Redeemable KP3R Guide

What is rKP3R & how to redeem?

Redeemable KP3R (rKP3R); a different kind of liquidity incentive token

Fixed Forex Home Page; with rKP3R rewards indicated in dashboard

Intro

Redeemable KP3R (rKP3R) is a Liquidity Mining Incentive Reward of the Keep3r & Fixed Forex protocols, designed to mitigate the flaws of traditional liquidity mining programs

This is achieved through providing Liquidity Mining as Options where the reward must be exercised as a CALL option with a strike price and an expiry. When the Options are redeemed the funds raised are distributed to vested token holders (vKP3R)

rKP3R can be earnt in the following ways;

1. Provide curve.fi/pools liquidity to any ib forex assets
2. Vest KP3R at fixedforex.fi/vest for any period from 1 wk to 4 yrs

What does this look like through the process of liquidity mining & what it means for the liquidity miner?

Let’s assume the liquidity miner has mined 100 tokens through providing liquidity to the ibEUR+sEUR curve pool. Instead of simply receiving those tokens for free, the liquidity miner would receive rKP3R (in lieu of KP3R) which entitles the miner to the right to purchase KP3R at a discount in the future

Even where the liquidity miner is intent on farming & dumping they would have an incentive to redeem based due to the instant profit available. Whilst locked token holders will receive fees as compensation for the new emissions of token. As a simple example;

• Where KP3R price is currently $150
• Strike = TWAP -50%
• Future Expiry = Today +24 hrs

This would allow the liquidity miner the right to purchase each KP3R at $75 anytime in the 24 hours once the option has been activated.

Options are paid in USDC then converted to ibEUR and redirected back to the vested token holder at fee payment schedules. All such revenue is recorded as Options Liquidity Mining (OLM) revenues. Vested token holders also receive rKP3R rewards in addition to liquidity miners, allowing them the option to increase their locked position should they choose

How to redeem rKP3R options for KP3R tokens

Once users have earned rKP3R (via providing liquidity or through vesting) they can redeem rKP3R for the KP3R CALL option at 50% discount at any time. Once created, users have 24 hrs to exercise the CALL

This can be done at fixedforex.fi/options, where they will see the following;

Step 1: Options page, claim the option

Upon claiming, the user will progress to Step 2, which displays details of the Option, Strike & Expiry where;

• Option = volume of KP3R tokens to be purchased (i.e. amount)
• Strike = USDC required to purchase the discounted option on KP3R
• Expiry = when the option expires

Note; if user does not claim within the 24 hrs period, then the option will expire

Step 2: Approve USDC

Once USDC has been approved, user proceeds to Redeem. The user MUST have USDC in user wallet address at time of Redeem

Step 3: Redeem Option, using USDC held in user wallet address

Once the txn has been confirmed users should be able to verify KP3R balance at fixedforex.fi/claim

Final Step: Check Balance at claim

The USDC is transferred to the Keep3r configured treasury address and distributed as fees to vKP3R holders, proportional to their holding

Performance
OLM has raised over $5.5m for vested token holders in revenues since implementation

Upcoming

rKP3R is planned to migrate to a v2 contract in the near future. Alongside implementation discount will be returned to 10%

Technical
Contract addresses;

• rKP3R — 0xEdB67Ee1B171c4eC66E6c10EC43EDBbA20FaE8e9
• oKP3R — 0xBA15AB4C5B27917e19f772C9718095e248fEFF35
• KP3R — 0x1cEB5cB57C4D4E2b2433641b95Dd330A33185A44

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