The launch of MOCHI and MochiSwap has been an amazing 2 weeks and we are super excited to keep moving forward. We have established an awesome community and we have had some good clean degen fun, not the least of which was the unplanned release of the APESOX meme token which inadvertently became a super useful non-inflationary farming token and a killer hold for early MOCHI users.
But we know in the DeFi jungle nothing stays the same for very long.
The MochiSwap Project is an experiment being conducted completely out in the open, mostly via our Telegram channel. We enjoy bouncing ideas off the community when they are new and still malleable. It’s the same reason Open Source Software is so effective: namely, mindshare and velocity. Some people may get spooked by seeing ideas take shape in realtime, but we think just as many people enjoy being part of the process.
The most notable and possibly even jarring example of this is when we were very transparent about the issues we saw with having the MOCHI token exist across different chains under the same name. This is fine for a token that has no actual economic ties to any specific chain, but MOCHI is tightly coupled to the economics of the DEX on any given chain due to the fee rewards system in which every trade supports the price of MOCHI on that platform, literally, through buybacks. This can cause widely varying fee/rewards performance. Additionally, different DEX deployments may be in different states of maturity.
We started MochiSwap specifically because we were tired of “DeFi” tokens with no intrinsic value that exist only to have the earliest buyers and the team dump on users for the first few days until the hype dies down and they find their true value… zero.
By the time this is posted, there should be an updated roadmap available at https://mochiswap.io — but we wanted to give a general overview of what will be happening regarding the native MOCHI tokens on each chain, and the new KAMI token, which will be a composite cross-chain token based on locked liquidity across our DEXes on multiple chains.
Alarmed? Don’t be. For now and in the near future our efforts will remain focused on growing and improving our platform, tools and presence on BSC, before we launch a full ecosystem on the Harmony ONE blockchain.
As excited as we are about the potential of Harmony and other emerging networks, we need to complete some “table stakes” items first.
Some of these include but are not limited to:
- Completing the staking transition
- Deploying a timelock on the existing farm contract
- Building deeper analytics dashboards for users
- Offering a public, easy to use API
- Adding basic NFT integration and swapping
- Engaging more assets and creators to focus on our DEX
- Generally increasing traffic to the DEX
- Allowing the staking and fee-based rewards to stabilize
Having said all of that, we have always intended for MOCHI, the MochiSwap DEX and our various farms, to exist on a variety of emerging decentralized networks because it’s really fun to be part of an ecosystem as it grows, and who doesn’t want to be early, right?
The issue we were having was related to our desire to keep a consistent identity, and how to reconcile that with our cross-chain ambitions. We originally intended to keep the name MOCHI across all chains, but we became concerned with the impact of, and the optics created by, centralized and multi-chain tools as they tried to make sense of supply and price across a growing number of chains with vastly different economic forces.
This conversation led to a fairly simple concept that we are pretty excited about.
Introducing KAMI
KAMI is an “index” token comprised of locked liquidity across our growing list of DEX deployments.
Each chain will have a native (x)MOCHI token, eg: hMOCHI on the Harmony chain, eMOCHI on Ethereum and so forth.
For historical reasons, Binance Smart Chain (BSC) MOCHI will remain MOCHI.
These chain-specific xMOCHI tokens are, by necessity, tightly coupled to their respective chain’s DEX, and subject to a variety of economic forces specific to each chain due to their use in staking, fee distribution and governance. This precludes us from letting them all trade and list on centralized services under same name. It just wouldn’t make sense.
This led to the idea of a cross-chain “God token” codenamed KAMI, which means “spirit” or “divinity” in Japanese. KAMI will act as similar to an index fund and will be backed by locked liquidity pools across all of our DEX deployments on a growing number of blockchains.
When MochiSwap DEX is completely up and running, in perpetual staking mode, and with the staking distribution functionality stabilized, we will announce plans and a roadmap to deploy KAMI.
The general concept can be summed up by this diagram:
KAMI is designed be a stable, durable and valuable cross-chain DeFi asset based on real locked liquidity, with real revenue input sources, across a growing list of blockchain networks.
As we add more DEX deployments, and as trading volume across all of our DEXes increases, the result will be additional value in the form locked liquidity being added to the pool which backs the fixed supply of 10,000 KAMI. We think this will have the desired effect of making KAMI a safe, stable and resilient programmable asset available for use by an increasing number of DeFi developers and traders.
As the founding team of MochiSwap, we are excited to continue contributing to the platform as it matures and continues to evolve towards its final form as a completely decentralized, autonomous entity. Our goal is to design an open protocol that can be used by anyone, anywhere, with no gatekeepers, as long as they play by the rules enforced by the contracts in the ecosystem, and the parameters set by the community stakeholders.
Thanks again for supporting us during our short existence! Together, we are all building an AWESOME community and having a great time doing so. We also realize we have been dropping a lot of ideas in a short period of time and it may feel a little chaotic. Some of this is due to our radical transparency approach to engaging the community, but with this final addition in the form of KAMI, we think we have a pretty well defined path forward and nothing as jarring as APESOX will happen again anytime soon :-)
Cheers!
- The MochiSwap Team