What Is Kangal and What’s Kangal Crypto Price Today
Posted On August 4, 2022
Initially conceived as a joke, Dogecoin became an Internet meme based on the popular Shiba Inu dog character from the “Doge” Internet meme.
The craze behind doge memes has allowed a gaggle of users to take this previously abandoned asset and build a community around it.
Just like other crypto communities, the Kangal Enthusiasts found inspiration in this meme story. They created the model of a community-centered ecosystem of non-centralized apps and decided to name it after the Kangal breed.
This unnamed group of developers and designers launched the Kangal Genesis on February 14th, 2021.
What Are Meme Coins
As their name implies, meme coins are cryptocurrencies, like Bitcoin or Ethereum. But unlike those tokens, meme coins are normally designed as an homage to a meme, an interesting or funny idea captured in an image, video, or other forms of media.
Like the memes they’re based on, meme coins are designed to go viral and be shared.
Meme coins work like any other digital currency, taking full advantage of the cryptographic ledger and related technology. They’ve appeared most prominently on blockchains that leverage smart contracts, such as Ethereum and Solana.
What Is KANGAL and What is its Vision?
KANGAL is the governance coin of the Kangal dApps ecosystem but also its value token. KANGAL is a token with a fixed supply, which means there will never be more than 100 billion coins in use.
The Kangal DAO investors may produce and decide on proposals that affect the destiny of the project.
The DAO is going to have complete authority over this token’s distribution and circulation. The DAO will also decide on the name.
The $TEAK token will be available exclusively through KANGAL staking.
The Kangal crypto price represents the value of the entire Kangal ecosystem, and the price of $ TEAK is determined by the return rate of staking, burns, and collected fees, which is defined by the transaction volume when using the ecosystem.
DApps that use $TEAK would be both a sinkhole that takes a percentage of the $TEAK used and a steady source of revenue for the DAO, with the Kangal DAO determining how the gains are utilized.
Initially, Kangal’s main team of developers will be designing the DApps, and subsequently, third-party developers will be allowed to build their own apps in addition to the Kangal Ecosystem, with the eventual intention of transforming the ecosystem into a dApp App Store.
Due to staking KANGAL not having an alternative to generate $TEAK, the combo of DeFi-powered tokenomics and dApps that still use $TEAK will also support KANGAL’s value growth over time.
Facts You Must Know About KANGAL Crypto
The following are the characteristics of the smart contract:
- KANGAL is an ERC-20 and BEP-20 token that operates on Ethereum, BSC, and Polygon mainnet.
- The total number of tokens available is 100 billion.
- No mint functions are accessible.
- The token was listed directly on Uniswap with 1 ETH being paired against the total supply.
- Starting liquidity is locked via Unicrypt for 10 years
- No ownership-related functions are present.
Now that we are familiar with Kangal crypto, let’s explain the terminology.
What is DeFi?
DeFi or Decentralized Finance is a global financial system that lifts the grip of banks and institutions over financial services using technology similar to cryptocurrencies, distributed ledger technology, blockchain, smart contracts, and such.
One of the many advantages of DeFi over the traditional financial system is that if you need a loan, there is no official body to scrutinize your life and rank your credit score.
Blockchain-based smart contracts offer users financial services at a sliver of the price paid using traditional institutions.
Another fast-growing market in the crypto world that is similar to the traditional market is the crypto derivatives market. If you are not very familiar with it, you can read what is a cryptocurrency derivative here.
What Does dApps Mean?
Decentralized applications (dApps) are digital applications or programs that exist and run on a blockchain or peer-to-peer (P2P) network of computers instead of a single computer.
DApps are outside the purview and control of a single authority.
DApps are usually created on Ethereum and they can be developed for a variety of purposes, including gaming, finance, and social media.
What is DAO?
DAO or decentralized autonomous organization represents a new form of legal arrangement. Due to the lack of a central governing body, each member of DAO usually has a common goal and seeks to act in the best interests of the entity.
DAO is the heart of the Kangal community. One of its Core Team’s main responsibilities is bootstrapping the DAO. This is a continuous process that will speed up as there are more stakeholders to participate. Below is the current situation:
In the community forum, investors can discuss ideas on any part of the process and make new suggestions. Voting for ideas occurs on project snapshot spaces, which are available for both ETH and BSC.
The project seeks to provide Kangal DAO stakeholders the power to develop and vote on ideas and also to empower them by allowing them to customize key parameters of the ecosystem.
How Come KANGAL Supply Is Constantly Limited to 100 Billion?
The overall maximum and distributing number of ERC20 KANGAL and its BEP20 version, bKANGAL coin, is 100 billion. You can see this by checking the contract source code of the ERC20 token on etherscan.
There are no burn or mint functions in this contract, which means there is no way to change the supply.
Check this contract to see the amount of ERC20 tokens that are locked, and this bscscan page to see the amount of bKANGAL tokens.
Below are the markets where you can buy and where you can see the Kangal crypto price compared to certain cryptocurrencies today.Should I Invest in Kangal Crypto?
Remember that meme coins are quite unstable in comparison to other new-age currencies. Trading or investing in cryptocurrency is inherently risky.
Meme coins are not ideal for people looking to invest in cryptocurrencies to store money over the long term, and it may be better to stick with more reliable assets such as Bitcoin or Ethereum.
At the following link, you can read more about how to deal with cryptocurrency savings.
Before investing in crypto, especially meme coins, make sure you have a good financial background. Meme coins are primarily community-driven and may fall rapidly, so you should never invest money you can’t afford to lose.
On the other hand, ensure to first educate yourself instead of rashly jumping into the world of crypto investment. Considering that it is not fully regulated yet and that something new is constantly popping up, the chances of scams slipping through are much greater.
Here’s a Bitcoin Evolution review where you can learn how to recognize when something is a fraud. They claim the Bitcoin Evolution is everything you need to profit from cryptocurrencies, yet the harsh reality is rather different.
MA in English and literature. I have a passion for writing, and I read – A lot! Recently I became super interested in the economy and especially decentralized economy and cryptocurrency. This blog is a hobby of mine, I like to put together pieces from what I am researching every day.