Kennel Locker (KENNEL) is a high-utility Ethereum-based token built to help users add an additional security layer to the assets they deposit on yield-farming and staking platforms.
Let’s dive into the details of how users can benefit from using KENNEL and what are its key features.
How Kennel Locker (KENNEL) Works
Kennel Locker is closely connected to the Shiba Inu (SHIB) ecosystem. SHIB developers have announced the plan to launch the Shibarium Layer-2 blockchain on top of the Ethereum (ETH) network, and Kennel Locker is actually a project built to complement Shibarium.
More precisely, the KENNEL token is part of the Kennel Locker DeFi protocol, which will serve as a tool for Shibarium and Ethereum liquidity providers to secure their tokens from unpredictable losses and platform hacks.
Kennel Locker uses the Ethereum chain for now, but its primary purpose is to support projects built on Shibarium. Users who provide liquidity on third-party yield-farming platforms can lock up their liquidity provider tokens on Kennel Locker and secure them from scams such as rug pulls.
This means that even if a DeFi project crashes or turns out to be a scam, a user’s liquidity provider tokens will remain safe if they lock them up on the Kennel Locker platform.
KENNEL is an ERC-20 token, and the Kennel Locker platform is conveniently compatible with ERC-20 liquidity provider tokens. The project’s team aims to create partnerships with prominent Ethereum and Shibarium DeFi protocols to allow users to easily earn liquidity provider rewards while keeping their tokens locked up on Kennel Locker.
This is a handy feature, especially because there are so many DeFi platform hacks and scams on the market.
What Is Kennel Locker (KENNEL) Used For?
The KENNEL token is the utility cryptocurrency of the Kennel Locker platform, and once Shibarium launches, it will also be an intermediary crypto for Shibarium-based coins and tokens.
KENNEL allows users to easily convert liquidity provider tokens and secure their deposited tokens. This way, even if something unprecedented happens with the liquidity you’ve deposited on a third-party platform, you can redeem your assets in the form of KENNEL.
However, you’ll also be able to directly deposit liquidity tokens of platforms that have partnerships with Kennel Locker at one point, which will add utility to KENNEL over time as the number of partnerships grows.
Also, users can engage in classic token staking, where they simply deposit KENNEL to earn more KENNEL as staking rewards. Furthermore, users can pay fees with KENNEL tokens on the Kennel Locker platform and earn fee discounts.
The KENNEL token has a built-in mechanism that charges a 5% fee for exchanging the token, but instead of going into the developer team’s pockets, the 5% tax goes for Kennel Locker marketing and future development purposes.
Finally, the Kennel Locker team promises to introduce a DAO governing model for the project in the future, and KENNEL token holders will be able to submit proposals and cast votes.
Where to Buy Kennel Locker (KENNEL)?
If you want to buy KENNEL, you must use either ShibaSwap or UniSwap. Since both platforms are decentralized exchanges, you just need a digital crypto wallet to use these platforms.
You can purchase KENNEL with Wrapped Ethereum (WETH) on both exchanges, but UniSwap also supports a few additional trading pairs with KENNEL tokens. You can use SHIB, Doge Killer (LEASH), and Bone ShibaSwap (BONE) tokens.
How Long Has Kennel Locker (KENNEL) Been Around?
The development of Kennel Locker coincides with the announcements that Shibarium is definitely in the making in the second half of 2022. However, the KENNEL token was launched much later, in early March 2023.
What’s Controversial About Kennel Locker (KENNEL)?
Kennel Locker is a very straightforward project designed to keep liquidity providers safe from unexpected events that may result in the loss of the assets they deposited in liquidity pools. However, it isn’t clear what makes Kennel Locker safer and why liquidity providers should put their trust in the KENNEL token.
The Kennel Locker whitepaper lacks additional details about the core operating mechanisms that will secure liquidity provider tokens. Basically, users don’t have an explanation about why or how Kennel Locker is safer than a massively popular DeFi protocol such as UniSwap.
How Many Kennel Locker Coins Are There?
The KENNEL token supply is enormous at 100 billion tokens, and the whole supply is already available on the market.
Can KENNEL Be Mined?
It’s impossible to mine KENNEL since it’s based on the Ethereum blockchain, which uses a Proof-of-Stake (PoS) consensus mechanism, but you can earn KENNEL tokens by staking them on Kennel Locker.
Market Cap and Price History of Kennel Locker (KENNEL)
Like many newly launched cryptos, there’s no information about KENNEL’s market cap, except for the fully diluted cap, which has a 1.5 million USD value.
As for KENNEL’s price, it’s currently standing at a fraction of a dollar at 0.0000145 USD per token, while its highest value was 0.0000227 USD shortly after the token’s launch on March 3, 2023.
Biggest Competitors of Kennel Locker (KENNEL)
Kennel Locker has a particularly narrow scope of services since its key feature is to lock liquidity provider tokens, and there aren’t any projects that are focused strictly on this service among the leading cryptos.
Kennel Locker doesn’t provide any popular DeFi features, such as token swaps or yield-farming, except for the KENNEL staking feature. In this sense, we can compare the project to the likes of UniSwap or Curve Finance (CRV), but both projects have enormous market caps and incomparably more features, which makes it very difficult for KENNEL to compete with them.
What Does the Kennel Locker (KENNEL) Project Road Map Look Like?
Kennel Locker’s website lacks any precise information about the project’s roadmap, but judging from its Twitter profile, the team is focused on securing partnerships among Ethereum and Shibarium-based projects.
It seems that the team will be focusing on expanding Kennel Locker’s features through DeFi protocol partnerships to allow users to deposit various liquidity provider tokens from other platforms on Kennel Locker.
Kennel Locker’s growth heavily depends on partnerships with other projects. It will be especially interesting to see whether the project will manage to secure some high-profile collaborations with Shibarium DeFi protocols once the network officially launches.
Pros and Cons of Kennel Locker (KENNEL)
Pros
- Kennel Locker allows users to secure the assets they deposit in liquidity pools across different DeFi protocols.
- Users can stake KENNEL and earn additional KENNEL rewards.
Cons
- KENNEL currently has a very low coin price, and its future heavily depends on whether the project as a whole will manage to secure more partnerships.
- It isn’t clear how exactly KENNEL protects user assets.