Hey folks, I’ve written about KTX.Finance in the past before, but today I’m doing a deep dive on leading Perpetual DEX to explain why I’ve religiously been going on every day to trade (even though in full transparency I’m a horrible bad trader).
First, let’s start off with the basics…
In a nutshell, KTX is a perpetual DEX forked from GMX where traders can access up to 100x leverage on pairs such as $MNT, $ETH, or $BTC on Mantle, or else $BTC, $ETH or $BNB on BSC. To be clear, KTX is no dwarf on BSC, as it’s currently listed as the number #7 PerpDex by TVL, but where KTX has really shined is its dominance on Mantle:
Additionally, besides its dominance in marketshare, KTX has clearly been doing something right as its TVL has been up only over the past 6 months:
$KTC and $KLP
Like many other GMX forks, KTX has two main tokens, a liquidity pool token ($KLP) and a native protocol token ($KTC), both which earn a portion of the revenue generated by the protocol:
A significant difference between GMX and KTX however is the current interest rates at which you can currently earn by staking on each respective platform. Currently you can earn 13.47% APR for staking $GLP (GMX’s liquidity pool token) and 3.02% by staking $GMX whereas you can earn 16.58% APR by staking $KLP and 197.70% APR by staking $KTC — both of which give you #realyield in rewards. However, these figures do not count how much you could be earning in their Blindbox promotion, which I’ll get into next…
Blindbox — A Promotion that’s actually worth it
Depending on how much you stake or trade, currently on KTX you can earn “arcade points” which can be redeemed for Blindboxes which offer the following prizes:
According to their medium article, they indicate that “the more boxes you choose to open simultaneously, the higher the probability of bigger prizes,” which technically may be true, but from my experience this doesn’t necessarily change your chances of winning 10 $USDT any greater — it just means that if you happen to win 10 $USDT, you will do so multiplied by how many boxes you own. Additionally, what’s not listed in the graphic above is the fact that you can also win $MNT, in denominations of 0.2, 1, 2, 4, or 20.
Regardless of some of the technicalities, from my own personal experience after opening up 85 boxes, I’ve earned a cumulative $20.9 worth of $USDT, 66.6 $KTC, 27 $MNT, and 12 arcade points. If we break down each at time-of-writing prices, per box this roughly breaks down to: $0.245 worth of $USDT $0.62 worth of $KTC and roughly $0.16 worth of $MNT per box, or in other words, a cumulative total of $1.04 in each box. Assuming that you bought into 1000 $KLP valued currently at $1.134 per $KLP, that means that off of a $1,134-dollar investment, you’d earn the baseline 16.58% APR in addition to roughly $2.60 worth (or 2.5 boxes worth) in prizes. In other words, assuming you had similar luck as me you would have earned around on your investment instead of 16.58%!
Triple digit APRs are fantastic, but another factor that I haven’t talked about is that you can also earn even a greater amount of arcade points through staking $KTC or trading:
Personally I don’t think buying a large amount of $KTC is as lucrative of a strategy because of your risk exposure to its price action, but the trading option can be completed easily by opening up a $300-dollar position at 100x leverage (minding the fees course), which would net you around $8.32 worth of Blindboxes.
Other factors to consider
Despite some of these lucrative returns, there are some definite things to consider before aping in. These include…
$KTC tokenomics: According to $KTC has a total supply of 100 million tokens, but this number isn’t fixed, as “minting beyond the max supply” is possible with a 28-day timelock (To note, this is also similar tokenomics to $GMX). Furthermore, their documentation doesn’t appear to be fully updated to incorporate the migration over to Mantle, for on $KTC’s explorer page, there’s been an additional 4 million $KTC issued that isn’t mentioned in the docs. All that being said, I’d always recommend treading lightly when there’s potential to get diluted of price valuation.
KTX is an great way to rack up I’ve written about the Mantle airdrop in the past, but as a recap, the Mantle Journey has a very explicit roadmap of how to earn more points, called MJ Miles:
Ever since I’ve started using KTX, I’ve noticed my MJ Miles tally increase significantly, for each time I’m giving approval, staking, opening/closing positions I’m getting at least 10 MJ miles per transaction. If you’d like to read more about the Mantle Journey, you can read more about it in my deep dive I did a couple months back.
Zealy Quests with a $2,000 prize pool — KTX just started a 5-week campaign on where $2,000 worth of $USDT will be divvied up among the top 100 positions:
I’m usually not big on Zealy Quests, but the ones that have been posted so far have been pretty easy.
If you’re bullish on than I imagine that it’s pretty hard trying to find a reason to be bullish on KTX. If you haven’t done so yet and if you’re interesting in checking out KTX yourself, consider using my referral link (https://app.ktx.finance/trade?ref=CryptosWith&chainName=mantle), where similar to the referral system on GMX, I’d earn a small rebate on your trading activity.
And as always, thanks for taking the time to read this and be sure to follow me on twitter (https://twitter.com/CryptosWith) to get all my latest updates. Also, looking for a gift for your Crypto-loving/hating friend? Give them a REKT journal to cheer them up!
Disclaimer: This is not financial advice and this is for educational and entertainment purposes only. Please as always, do your own research and find what investments are best for you. Cheers everyone!
