We are excited to launch the latest feature on the Kepler Network: Kepler Swap. With Swap, users can conveniently exchange USDC to kSQT (and vice versa) to reimburse infrastructure costs incurred by the indexers.
kSQT is the name of the token that is used by participants who operate within the Kepler Network. This token mimics the properties of the eventual SubQuery Network token (SQT) in that tokens will be rewarded to Indexers for performing tasks and Delegators can allocate their tokens to indexers to secure the network and receive rewards. Kepler is designed to enable participants to provide value to real projects which are migrated from SubQuery’s managed service to the decentralised offering and receive incentives via the Kepler token (kSQT).
SubQuery will offer a basic swap mechanism for kSQT rewards (but not the airdrop itself). You will be able to use this swap mechanism to convert rewards earned via indexing and delegation into USDC at a predetermined rate. The swap contract will be seeded with just enough USDC to purchase all reward emissions over the lifetime of Kepler. This is done with the sole purpose of reimbursing infrastructure costs incurred by the indexers, hopefully at a profit - this exercise will allow us to calibrate reward emissions in conditions close to the real market.
The kSQT reward tokens acquired by the swap contract become available for release to potential delegators, who wish to get hold of kSQT and participate in the Kepler Network. While kSQT will not have transfer restrictions, we do not envision it as a free-float token, hence will not provide or support additional liquidity.
kSQT will have a controlled supply that is intended to be just enough for the minimum viable network running with limited capabilities. Only kSQT received as indexing or delegation rewards can be swapped for USDC; airdropped kSQT is not eligible for the swap contract.
How to Swap
If you encounter any issues or have feedback for us, feel free to contact the team on Discord.
SubQuery is a blockchain developer toolkit facilitating the construction of Web3 applications of the future. A SubQuery project is a complete API to organise and query data from Layer-1 chains. Currently servicing Ethereum, Polygon, BNB, NEAR, Polkadot, Avalanche, Algorand, Cosmos and Flare projects, this data-as-a-service allows developers to focus on their core use case and front-end without wasting time building a custom backend for data processing activities. In the future, the SubQuery Network intends to replicate this scalable and reliable solution in a completely decentralised manner.