How it works
An onchain protocol where a key is minted at one price, draws its class on-chain, and unlocks the right to buy $KEYS at a fixed strike.
KEYS is an onchain protocol where a key is minted at one price, draws its class on-chain, and unlocks the right to buy $KEYS at a fixed strike. A minter pays the live mint price in ETH; after the transaction confirms, the key draws one of the 5 classes from verifiable on-chain randomness and unlocks an allowance — a right to purchase a set amount of $KEYS at a strike that never changes. Keys can also be staked to earn from a fixed emission pool.
Tokenomics
Supply: 1,000,000,000 $KEYS, fixed. Minted once at deployment. There is no mint function afterwards.
Team vesting: The team allocation is held by a vesting contract. Nothing unlocks for the first 6 months. After the cliff it releases linearly until month 24. The contract has no owner, no revoke and no pause — once funded, the schedule is the only thing that governs release.
Bootstrap: the first 14 days
For the first 14 days after launch, $KEYS can only be obtained by opening keys or by claiming staking rewards. Buying from the AMM is blocked at the token level during this window. Selling is never blocked. Transfers into the pool are always allowed — that is what separates a distribution window from a honeypot.
The deadline is immutable and set at deployment. It cannot be extended, only ended early. Once it passes, the restriction is permanently inactive and the token has no remaining privileged functions: no mint, no pause, no blacklist, no upgrade path.
Staking
150,000,000 $KEYS emitted at 100,000 per day — approximately 4.1 years of rewards. Rewards scale with the square root of a wallet's total multiplier, which dampens concentration: ten keys in one wallet earn less than ten keys spread across ten wallets.
Odds and allowances
| Class | Odds | Epoch-1 allowance | Cost to exercise |
|---|---|---|---|
| Common | 60% | 50,000 | 0.0005 ETH |
| Uncommon | 25% | 80,000 | 0.0008 ETH |
| Rare | 10% | 150,000 | 0.0015 ETH |
| Ultra | 4% | 450,000 | 0.0045 ETH |
| Extinct | 1% | 1,700,000 | 0.017 ETH |
The strike is fixed forever: 1 ETH = 100,000,000 $KEYS. Allowances halve every 2,500 keys minted, so the total allowance ever issued converges to exactly 500,000,000 $KEYS.
Risk: minting is a random draw. Most keys are Common and unlock the smallest allowance. An allowance can be worth less than the price paid to mint, and $KEYS has no guaranteed value.
- Mint one key at the live price — the same price applies to every class.
- After confirmation, reveal the key to learn its class and allowance.
- Buy $KEYS at the fixed strike using your total allowance, in full or in parts.
- Stake the key to earn $KEYS from the emission pool.
Three roles
- Minters: draw keys at the live price and receive whatever class the chain returns.
- Holders: buy allowances at strike and stake keys for a share of the daily emission.
- The protocol: routes a fixed share of every mint into liquidity — 60% of the ETH paid.
Next
Deployments →