Kira Project Review

About

Intro

In another edition of our project reviews, we decided to have a look at Kira.

So what is the deal with Kira? In this review, we will dig deep into this project and give you all the answers. We took an in-depth look by examining the project, its team, tokenomics, and community.

 

If you wish to skip to the summary to see the matrix score and rating, click here.

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Overview

KIRA is a trustless DeFi Network that provides access to the market for any digital token in the cross-chain ecosystem and allows you to utilize 100% of your working capital without locking it up. With KIRA, you can stake any fungible or even non-fungible token to secure the network and claim the rewards. KIRA makes it possible to stake on leverage (on multiple chains at the same time), trade all your staked coins directly on Kira or use it with other DeFi’s at the same time.

Use case

KIRA Network is designed to secure and power DeFi applications by utilizing the real, intrinsic value of any digital asset at stake, such as cryptocurrencies, stablecoins, digital fiat or even NFT’s. KIRA further provides liquidity to staked assets through staking derivatives which at the same time can be used with any DeFi application in a trustless manner.

KIRA Network itself is a hub providing access to the market and incubates DeFi products such as native exchange protocol or a novel crowdfunding application where investors do not spend their money, but delegate their assets to mine new tokens and maintain full liquidity of their capital.

Products/Features

Kira Interchain Exchange

Interchain Exchange Protocol (IXP) is a scalable, trustless, and permissionless asset exchange built to demonstrate core economic principles of the KIRA Network and offer a fundamental value proposition (network fee revenues) to the Kira Token (KEX) holders as well as other delegators. The leading utility of the IXP module is to provide full liquidity (through staking derivatives) to all assets at stake while enabling traders to benefit from the block and network fees.

In combination with the MBPoS consensus Kira Interchain Exchange Protocol enables traders to stake and trade cryptocurrencies, digital fiat, and even NFT’s same time. Furthermore, lXP shields the cryptocurrency ecosystem from risks caused by the centralized exchanges which accumulate large amounts of stakeable assets by offering staking services without the need for locking those assets.

MBPoS Consensus

Kira utilizes the value of real assets at stake to secure the network thanks to it’s novel Multi-Bonded Proof of Stake (MBPoS) consensus. Compared to other types of PoS algorithms there are no limitations in regards to how much value can be at stake and what types of digital assets can be staked to ensure that total value locked (TVL) is sufficient to secure Kira regardless of the changing market conditions.

Liquid Staking

Decentralized Finance aims to provide asset holders with the ability to maximally utilize the potential of their capital to generate income. Kira natively supports staking derivatives representing staked tokens 1:1 to maintain security while providing liquidity of all assets at stake. 

Staking derivatives enable users to benefit from access to DeFi applications deployed within and outside of the KIRA Network while at the same time stay incentivized through the block and fee rewards generated thanks to the network operations.

IVO Crowdfunding

The Initial Validator Offering (IVO) is a crowdfunding mechanism where investors place their existing tokens or assets at stake using one or many PoS networks to “interchain-mine” a new token instead of liquidating their valuable assets to acquire new, highly speculative tokens. KIRA aims to change the way projects are crowdfunded in this industry from the current ICO model.

Conclusion

One of the key things that stands out about the Kira project is the thought that has gone into addressing the current problems faced today in this industry. It is impressive that they cover several elements in the ecosystem, including trading on exchanges, funding for startups and creating a cross-chain POS network.

The room for adoption for the project is vast, considering what they can offer compared to their competitors.

*We will review the Interchain Exchange as a separate review in the future.

About Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Several use cases within ecosystem Mainnet not live Launch of mainnet
IVO can change crypto crowd funding
Cross chain staking
DEX 2.0

Tokenomics

Financials

The total funds raised for the project are approximately $4m, which consists of $3.6 raised privately in seed rounds and $400k public sale.

The initial circulating supply on day 0 will be around a ~$1.1M market cap based on the public sale round price.

Token distribution

Token utility

Kira Token (KEX) is a native staking asset of the KIRA Network. KEX acts as a reserve currency in terms of which staking all other foreign tokens is valued. KEX is required to be held by governance members and validators to participate in the consensus. Other utilities of the KEX token include the most efficient means of claiming block and fee rewards as well as offer lowest transaction fee costs.

One of the critical features for Kira’s governance is the ability to define interest rates for staking all tokens which in turn increases security, liquidity and network activity. Growing network activity such as the use of the exchange protocol increases the revenues from the network fees and attracts even more token holders to delegate their assets. This cycle repeats itself and continuously benefits all stakeholders.

Kira Token is used to induce the flow of value away from the passive actors (non-delegators) and users who pay network fees – to delegators and validators (active actors) who ensure maintenance, security, and availability of the KIRA Network.

Token Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Token vesting over several years Mainnet not live yet
Strong token utility
Governance model

Team

Experience
  • The team is listed on the website with LinkedIn profiles attached.
  • The project is co-founded by Milana Valmont (CEO) and Mateusz Grzelak (CTO).
  • The projects CEO, Milana, has a B. A in Economics and has substantial experience in the blockchain industry having worked for Binance in 2017, moving into an advisory/consultancy role at Adblock and Knox, before founding Kira in 2019.

Company and Funding

  • The Kira project was founded in 2019 and is headquartered in Prague, Czech Republic
  • Funding for the project was raised via a combination of seed funding and public sales
  • The team advised that the total funds raised for the project are approximately $4m, which consists of $3.6 raised privately in seed rounds and $400k public sale. 
Development
  • The concept for the Kira project came around in early 2019. Since then the team has been formed along with development for the Kita blockchain and features.
  • The mainnet is expected to launch later this year, with testnet in around two months, an auditing process and mainnet launched at the end of Q4.
  • Staking will be activated around Q1 2021 with the Interchain Exchange to follow soon after.
Team Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Public team + company No testnet or mainnet Launch testnet and mainnet asap
Strong experience among team members
Strategic partnerships

Code

Audit
  • For this review, we did not conduct a code review on the project as there is no mainnet. 
  • The team advise that they will conduct auditing of their protocol before the mainnet is launched.
Code Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Mainnet code audit planned N/A N/A

Community

Engagement

The majority of the Kira community involvement and engagement takes place on Telegram. There is a highly active community, with the team engaged in the chat daily.

Announcements are made in the Telegram channel along with regular publications on Medium. One of the things we liked was the regular AMA sessions that the team are doing outside of their immediate community. It gives new communities the chance the find out about Kira from the team and direct any questions directly during the session.

However, there is no discord channel which could allow for a better organisation and communication for non-English speaking communities.

The website for Kira is clean, detailed and concise. Links are provided along with plenty of information around the team and partners. One area of improvement we can recommend is making the website multilingual for non-English communities.

Community Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Active engagement with community Sub 5000 follower base Increase social media following
Regular AMA with team No Discord channel Add Discord for better 2 way comms
Strong governance model Website not multilingual Add more languages to website
Growing community

Technical analysis

Chart Analysis

As KEX is not currently trading on exchanges, we have decided to omit this section from the review.

Price Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
N/A N/A N/A

Summary

Conclusion

In summary, the Kira project scored a highly impressive 60/80 based on our scoring matrix, and we rate the project at an A rating. They have an excellent vision and the ability to changed crowdfunding in the blockchain space with their IVO feature.

Once the mainnet is live and the main features are active, we will come back to the review to re-assess our rating.

ABOUT USE CASE
✅✅✅
COMPETITION
✅✅✅✅
ADOPTION
✅✅
FEATURES
✅✅✅✅
ROADMAP
✅✅
TEAM PUBLIC
✅✅✅✅
EXPERIENCE
✅✅✅✅
DEVELOPMENT
✅✅✅
PARTNERSHIPS
✅✅✅
FINANCES
✅✅✅
COMMUNITY COMMUNICATION
✅✅✅
FOLLOWERS
✅✅✅
GOVERNANCE
✅✅✅
ENGAGEMENT
✅✅✅
WEBSITE
✅✅
TOKENOMICS DISTRIBUTION
✅✅
EXPLORER
✅✅
EMISSIONS
✅✅✅
UTILITY
✅✅✅✅
ENTRY
✅✅✅

 

Breakdown

Disclaimer
  • This is a sponsored review on behalf of the Kira team.
  • This review is intended for educational purposes only and SHOULD NOT be considered by you as financial advice. 
  • Before investing in any project, we recommend you do your research + consult a registered financial adviser.
  • All information listed is accurate at the time of publishing in September 2020.

 

Methodology
  • We used a combined rating score out of 80 for this review, covering all the listed metrics for project reviews.
  • Each section is rated out of 20 and comprises of 5 metrics we analyse
  • Each metric is rated out of 4, including a potential bonus point in every metric. 
  • Our rating and grading framework is available here.