KuCoin Launches the KCS Lockup & Cash Back Program and Burn Plan
On July 29, 2019, KuCoin, an IDG-backed cryptocurrency exchange, announced that it will launch the KCS Lockup & Cash Back Program and Burn Plan. The program will officially start on August 1. Users who lock up their KCS tokens will be able to receive an annualized rate of return up to 50%. This program is believed to promote the diversity of KCS ecosystem, enrich the rights of KCS users, and increase the market potential of KCS.
According to the rules of the program, during the period from August 1 to August 31, 2019 (UTC+8), users will be able to join the program by withdrawing KCS to a specific wallet address. The lockup period will be 90 days. The minimum amount for a single lockup is 200 KCS while the daily maximum lockup amount per person is 10,000 KCS. The daily maximum lockup amount for the entire platform is 500,000 KCS, and when the total lockup amount reaches 5,000,000 KCS, users will not be able to lock their KCS.
Staking economy is one of the hottest topics in 2019 and many well-known projects like ATOM, EOS and TRX are offering staking services. The annualized rate of return of staking is usually 6%-12%, while in the KCS Lockup & Cash Back Program, the highest annualized rate of return is up to 50%, with a minimum of 35%. The earlier you lock KCS, the higher the rate of return you will get. All the lockup revenue will be distributed along with the principal on day of unlocking.
KuCoin also introduced the KCS Burn mechanism in this program. According to the announcement, KuCoin will additionally burn the same number of KCS based on the number of total KCS locked by all users. The burn plan will be implemented in December 2019.
In addition, to further protect its investors, after the KCS unlocks, KuCoin will provide a service for repurchasing the user’s locked KCS at the price of 10% off the average KCS price (USDT price) on the day of the user’s lockup. Users can apply for repurchase services on their own.
As the native token of KuCoin, the exchange has continuously introduced initiatives to empower KCS this year. KCS holders now can get a daily KuCoin Bonus and enjoy a trading fee discount. After the official release of KuMEX, the cryptocurrency contracts trading platform developed by the KuCoin team, the exchange will use 50% of the net revenue from KuMEX for KuCoin Bonus distribution to KCS holders.
With the gradual adoption of blockchain technology, KCS has also begun to expand its use cases, enhancing its intrinsic value. Now, KCS can be used to get a loan on ETHLend, perform real-time transfers through ADAMANT Messenger, and play online games on PlayGame.com. With the recent collaboration with CoinPayments, KCS opened its door to over 2.4 million merchants worldwide.
This move will further enhance the underlying value of KCS. KuCoin recently announced that it will upgrade its KuCoin Bonus Plan in the third quarter of this year, and before its launch, KuCoin will execute the Temporary KCS Buy Back and Burn Plan every week to accelerate the burn process of KCS.
About KuCoin — The People’s Exchange
The KuCoin Exchange opened for cryptocurrency trading in September 2017 and has enjoyed steady growth into 2019. The KuCoin Exchange puts a high priority on the quality of the projects listed based on a well-trained research department that scours the blockchain industry for the highest quality projects. KuCoin provides an exchange service for users to conduct digital asset transactions securely and efficiently. Over time, KuCoin aims to provide long-lasting, increased value to its more than five million registered users, in over 100 countries. In November 2018, ‘The People’s Exchange’ officially partnered with IDG Capital and Matrix Partners.
Press Contacts
KuCoin:
media@kucoin.com
