# Gelotto Keys (GKEY) - A Brief Summary


![gkey.png](https://cdn.hashnode.com/res/hashnode/image/upload/v1659486069571/6NtoQkBR1.png align="center")


## What are Gelotto Keys (GKEY)?
 
- A rare secondary asset used on the Gelotto platform in the first annual Grand Prize game (Link: [Grand Prizes for Gelotto](https://blog.gelotto.io/grand-prizes-for-gelotto-a-chance-to-win-10-100-bitcoin-playing-games-on-the-juno-blockchain))

#### Token Address
[juno1gz8cf86zr4vw9cjcyyv432vgdaecvr9n254d3uwwkx9rermekddsxzageh](https://www.mintscan.io/juno/wasm/contract/juno1gz8cf86zr4vw9cjcyyv432vgdaecvr9n254d3uwwkx9rermekddsxzageh)

### Tokenomics

- Max Supply: 1000
- 30% distributed to holders of Gelotto primary token GLTO
- 30% distributed to liquidity providers in GLTO liquidity pools
- 30% distributed as additional rewards for staking other IBC assets with Gelotto validators 
- 7% distributed through various events and giveaways (e.g., world treasure hunts, NFTs)
- 3% distributed to developers, vesting over 12 months
 
![keys.jpg](https://cdn.hashnode.com/res/hashnode/image/upload/v1659486491713/2kt2farQM.jpg align="center")

## How to acquire GKEY

- Monthly airdrop to wallets that hold at least 10,000 GLTO throughout the month (snapshots may be taken at different times during any given month)
- “Staking as the house” and staking with Gelotto DAO will also count as held GLTO for this purpose (coming soon – Link: [Gelotto Year 1 Roadmap](https://blog.gelotto.io/gelotto-a-roadmap-for-year-1))
- Incentives for providing liquidity in GLTO liquidity pools: Osmosis Lab: [Pool #778](https://frontier.osmosis.zone/pool/778), Junoswap 
- Stake other IBC assets with Gelotto validators 
- Participate in Gelotto events
- Purchase using GKEY liquidity pools 

![image.png](https://cdn.hashnode.com/res/hashnode/image/upload/v1659463803984/_uKO88TgJ.png align="center")

## Uses for GKEY

- Burn certain amounts of GKEY during annual Grand Prize game to “unlock” a “locked chest” that contains a large prize (target value: at least 50,000 USD per prize, with the largest grand prize being 10-100 BTC)
- Burn a small amount of GKEY during the Grand Prize game to learn the contents of a “locked chest” before opening it
- Provide GKEY as liquidity in GKEY liquidity pools to receive incentives 
- Buy, sell, and trade GKEY using GKEY liquidity pools, and possibly other means
- GKEY that is not used during the first annual Grand Prize game may be held and will provide a bonus for acquiring the token for the next Grand Prize event