The New KFI Token + Token Locks
The new KFI token supply has been reduced to 513,000 tokens. The new contract is at https://etherscan.io/address/0xf19ed2025effdb2b22d1376c09b4884f26475dd1
Note that the old KFI tokens are still valid and will be used for the swap.
A token snapshot will be taken sometime on or before September 15, 2020 to see which wallets hold the existing $KFI token so that the new tokens can be distributed.
How To Swap
There is no need to send your old tokens back. New tokens will be sent to the same address that holds the current token.
Those who have held their tokens longest will get their tokens first. (After the snapshot, there should not be any old tokens available to obtain. Just keep them in your wallet in order to get the proper amount of new tokens.)
Thereafter, the Uniswap address will be updated. There will be no announcement of when the new tokens will be available on Uniswap.
Most Tokens Will Be Locked
Most of the new KFI tokens have already been locked into one of three contracts.
The Community Token Lock
85% of the community allocation of 155,000 tokens (131, 750 KFI) have been locked until September 14, 2021.
The community token lock contract is at https://etherscan.io/address/0xcc8e7e56d448b765ffa0ce6a72075af75057f431
The Team Token Lock
100% of the team allocation of 155,000 tokens have been locked until September 14, 2021.
The team token lock contract is at https://etherscan.io/address/0x71ed96fbaa434f662859d572cbd4fdd1a7191047
The Development Token Lock
85% of the development allocation of 155,000 tokens (131, 750 KFI) have been locked until September 14, 2021.
The development token lock contract is at https://etherscan.io/address/0x06f9d53ad28b860842e368cbe9b89714f9126fbf
100% of remaining liquidity will be locked in the new KFI token for a period of one year within 3 days of the token snapshot of the old KFI token.
Angel Liquidity Providers
ALPs will be receiving their liquidity back before the end of September. KFI tokens will be distributed according to the number of KFI tokens (old and new) each wallet holds before the ALP reward is distributed.
The ALP with the most KFI tokens in their wallet at midnight on September 15 (GMT) will receive their allocation first at a rate not to exceed 1,350 tokens per day. After the first ALP has received their allocation, the ALP with the next-highest number of KFI tokens at the snapshot will begin to receive their allocation, and so on until the end of October.
The Purpose of the KFI Token
Please note that the KFI token is a utility token, not an investment or security. KFI tokens are intended to be used for governance and access to features of the Karma Finance protocol. Like Yearn Finance (YFI) tokens, they have no inherent value.