As the SOMA community is aware, listing on exchanges is valuable for SOMA market expansion, as it provides exposure to a wider investment community. As of today, Cryptopia remains our top exchange in terms of volume. Prudent stewardship of resources has advised against paying fees — which can be significant — to be listed on larger exchanges.
KuCoin
KuCoin is a major exchange and would be a huge step forward for SOMA and our supporters and SCT holders, if we were listed thereon. We now have an opportunity to achieve just that. KuCoin is holding a voting competition: the cryptocurrency token with the most votes gets listed. Full details available on https://medium.com/kucoinexchange/vote-for-your-coin-telegram-action-f749362be26a (the rest of this article will attempt to tell you all you need to know, however).
Voting incentives
To galvanize the SOMA community to take action, SOMA is announcing some SCT giveaways to voters who participate in the KuCoin listing competition on SOMA’s behalf. Additionally, KuCoin will award a significant prize to the winning project; should that project be SOMA, the KuCoin prize will be in SCT and will eclipse any incentive offered by SOMA. Together, the SOMA & KuCoin rewards are…substantial.
Rewards structure: SOMA rewards
SOMA will allocate a pool of 10K $SCT. When Soma hits 100 votes on the KuCoin voting competition, 10 users will be chosen to receive 100 $SCT each (1000 SCT distributed).
When Soma hits 500 votes, 20 users will be chosen to receive 200 SCT each (4000 SCT distributed).
If SOMA wins:
SOMA will choose 5 voters and award them 1000 SCT each (5000 SCT distributed), after which the 10K SCT allotment will have been given away.
KuCoin rewards (only applicable if SOMA wins)
KuCoin will distribute 5 BTC worth of SCT to participants who voted for SOMA. At current exchange rates, this is somewhere between 450K and 500K SCT.
Let’s assume SOMA wins with 500 votes and that the KuCoin distribution is 500K SCT. If KuCoin distributes their pool equally, that provides 5000 SCT to each SOMA community member just for voting. If competing projects attract higher voter turnout and SOMA wins with 5000 votes, each participant would still receive 500 SCT in this scenario.
A disclaimer and clarification on rewards projections
With regards to the KuCoin rewards payout, the above descriptions are meant only to illustrate the size of the prize. Actual rewards will depend on voter turnout across competing projects, upon the SCT/BTC exchange rate at time of distribution, and, of course, on SOMA winning the voting competition.
SOMA community rewards, on the other hand are based on hitting specific milestones. They are given out to randomly-selected winners and the amounts are fixed.
How to vote
You need to be registered on KuCoin. If you’re not, create an account there as your first step.
On Telegram, go to the voting bot (@Voting_KuCoin_Bot) and click ‘START’ at the bottom of the channel. Wait for the bot to instruct you, then follow its instructions. Note that there may be some wait time between you typing and the bot responding. The bot will take you through the following:
a. What is Your KuCoin Account Email Address? Make sure to type the same email that you used to register on KuCoin.
b. Project Name You Want To Get Listed (spell the name in full, DON’T USE THE TICKER)? Soma
c. What Is Special About This Project, Why Should It Be Listed On The Exchange? Feel free to create your own description, or copy/paste one of the below (naturally, everything claimed is true):
· Soma has an active community, a real MVP in the testing phase, and an ambitious roadmap.
· Soma is a decentralized social marketplace with big goals to disrupt the way buyers and sellers interact.
· I think Soma is one of the most underappreciated projects in crypto. It’s solid, the team is hardworking, and they’ve got a great business plan. Now all they need is an exchange on the caliber of KuCoin!
· SOMA is a revolutionary decentralized platform that facilitates trade and social interaction powered by blockchain technology
· SOMA, low marketcap, great community! MVP just released! Great active team.
After voting, take a screenshot of your vote. For privacy’s sake, don’t share your screenshot on the SOMA Telegram channel @SomaCommunity.
Post in the SOMA Telegram channel using the word ‘voted’ (‘voted’; ‘voted for SOMA’; ‘voted in KuCoin competition’, etc) to be eligible for SOMA prizes related to the voting competition.
Important
· Spell Soma — do not use SCT.
· Be a member of the SOMA Telegram channel: https://t.me/SomaCommunity
· Be patient with the bot
· Do not cheat (no voting twice for SOMA, etc)
Competition starts when voting bot goes live on July 12th 18.00 UTC+8 and run until July 15th 18.00 UTC+8.
Let’s win this!
