Takeaways From the Knights of Degen Whitepaper
Knights of Degen released its updated whitepaper yesterday to "set out the next phase of the development of the Knights of Degen ecosystem," while touching on a number of initiatives fior 2023 and beyond. In this article, we'll review some of the main takeaways from this announcement by the web3 sports brand.
Launching the KoD Mobile App
The project's upcoming app will serve as a hub for KoD holders to interact with each other on iOs, Android, and web. A valid "Degen Identity" will be required in order to access the app as proof of membership in the ecosystem. Interested users can join the app's whitelist here by entering password "carpeDegen" and providing an email address.
A key feature of the app will be the "Degen Feed", which covers the betting and fantasy activity of users in the KoD app. Members will be able to link different third party sports betting or fantasy applications to the feed, and that activity will be viewable by other app users.
Knights of Degen will also host "Degen Tournaments" via its app. Eventually, the app will support fully customizable, user-hosted tournaments, where tournaments can be josted by anyone in the KoD ecosystem.
What is a Degen Identity?
A KoD Identity is comprised of a member's username, avatars, web3 wallet, NFT characters and authorized third party apps. It serves as an on-chain personal identifier that is used to connect the various apps and products across the KoD ecosystem. One motivation the project had for creating Degen Identities was to help onboard new collectors by assisting with key storage and asset custody.
The whitepaper also mentions an upcoming "Gen II Knights" collection, which will serve as "the virtual personification of your Degen Identity." Gen II Knights will be customizable NFTs that provide utility within the ecosystem.
Fantasy Initiatives with LeagueDAO
Knights of Degen acquired the fantasy sports platform LeagueDAO in the summer of 2022, and this acquisition will help KoD integrate fantasy applications into the KoD ecosystem. KoD's fantasy product will be called "Degen Fantasy", and it will allow users to join and host web3 fantasy sports leagues within the ecosystem. The whitepaper provides an example future usecase of a manager being able to sell or rent out players on their team in exchange for $DGEN tokens. A variety of different fantasy formats will be supported, including:
- Season Long Fantasy Mega Leagues: multi-division season-long managed leagues
- Season Long Dynasty Leagues: Multi-year managed leagues
- Scramble Fantasy: A unique NFT-powered format where collectors mint NFTs of random players, which are then "scrambled" into teams
Members will be able to enter contests in one of three ways: by entering free-to-play contests, by staking the project's upcoming native $DGEN token, or by traditional paid entry
Betting to Earn
Members will be able to earn the project's $DGEN based on their betting activity and/or through the completion of different tasks called "quests." Contests and quests will be presented and voted on by the project's DAO.
What is The $DGEN Token?
$DGEN will be the native token of the Knights of Degen ecosystem. When the $DGEN token is released, it will be distributed according to the following allotments:
- 45% to the Degen DAO Treasury
- 30% to Knights of Degen Inc.
- 10% to Contributors
- 15% via Token Claim
There will be a DAO staking pool where holders can stake their tokens to vote on different DAO proposals, with DAO governance serving as one of the token's main utility functions. The other function is the token's use as an in-game currency as referenced in previous sections.
The DAO will also be responsible for funding ecosystem development grants, managing the DAO Treasury, reviewing and approving proposals, and managing Degen Ventures, the venture arm of the DAO, among other duties.
Read the whitepaper in its entirety here.