After elaborate preparations and rigorous testing, sKCS.io, the leading liquidity staking platform on KCC is live on the mainnet. With this platform, KCS holders can have a straightforward way to earn with their assets, as well as become active participants in the KCC network with just one click. sKCS.io has received strategic investments from KuCoin Ventures and KCS foundation, marking a good start for this platform.
Some Fundamentals: What is staking? What is KCS?
To better understand sKCS, here are two concepts that need to be known: Staking and KCS. If you’ve already known about them, please skip to the next part.
Staking offers crypto holders a simple way of putting their digital assets to work and earning passive income without needing to trade them.
When you stake your digital assets, you ‘lock up’ the coins/tokens in order to participate in running the blockchain and maintaining its security. In exchange for that, you earn rewards calculated in percentage yields.
One thing to be mentioned is that staking is only possible via the proof-of-stake consensus network, in which honest participants are selected to verify new blocks. KCC, KuCoin Community Chain is using such consensus.
Speaking of KCS, it’s not only the native token of KuCoin Exchange but also the underlying assets of KCC. The role that KCS plays in KuCoin and KCC ecosystem is the same as BNB in Binance and BNB Smart Chain.
Getting to Know: What is SKCS? What are the unique features of this platform?
Basically, sKCS represents staked KCS. Users can get sKCS when they stake KCS to the sKCS.io platform. sKCS tokens are minted upon deposit and burned upon redemption.
sKCS act as a proof to receive the staking rewards, and at the same time, sKCS can also be used, just as KCS, in a group of DeFi products on KCC to obtain higher returns. Roughly, sKCS can provide an APY of 4% based on the staking rewards, and can hit 10% or even higher after sKCS tokens have a massive adoption on KCC.
As a leading staking platform, sKCS outperforms others mainly in 3 aspects.
Security
Our cutting-edge technology makes sKCS.io the most reliable staking platform on KCC. The smart contracts of our platform have been audited by BlockSec.
Ownership
Participants can keep full custody of their assets when they stake with sKCS.io, unlike with crypto exchanges, which means the assets are in total control by the owners.
Competitive Rewards
In return for staking KCS, sKCS will continually accrue staking rewards, which means the participants can get compound interests. What’s more, sKCS can also be used to earn additional income across the DeFi ecosystem on KCC.
More Details: How to participate? How can participants benefit from this platform?
Getting started with sKCS.io is quite easy. Any KCS holder can participate in the staking and earn passive income. KYC is not needed. There’s no requirement for the minimum staking amount. Also no need to be an integer. sKCS can be unstaked to KCS at any time.
When Staking:Users stake KCS and get sKCS. The staking rate depends on the prevailing rate.
When Unstaking:The system burns sKCS and users get KCS back. The sKCS contract will complete this operation within 3–6 days after the unstaking request.
One thing to mention is the price of sKCS. The initial exchange ratio of sKCS to KCS is 1:1. As time grows and the staking rewards are allocated, the ratio will be higher and higher, making the price of sKCS continuously rise. This ratio will be displayed on the page, and if you are interested in the detailed calculation process, please check: https://docs.skcs.io/getting-started/what-is-skcs
As mentioned before, sKCS is more than a proof to receive staking rewards. It can also be able to circulate freely in the KCC ecosystem, thus increasing the utilization of capital and bringing more income to its holders. Take DEX and lending protocol as examples to explain how it works.
*Please note that the integrations of sKCS with the following protocols are not yet complete. Stay tuned!
Example One: Combine sKCS with MojitoSwap, the top 1 DEX on KCC.
1. Users stake KCS to sKCS.io and can get sKCS. The staking rewards are recorded as APR1.
2. Users add liquidity to sKCS trading pairs on MojitoSwap and stake the LP tokens to earn MJT. The liquidity mining rewards are recorded as APR2.
3. Users stake in the rewarded MJT to the automatic Wine Pool to obtain more MJT. This income is recorded as APR3.
Then the total rate of return obtained by users holding sKCS would be APR1+APR2+APR3.
Example One: Combine sKCS with Torches, the leading lending protocol on KCC.
1. Users stake KCS to sKCS.io and can get sKCS. The staking rewards are recorded as APR1.
2. Users put sKCS into the supply market to obtain deposit interests and the tokens of the lending platform, which are recorded as APR2.
3. Using sKCS as collaterals, users can borrow KCS and get the platform tokens as rewards. These rewards minus the interest paid for borrowing will be recorded as APR3.
4. Then users can re-stake the borrowed KCS to the sKCS.io platform and repeat the above processes. These yields generated by circulation are recorded as APR4.
Then the total rate of return obtained by users holding sKCS would be APR1+APR2+APR3+ APR4
In summary, sKCS tokens release the liquidity of ‘staking’ assets, thus increasing the utilization of capital and bringing more passive income to the participants. We expect it to become the next highly-recognized asset on KCC to promote the flow of value across the whole ecosystem.
Time to be involved!
