Ascend uses 90% revenue to buy hype
The litepaper for Ascend, a launchpad slated to go live on Kinetic L2 Elysium, has been posted.
The structure is a bit unusual...
1) If you deposit hype, it’s converted into Kinetic’s khype, and the staking yield is used to buy launchpad tokens that are then airdropped to stakers.
2) 90% of revenue is used to buy hype, and 10% to buy kntq.
3) Of the hype purchased, 40% is staked to the Ascend address, 30% goes to ecosystem token buybacks, 10% to rewards for hype stakers, and the rest to operating expenses.
In many ways, it looks like they’re trying to align it with both Hari and Kinetic. I wonder if a banger can come out on Elysium.
