How I’m getting $1,059.03 Every Week on Kong Miner on Avax
The Kong Miner is a locked staking rewards pool that will pay you up to 8% of your invested daily similar to COQ Miner I published sometime ago except this smart contract is much newer, launched merely 8 days ago. You can be early for this one. At the time of publishing, the contract balance stands with a whopping 996,333,171,988 $KONG which is worth approximately $265,008.
What is Kong Miner?
The Kong Miner smart contract is basically a locked staking rewards pool, the funds deposited are converted into and represented as ‘Gorillas’ on the dApp. The project will pay you up to 8% of your invested daily.
Your choice whether to:
- “Claim” — claim your rewards daily
- “Compound” — compound your investment.
They have a great mechanism built into the smart contract where you are punished for withdrawing too regularly and incentivized for compounding / reinvesting your daily rewards.
Your daily reward rate is up to 8% daily, but will decrease if you withdraw too regularly, hence it is recommended that you compound for at least 5 days before your next claim, for both the longevity of the protocol and your own reward rate.
Do take note that if the Total Value Locked (TVL) in the contract is dropping this reward percentage can also drop. To date, the TVL of the contract is only increasing since the $KONG was only launched on 2 Jan 2024 and the reward is stable at 8% per day (May decrease based on the users withdrawal habits)
Taxes & Fees
There’s a 5% fee on your initial investment & a 5% fee on your withdrawal.
AVAX to Gorillas Valuation
At the time of my investment, my 100 AVAX investment was represented by 306,160 Gorillas on the dApp (Valuation is subject to change based on market conditions & TVL)
Crunching some numbers
Let’s assume a 100 AVAX initial investment, and we follow the strategy as recommended in the whitepaper. I’ll calculate everything in AVAX and USD value to reduce the complication with how the Farmers show in the dApp.
Day 0:
After the 5% Dev Fee,
Initial Investment = 95 AVAX
Day 1:
Accumulated Reward 8% = 7.6 AVAX worth of $KONG
Claim rewards,
Claim Power = 50%
Value of Investment = 95 AVAX worth of $KONG
ROI = 7.22 AVAX worth of $KONG
Day 2:
Accumulated Reward 8% = 7.6 AVAX worth of $KONG
Compound Rewards (No Fee),
Claim Power = 50% + 10% = 60%
Value of Investment = 102.6 AVAX worth of $KONG
Day 3:
Accumulated Reward 8% = 8.208 AVAX worth of $KONG
Compound Rewards (No Fee),
Claim Power = 60% + 10% = 70%
Value of Investment = 110.808 AVAX worth of $KONG
Day 4:
Accumulated Reward 8% = 8.86464 AVAX worth of $KONG
Compound Rewards (No Fee),
Claim Power = 70% + 10% = 80%
Value of Investment = 119.67264 AVAX worth of $KONG
Day 5:
Accumulated Reward 8% = 9.5738112 AVAX worth of $KONG
Compound Rewards (No Fee),
Claim Power = 80% + 10% = 90%
Value of Investment = 129.2464512 AVAX worth of $KONG
Day 6:
Accumulated Reward 8% = 10.339716096 AVAX worth of $KONG
Compound Rewards (No Fee),
Claim Power = 90% + 10% = 100%
Value of Investment = 139.586167296 AVAX worth of $KONG
Day 7:
Accumulated Reward 8% = 11.16689338368 AVAX worth of $KONG
Claim rewards,
Claim Power = 50%
Value of Investment = 139.586167296 AVAX worth of $KONG
ROI = 18.38689338368 AVAX worth of $KONG (18.38% of Initial Investment / $1,059.03 at the current price of AVAX)
After a week, following the 1 Claim 5 Compound Strategy mentioned in the whitepaper, you’ll get back 18.38% ROI, while maintaining a high reward rate and compounding your initial investment.
As your investment compounds, your % ROI every week will increase exponentially.
Google Sheets Calculator
Do refer to this Google Sheets Calculator here if you want to see the theoretical numbers.
Personally I would take profits occasionally & not be compounding for a month straight even if that might be the method with the highest earning potential. After all, potential are merely unrealized gains.
Thank you for reading to the end!
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Disclaimer: All information is for educational purposes only and are not intended to constitute legal, tax, accounting, financial or investment advice. I am not a professional financial advisor, attorney or account, nor am I holding myself out to be. There is no guarantee that you will earn any money using the techniques and ideas mentioned in this article. All financial opinions expressed are from personal research and experience. There may be affiliate links, meaning that I’ll receive a small commission when you click on my link. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date hereof and may be subject to change at any time without prior notice. I do not take ownership of the information described here. Your level of success in attaining the results claimed will require hard-work, experience, and knowledge.
