Konomi is a decentralized money-market protocol that provides asset management solutions for cryptocurrencies across different chains. KONO is the name and ticker symbol for the native token of the protocol.
The protocol, built on Substrate, provides infrastructure for several financial needs such as lending, borrowing, trading and overall liquidity. Additionally, it plugs into Polkadot’s consensus layer for security purposes while providing innovative financial applications, including trading and investing in various projects via staking the native token of Polkadot, DOT.
Although Konomi uses the Substrate framework, it is deployed as an independent blockchain. Konomi’s testnet platform was first released to the public in May 2021.
It offers a wide array of financial services, including Konomi Trade, which provides liquidity to crypto assets in the Polkadot ecosystem and Konomi Lend, which uses a collateralized debt model that allows users to lend or borrow crypto assets. Another notable service includes Konomi Wallet, a one-stop platform for managing different digital assets.
On Aug. 16, 2021, Konomi announced the launch of their oracle services on Polygon’s Oracle Platform. The protocol governance is currently performed by the Konomi Community Governance Board, established on Sept. 18, 2021. Once Konomi completes its product development, this board will be dissolved, with major governance decisions handed over to the core community.
KONO price and tokenomics
KONO has a total fixed supply of 100 million tokens. On Mar. 2, 2021, Konomi announced its initial DEX offering (IDO) in Polkastarter, where 0.5% of the supply or 500,000 tokens were sold in a public sale at a KONO price of $0.4.
KONO, a pre-mined token, had 20.5% of its total supply allocated for a private sale. 15% was then distributed to the core team, 16% to the development of the ecosystem, 33% to marketing and platform incentives, and 15% to reserves for future use.
KONO serves three primary roles within the native ecosystem. Firstly, it acts as decentralized governance where token holders undertake any protocol update. It also provides user incentives and adds liquidity to the protocol. Lastly, members can stake KONO tokens via staking to participate in the consensus and earn rewards.
About the founders
Konomi Network was founded by Ariel Ho, founder of High Mall Indoor Navigation, an indoor navigation solution. The CTO of the network, Shengmu Liu, has over five years of technical experience in various tech companies including Shopee, a popular e-commerce platform in South East Asia.
Jayden Antonio serves as COO and founded multiple tech startups before Konomi, such as Milelife Singapore and WeCharge.
On Mar. 2, 2021, Konomi closed its fundraising round, where it raised $5 million backed by chief investors and strategic partners, including Amplifi, Blocksync Ventures, Double Peak, BTX Capital, and more. They also have partnerships with platforms like Paralink Network, Tidal, Polkastarter, Raze Network and Dora Factory.
