The preKUDOS Token
What is the preKUDOS token?
The preKUDOS token is a new token that will be launched shortly after the Rakkudos mint. Rakkudos holders that stake their Rakkudos will earn yield in preKUDOS and will be able to spend preKUDOS on Shakudo products and services. Once the KUDOS token launches, preKUDOS holders that meet the qualification conditions will be able to convert their preKUDOS tokens into KUDOS as described below.
How can I earn preKUDOS?
Earning preKUDOS is very simple. All you need to do is keep your Rakkudos NFT(s) in your wallet. Shakudo has powerful on-chain data capabilities and is able to determine how long each Rakkudo stays in it's current wallet. If a Rakkudo moves from one wallet to another, the staking clock resets. Note that moving a Rakkudo out of a wallet forfeits any preKUDOS that have been earned but not yet deposited in the same wallet by Shakudo.
What is the yield schedule?
The yield schedule varies across Rakkudos and depends on their rank. The current yield schedule in preKUDOS is:
- Ranks 1-1000 - 60 preKUDOS per year
- Ranks 1001-3000 - 37 preKUDOS per year
- Ranks 3001-5000 - 23 preKUDOS per year
- Ranks 5001-10000 - 14 preKUDOS per year
preKUDOS yield will be airdropped into Rakkudos holders once every month evenly distributed throughout the year. For example, a rank 50 Rakkudo holder will receive 5 preKUDOS for each complete month of staking. If a Rakkudo is moved between wallets then any preKUDOS accrued that month by the sending wallet are forfeited and the receiving wallet accrues a prorated portion of preKUDOS for the first month. For example, if Alice just purchased a rank 100 Rakkudo and is exactly half a month away from the next airdrop, she will receive 2.5 preKUDOS in the first month, followed by 5 preKUDOS for each subsequent month that the Rakkudo remains in her wallet.
What can I use preKUDOS for?
preKUDOS can be spent anytime on Shakudo products and services at a rate of 1 preKUDOS per USDC. For example, if Bob is subscribed to a Shakudo managed validator service at a price of $850 / month (actual price may vary) and he has 850 preKUDOS he can cover one month of validator costs with his token and pay the rest with fiat or USDC.
If Bob passes the qualification criteria defined below, he can also exchange preKUDOS for KUDOS at a 1:1 rate during the KUDOS token launch.
How/When can I convert preKUDOS to KUDOS?
Once the KUDOS token is defined, Shakudo will offer qualified preKUDOS holders the option to convert their preKUDOS to KUDOS prior to any public launch of the KUDOS token. For that purpose a conversion portal will be set up where the preKUDOS holders will be able to connect their wallets, and execute the conversion if they pass the qualification criteria. The qualification criteria will primarily depend on regulatory and legal requirements and may require the owner of the preKUDOS to complete a KYC process as part of the qualification process.
If the preKUDOS holder does not qualify for conversion through the portal, they can still continue to spend preKUDOS on Shakudo products and services, even after the KUDOS launch.
What happens to my preKUDOS yield after KUDOS launches?
After the KUDOS launch, Rakkudos holders will need to restake their Rakkudos via the Rakkudos staking site. Restaked Rakkudos will continue to earn KUDOS yield according to the same schedule.
What is the difference between preKUDOS and KUDOS?
Both preKUDOS and KUDOS can be spent on Shakudo products and services. That's where the similarity ends. preKUDOS will be a Solana SPL token and the only emission of preKUDOS will be to Rakkudos NFT holders. KUDOS will be a cross-chain token spanning multiple L1 and L2 chains with expanded utility, much larger supply and a variety of emission mechanisms.
What are the future max supply, distribution and emission rates of KUDOS?
This is still undetermined and we will provide an update closer to the KUDOS launch.
I'm using a lot of Shakudo services. Can I buy more preKUDOS while waiting for the KUDOS launch?
Potentially. We will evaluate the implications of this and put up as a proposal for Rakkudos holders to vote on.
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