses that KFI itself will not have any intrinsic value despite being a very scarce asset. It will act as the first governance token in the Klever ecosystem. As with YFI on Yearn.Finance and UNI on Uniswap, it will be used to vote on referendums.

KFI holders will be able to vote for new proposals, change existing proposals and approve or reject new products connected to the Klever (KLV) ecosystem.

Also, KFI holders will be rewarded for their activity in on-chain referendums. Klever Foundation will also burn 250,000,000 KLV tokens to receive KFI coins.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)