November 25th., 2020 was a memorable day!
1 month earlier...
Location: KIRA Network Telegram chat group (https://tg.kira.network/)
Relevant discussion: "When public sale?"
KIRA Network's Team answer: "Stay tuned for the official announcement."
What was happening in there? It was pure adrenaline pumped by the 7K+ people engaging actively in the chat during this last month, everyone's sentiment was that we were cultivating a real gem.
Liquidity staking. Interchain decentralised exchange. Any digital asset staking. Always keep your asset's ownership. Ideas like these were key in building a continuously suspenseful ambiance within the chat. They are new DeFi concepts and they were put together in such a concrete and solid manner that every part of the project makes perfect sense, infusing confidence amongst KIRA's potential investors, ambassadors and influencers who were up to the task of doing their own research and spread the word about this beautiful and rare cryptoasset gem.
KIRA Network's team made some very interesting challenges to have more people engaged into its final phases of private sale, for example, there were a couple of security challenges that were launched on different social media platforms like Medium (KIRA Network – Medium), Twitter (https://twitter.kira.network/) and Telegram (https://tg.kira.network/). There even was a special security challenge where people engaged with it had to follow a maze of tips and leads in order to get the correct final result (in this case, it was an Ethereum testnet transaction to a hidden address).
So, creativity was one of the spotlights of KIRA Network $KEX launch, which has to be awarded the applause of everybody in cryptospace, as there is a lack of it when it comes to new projects that wish for their users or investors to engage with their platform without informing them first on the correct and secure way to make transactions in order to prevent funds to be drained from their wallets by a growing net of crackers who thrive in luring every corner in search for feeble prays to feed their greed.
Another aspect that I've really liked about KIRA Network social media dynamics was the whitelisting of every person who had to interact with each and every one of the phases of $KEX sales plan. Firstly, they awarded limited allocations in terms of $ETH to be able to buy $KEX; secondly, they made a proper KYC procedure in order to safeguard privacy issues and possible regulations that could have blocked their entire sales plan; and, finally, they did a great job regarding proper smart contract coding to prevent unwanted speculation and early liquidity movements which could severely damage the whole Liquidity Auction event in terms of $KEX pricing, by locking tokens as well as proper audits over the smart contract ecosystem to ensure every user and investor that there wouldn't be a slight possibility for malicious code to be injected into $KEX or even the auction smart contract which could end in the stealing of funds and thus, defrauding early investors and users. As a matter of fact, they did everything right!
1 week before the Liquidity Auction...
People is starting to feel nervous, anxiety is taking over many of the thousands of individuals who actively engaged or read the Telegram chat, regardless of it being the main channel or the language-oriented communities, they all were feeling the thrill of making money, the emotion which comes with the certainty of becoming wealthier than before because they have taken the right investment decision: KIRA Network's $KEX.
Many people were also feeling 'FOMO' and, lost as they felt, began asking for the "private sale" --which had taken place weeks ago--, as well as "when public sale?" or "when is $KEX going to be listed in any exchange?" and "where can I buy $KEX?". Nevertheless, with all that pressure going on over social media networks, KIRA Network's team held their ground and just kept replying: "Wait for official announcement."
There were many updates regarding technical aspects of the Auction platform and interface, as well as the smart contract audits that took place during the last weeks of waiting. KIRA Network's team held many AMAs on different social media platforms and answered tons of 'difficult' questions with easiness and clarity.
To partake in the Auction, one had to be whitelisted to be able to bid or push into the reversed Dutch Auction model that KIRA Network was implementing in order to decentralise $KEX price discovery. Understanding the technical aspects of this kind of bidding was a little difficult for many, although the main intention of the team was to prevent 'whales' to take over $KEX price and also make them difficult to dump their positions into market when price was supposed to be higher and then, after the dips, to discourage them on buying big chunks of $KEX 'emptying' the market for thousands of little or average investors.
The day of the Liquidity Auction...
KIRA Network's team was plundered with hundreds of questions as well as FUD posts about their Auction to be a complete and utter failure; there were even persons who dare called it an 'exit scam' and those who didn't believe KIRA Network could achieve its liquidity goal of 300K $USD of soft capitalization at a rate of 0.075 $USD / $KEX and with a total supply of 4 Million tokens destined to the Auction.
The reality is that many whales wished to bid at the highest prices (range from 1 to 3 $USD) so they could have the best profits overall, but the reversed Dutch Auction model adopted by KIRA was magnificent in many ways, for it prevented those with hundreds or tenths of thousands of $KEX or dozens of $ETH available to manipulate the price in their favor.
There were some Ethereum network issues, gas prices sky-rocketed and transactions' speed was in 'turtle' mode, but at the end, there were only a few transaction errors, mostly attributed to potential investors not complying with the Liquidity Auction rules (for example: to be whitelisted in order to be able to bid; to deposit a maximum 5 $ETH per hour; to send their bids to the correct and verified smart contract address).
In few words: KIRA Network's $KEX Liquidity Auction was a complete success! The event finished even before the 24 hours fatal deadline, discovering a price of 0.390 $USD / $KEX (that's around 0.00065 $ETH / $KEX) and raising 2597.181 $ETH in total as soft capital, resulting into a 4.86 Million $USD market capitalisation for $KEX.
In sum, $KEX price discovery has been an exciting roller-coaster, well driven, smoothly imbued and with pretty good security measures which derived in a very successful token launch.
Welcome KIRA Network and congratulations for your very first newborn $KEX; it's one of the healthier cryptoasset projects that I've seen around in more than a decade.
