Key Takeaways:
- Kryza has been developing its ecosystem, with KRX and KRN tokens.
- However, obscure tokenomics and a general lack of clarity might hurt Kryza's future.
NEW DELHI (CoinChapter.com) — Kryza Holding Ltd., a nascent blockchain project, has been sharing updates regarding its developing ecosystem. The project includes a crypto exchange, Kryza Exchange (KRX), and Kryza Network (KRN), a crypto-based social site, among other social media-based apps.
On social media, Kryza shared several upcoming updates for its ecosystem. In a Facebook post, the platform’s developers announced an upgrade for the Kryza Network slated for Feb 28. Furthermore, Kryza has planned an upgrade for its video streaming platform Cryptube.
From Mar to May, Kryza has planned four airdrops, though the Feb announcement did not clarify which token Kryza will airdrop. However, in a Jan 2023 announcement, Kryza had mentioned an airdrop for KRN and KRX tokens in Mar.
In addition, Kryza would introduce a new staking system in early Q2 2023. Moreover, Kryza has plans to be a part of the AI race. The firm shared it would start the “developing and implementation of Artificial Intelligence” into Kryza Network.
Earlier this year, Kryza Exchange started listing new tokens on its platform and introduced trading bots. Additionally, the exchange started using Binance liquidity on Feb 15.
What Is Kryza Exchange?
Kryza Exchange is a cryptocurrency exchange that lets users purchase, sell, or stake their crypto tokens. In its white paper, the team behind the exchange claimed that its developers maintained the highest security standards when building the exchange.
The project described its exchange as a “safe and secure platform” where new users can begin their crypto journey. Furthermore, Kryza claims the exchange is suitable for “both beginners and experts” of the crypto market.
The exchange’s native token is Kryza Exchange token (KRX). An ERC-20 token, the token’s supply depends on, believe it or not, the world’s population. Given that, short of a zombie apocalypse, the world population would continue to grow, and the KRX token might likely have an unlimited supply.
Kryza Exchange might introduce a burn mechanism in the future. Still, with a total token supply relying on the current world population, it would take some time before the KRX token becomes deflationary.
The exchange would provide some additional benefits to KRX holders, though the details of the benefits remain fuzzy.
The KRX token is available for trading on several minor exchanges, like CoinCodex and IndoEx, but has failed to attract the attention of the major players. As a result, KRX token prices dropped nearly 82% from Feb 7’s high of $0.017.
The Kryza Exchange token has a minuscule market cap of $5,294. Interestingly, the total token supply has remained at 7.9 billion KRX tokens, despite the global population reaching 8.03 billion.
Kryza Network, The Crypto Social Media
Another product from Kryza’s stables is Kryza Network, a crypto-focused social media site. The team marketed the platform as suitable for users “who would like to quit on the time-consuming elements of other applications.”
The platform would also host lectures and tutorials for crypto beginners.
The purpose of KRYZA Network is to increase the worldwide acceptance of cryptocurrencies and blockchain technology by providing its users a safe and secure way to improve their knowledge about the advantages but also about the dangerous side of this world.
Kryza Network white paper
Kryza Network offers users the facility to create blogs and forums and an opportunity to earn cryptos with daily activities. The social media platform also allows users to copy the trades of professional traders.
Since its launch, the KRN token price has been in a perpetual decline. At writing, the KRN token price had fallen 99.8% from its launch price of $0.00002052. However, the Kryza Network token is up 24% YTD in 2023, though a price of $0.000000023 does not suggest strong bullishness for the token.
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The Kryza Network Token (KRN) is the native crypto of the social media platform. The token powers the platform’s earning system. Users can earn crypto tokens for using the site. Keeping up with the other social media platforms, Kryza Network offers crypto rewards to content creators.
Moreover, KRN investors get to be partial owners of Kryza Holding Ltd. as part of the “VIP Holder System.“
Per the system, KRN holders who have staked/locked their tokens in the platform will get a share from the profits of Kryza Holding, the parent company behind Kryza Network. Users who participate in the program will receive monthly rewards.
The lock-in period for the VIP program is one year, during which users cannot access their locked tokens. It will be interesting to see how that sits with the US Securities and Exchange Commission once the token comes to US exchanges.
Also Read: 3 Reasons Why Bitcoin Price Could Breakout Above $25K
Unlike KRX, KRN is a BEP-20 token with a fixed supply of 4 trillion tokens. Somehow, the white paper claimed the platform burned 56 trillion tokens. It is likely the data is another typing or translation error in a document that has quite a few glaring ones.
Lack Of Clarity Might Hurt Future Prospects
Meanwhile, a distinct lack of clarity surrounds the Kryza ecosystem and its tokens. For one, the white paper forgot to mention anything about token distribution for both KRX and KRN tokens, making it difficult for investors to put their trust in the platform.
Moreover, the tokens and the project seem to be failing to generate investor interest. KRN’s market cap was only $91,700, at writing, despite being in the market since Sept 2021. Though the ecosystem consists of multiple projects, its progress has been slow.
CoinChapter tried contacting the project’s team for comments about clarifying the ecosystem’s future and upcoming projects. However, the platform removed CoinChapter’s reporter from their group on Telegram. Efforts to reach the team on other social media platforms did not yield better results either.
Furthermore, Kryza’s weak online presence might have been another reason the platform failed to attract investor interest.
As a result, the blockchain platform would need to improve its social media presence. In a Jan 2023 announcement, Kryza shared it had engaged in a PR campaign on social media and in six newspapers.
In addition, the platform would need to ensure its tokens get listed on major exchanges soon, or else the project might die down due to a lack of interest.
