Some checkpoints before joining Klayswap DeFi pool with TriumphX
Our last post was for those who are unfamiliar with the DeFi project that TriumphX is participating. We defined and provided detailed information on how to take part of the project. In this post, we would like to address two crucial concepts about TriumphX in Klayswap. First concept is essential during the preparation stage for KlaySwap. Second is concepts that you need to keep in mind during the mining phase.
Ethereum-based token and Klay-based swap DEX
This is the most important concept to know in preparing for KlaySwap DeFi with TriumphX.
TriumphX is Ethereum-based token while KlaySwap is based on Klaytn Swap DEX, which makes it incompatible. Both tokens were developed based on different blockchain so to take part in DeFi, you need to convert Ethereum based TriumphX tokens to Klaytn-based TriumphX tokens. We named Klaytn-based TriumphX token to ‘KTRIX’ to distinguish between the two. The preparation steps are as follows.
- Create Klaytn based electronic wallet
Klaytn is mainnet developed blockchain by Kakao, which does not support global general purpose wallet, such as Metamask, at the moment. Therefore, it is necessary to create Klaytn based wallet, such as Kaikas. After searching ‘Kaikas wallet’ in google, download chrome extension programs and you could easily create by following the steps below.
2. TRIX to KTIX
KlaySwap uses the Orbit Chain (https://bridge.orbitchain.io), which serves as a bridge to support cross-chain engagement. Through K-Bridge of the Orbit chain, the Ethereum-based TRIX token is converted to the Klaytn-based KTRIX token.
To convert, select a token on the screen below, select “To Klaytn Chain” from the “From Ethereum chain”, and send it to the opened Kaikas address.
※ If you skip this step and transfer TRIX tokens directly to the Klaytn-based Kaikas wallet, all assets may be lost, so be extra careful. ※
The transfer time is expected to take 10–20 minutes, and you need to add Token to check the tokens transferred from the Kaikas wallet.
Click View on Klaytnscope to access the Klaytn Block Explorer (https://scope.klaytn.com/ ). After accessing, search for’KTRIX’ and add the contract address to the Kaikas Wallet.
Contract Address of KTRIX in Klaytn : 0x0c1d7ce4982fd63b1bc77044be1da05c995e4463
※ Tokens must never be transferred to the contract address. Since the contract address is used only when coins are registered in the wallet, all tokens are lost when transferred. ※
KLAY belongs to the same blockchain as Kaikas wallet, so there is no need to convert KLAY to put it in Kaikas wallet.
KTRIX token which converted through Orbit Chain, and KLAY must be prepared in Kaikas wallet to participate in the Klayswap DeFi pool.
Method to improve profit; KlaySwap’s voting system
The biggest difference between the regular DeFi project and KlaySwap is that you can participate in full voting by staking KSPs mined with DeFi tokens. The amount of KSP mined per day is fixed, and the amount of mined is distributed to each pool according to the voting participation rate. The process is as follows.
1) Acquire vKSP through staking KSP
Participants can earn vKSP by staking KSP in Klayswap. The profit efficiency here refers to the ratio of the vKSP acquired to the staked KSP. The longer staking period of KSP gives more vKSP as up to 4 times.
2)Use vKSP to vote on the participating pool
The vKSP is simply a voting right to vote on the pool. If you are participating in KTRIX-KLAY pool, you can stake the mined KSP and vote in the KTRIX-KLAY pool with the obtained vKSP.
When you vote, 50% of the profit generated from the KTRIX-KLAY pool is distributed to the voters to generate additional revenue.
In order to take the best profit efficiency, stake KSP as long as you can, and get more vKSP to vote in the pool you joined to increase the KSP dividend rate.
3) Rate of return according to Voting Ratio and Deposit Volume
However, even if one participant puts a lot of effort into it, it is necessary to participate in a pool with high turnout and volume to increase the profit rate. Based on current time (4/12 12:00PM), TRIX: KLAY pool’s voting rate is currently in the 2nd place.
Higher deposit volume rate compared to the same period and an additional airdrop of TRIX on the April 6th, resulted running the 1st place for the profit rate. When the TRIX airdrop was applied, it showed a maximum APY yield of 5,220%. In addition, assets over $10 million were deposited in 3 hours and 30 minutes. The next day, the 7th, it recorded a volume of over $17.74 million (about 20 billion won).
So far, I have explained the additional concepts that you must know in the KlaySwap DeFi pool that TriumphX is participating in. In order to prepare for the participation, I would like you to know that you need to convert TRIX to KTRIX , and participate in the KSP staking program and pool voting to know the method of increasing profit.
DeFi project is evolutionizing time to time. If you understand the principles of DeFi projects, you will be able to get higher profit compared to those who don’t understand the principles. Please take a lot of interest in the Klayswap of TriumphX, which will continue to run for a year.
▼ Check the latest TriumphX information ▼
Website: https://triumphx.io/
Twitter: https://twitter.com/TrixTriumphX
Medium: https://medium.com/triumphx
Telegram(Korean) https://t.me/TRIUMPHX_official
Telegram(English) https://t.me/TRIXcommunityEN
