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Kawakami Inu is Giving Memecoins a Purpose, And That's a Big Deal

/EIN News/ -- New York, United States, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Memecoins emerged as a popular new trend earlier this year, after the success and a sudden burst of popularity that Dogecoin (DOGE) has experienced. With DOGE demonstrating how a coin can become one of the biggest cryptocurrencies by market cap with its popularity driven by its ties to popular culture, several DOGE-like coins emerged to try to do the same.

Of course, having one coin with nothing but a meme to back it up and make it fun and unique was one thing — having an entire group of them is another. While based on a popular concept, most of these cryptocurrencies had nothing that would make them stand out, and no specific use cases.

So, when Kawakami Inu first emerged, many wondered how another memecoin would change things or improve them, or if it would at all. But Kawakami Inu isn't like previous memecoins. It aims to become an entire decentralized ecosystem for dog-based memecoins, with KAWA as its primary native cryptocurrency.

What makes Kawakami Inu different from other memecoins?

The project emerged in mid-May this year, with a roadmap that made it clear that Kawakami Inu had no intention of being just another memecoin without a purpose. It is intent on being the leader of the pack - offering several benefits, features, and new possibilities, not only for KAWA holders but for all those who own any of the other memecoins.

To make that a reality, Kawakami Inu is preparing several features and services that create real use cases for both the KAWA token and all of the other memecoins already in circulation. The first features planned for that purpose include The KawaFarm, KawaSeed, and KawaSwap. And all three create opportunities for memecoin owners to put their holdings to use.

The Kawakami Inu platform features, explained

The KawaFarm is Kawakami Inu's yield farming and staking system, the first version of which went live in early July 2021. Already, holders of KAWA, SHIB, AKITA, ELON, and KISHU can all participate to begin earning rewards in the form of the platform's native governance token, xKAWA. And in late August of 2021, the platform's developers will roll out an update to the KawaFarm functionality.

That update will add 3 new Kawakami Inu pools. The new options will include a single-sided xKAWA staking pool, a KAWA/ETH LP staking pool, and xKAWA/ETH LP staking pool. xKAWA staking in these will work just like staking of any of the original five pools, rewarding users with more xKAWA in return. But the developers aim to also begin providing other forms of rewards beyond simple tax redistributions.

And they're not going to stop there. The second feature planned for the platform is KawaSeed. It's a crypto-based venture capital fund that will help to power the next big things in the memecoin ecosystem. What's special about KawaSeed is that it will be community-governed, empowering xKAWA holders to chart its course. Holders of that token will have the ability to propose projects for the fund to back, and reap the rewards of the fund's investments once it recoups its initial outlays.

And following the launch of KawaSeed, the developers aim to add another useful feature to the mix: KawaSwap. As its name suggests, it's a DEX that will provide users with the ability to swap their memecoins without having to leave the Kawakami Inu ecosystem. And, it creates yet another opportunity for holders of the KAWA token to earn, because they'll receive a portion of the transaction fees generated by the DEX. A BSC Bridge that’s coming alongside it will be something many investors are eagerly waiting for as it will allow them to trade with lower fees.

What is xKAWA token?

The xKAWA token was conceived to be the governance token of the Kawakami Inu ecosystem. However, the team identified one problem — the fact that most investors tend to buy governance tokens for their investment potential, rather than to help govern the project. And they didn't want to see that happen.

That's because the platform's developers intend for the project to be community-led at the earliest possible date. That's why they've scheduled the launch of KawaDAO, the platform's stakeholder-run management system, to follow soon after the completion of KawaFarm. But without stakeholders interested in being active participants in ongoing decision-making, that system can't work.

So, to provide additional incentives for xKAWA holders to HODL and add their input to the platform's direction, the team has been working on assigning it several DeFi features to make holding the coin more rewarding. And the primary incentives they're adding are ETH and wBTC reflection functions.

They're funded by an 8% transaction tax that disincentivizes selling xKAWA tokens and also provides a revenue stream to reward those that don't sell, among other things. To that end, the first 2% will go to xKAWA stakers, while 2% will go to those who stake the native KAWA token. These rewards will be paid out in ETH. A further 1% will become a part of a Top Buyer Reward, 1% will be rewarded to a random person who stakes both KAWA and xKAWA once per week, both paid in wBTC. Then another 1% will be burned, and the remaining 1% will be distributed to the team development fund.

The future of memecoins

True to their vision, the developers of the Kawakami Inu platform and its native KAWA and xKAWA tokens have started to build something unprecedented in the world of memecoins. Instead of another pop-culture-driven coin, they've decided to give memecoins something they've never had before: a purpose.

It's an effort that would make them a worthy leader of the memecoin pack, giving it real staying power to become a force in the cryptocurrency world to be reckoned with. And when they accomplish that mission, investors and observers alike will have to start taking memecoins seriously – even if their origins themselves remain a humerous footnote in crypto lore.

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Company: Kawakami Inu

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