Ethereum News Today: Ethereum NFT Project CyberKongz Replaces $BANANA with Utility-Driven $KONG

The Ethereum-based NFT project CyberKongz has announced the launch of its native token, $KONG, set to replace its previous token, $BANANA. With a total supply of 1 billion tokens, $KONG is intended to serve as a liquidity layer and utility token within the CyberKongz ecosystem, supporting features such as staking, rewards, and airdrop distribution. Existing $BANANA token holders will be able to redeem their tokens for $KONG at a 1:25 ratio during the token’s initial launch [1]. This transition is part of a broader effort to expand the project's decentralized finance (DeFi) components and enhance community participation through token-based incentives [2].

The $KONG token will be issued exclusively on the Ethereum blockchain and is expected to play a central role in the CyberKongz ecosystem. Holders of $KONG will gain access to a range of benefits, including staking rewards, airdrops, and exclusive whitelist opportunities. The token will also facilitate participation in ecosystem events, including NFT giveaways and future DeFi integrations. Additionally, the token will be used to accrue “Kong Points,” which will determine users’ eligibility for seasonal airdrops and other community-driven rewards. Staking mechanisms are expected to be introduced soon, with tiered rewards based on the amount of $KONG staked [2].

Notably, 2% of the total $KONG supply will be airdropped to the Ethereum NFT community, though specific distribution details have not yet been disclosed. This move aims to incentivize broader adoption and engagement within the Ethereum NFT space. The airdrop is expected to be one of several initiatives designed to foster a more decentralized and community-driven ecosystem. Furthermore, the existing $BANANA-based revenue model has been terminated, with future token distribution now managed through the Kongz Hub, targeting Genesis and Baby Kong holders, as well as $KONG stakers [3].

CyberKongz has developed multiple NFT collections since its inception in early 2021, including Genesis, Baby Kongz, VX, and the more recent Genkai collection on the Ronin Network. These collections have laid the foundation for the project’s ongoing expansion into gaming and DeFi. The Baby Kongz collection, for instance, was introduced to support the concept of NFT breeding and has since become a central pillar of the CyberKongz universe. The VX collection, with a supply of 15,000 3D avatars, is positioned as a gateway to future gaming experiences [1].

The project has also introduced the Wall Street Kongz (WSK) initiative, a community-driven platform that provides advanced trading strategies, DeFi insights, and access to exclusive events. Both Genesis and Baby Kong holders will have lifetime access to WSK, offering them opportunities to engage in high-level crypto analysis and trading strategies. Alternatively, users can purchase a monthly or annual WSK Pass using $KONG. The initiative underscores the project’s commitment to integrating DeFi and NFT utility within its broader ecosystem [2].

The launch of $KONG marks a pivotal moment for CyberKongz as it transitions from a purely NFT-based project to a more comprehensive ecosystem that includes DeFi components and tokenized rewards. The token’s introduction is expected to enhance user retention and provide a structured mechanism for future growth, while also aligning with broader trends in the Ethereum NFT space. As staking and distribution mechanisms come online, the project aims to create a self-sustaining model that rewards active participation and long-term engagement from its community [3].

Source: [1] Collections (https://www.cyberkongz.com/collections) [2] $KONG (https://www.cyberkongz.com/kong) [3] CyberKongz will issue a new token, KONG, to replace ... (https://www.panewslab.com/en/articles/c5f87ad6-dc86-4cf2-89aa-bcd3562574bb)