KuCoin x Satoshi Club AMA Recap from 12th of November
Today we are glad to tell you about the AMA session with our friends from KuCoin, one of the biggest exchanges by trading volume. The AMA took place on November 12, our guest was Alicia KuCoin (Senior Partner).
The total reward pool was 1000$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Kucoin! welcome to Satoshi Club.
Serg | Satoshi Club: @KucoinAlicia, welcome!
Alicia Kucoin: Hello everyone! I am Alicia from KuCoin, glad to join you guys today!
Mary | Satoshi Club: Alicia, could you please introduce yourself to our users.
D. | Satoshi Club: And maybe you can even share with us some news about the campaigns that’s going on KuCoin right now?
Alicia Kucoin: Haha, absolutely, give me a sec guys.
I am Alicia, I am a Senior Partner with KuCoin for more than 2 years now, my job focus on global marketing and PR. As for KuCoin, it’s ranking a top 10 exchange across the world with basically all kinds of crypto service: Spot, Futures, Staking, P2P, etc. Our daily trading volume reaches around $100,000,000 daily.
Mary | Satoshi Club: Unbelievable numbers.
Alicia Kucoin: Thank you, for more information, I would introduce you to: https://www.kucoin.com/news/en-kucoin-media-kit?lang=en_US
Mary | Satoshi Club: And what about campaigns, may be you can tell about them more?
Alicia Kucoin: Yes, quite a lot of campaigns going on! Let me introduce a little bit.
- COMB related-2 campaigns, one is with a prize pool of 1,000,000 COMB as rewards, and another one is going on in our English group with awards of 60,000COMB. You guys can take part in both campaigns, you may refer here: https://t.me/Kucoin_Exchange/2374534
- With BCH’s second hard fork coming, we have launched a BCH Deposit and Trade campaign. Prize is: 5,000USDT.
- LINK& BNB& UNI&NEO-This campaign is to celebrate KuCoin’s Margin Trading platform adding these trading pairs. Prize is 7,000USDT.
- Give Me Five-Futures Brawl: Our competitive campaigns for Futures trading. Prize pool is 1,600 USDT.
You can find all the campaign information here: https://www.kucoin.com/news/categories/promotion. Welcome to trade on KuCoin guys.
Q1 from Telegram user @brodzonl
How often KuCoin is listing new coins and how can token developers apply for token listing? Is KuCoin charging only exchange fee, is there anything needed to get listed on KuCoin except paying for listing fee?
Alicia Kucoin: To be honest, there is no standard pace we list a token. It’s not like we have to list 1–3 tokens within a month. We pay more attention to the potential of a token, which includes its team, developing plan, application scenarios, etc. After a strict review process, then we will make our decisions.
Mary | Satoshi Club: I often see projects announcing a possible listing on Kucoin. How do you feel about that? Do you allow this?
Alicia Kucoin: Haha, I would advise our users to pay attention to official announcements. As for the fees, as far as I know there is only the listing fees, but I don’t know the details. If anyone want to apply for listing, please submit from our official channel: https://docs.google.com/forms/d/e/1FAIpQLSf4tlSwIgZ5-QQJpKoi3-WnmwOVtpxFq4V8vv4CwZccizHuYg/viewform
D. | Satoshi Club: Ok, if i’m part of anonymous development team and we made crypto project can we get listing on KuCoin without revealing our identities?
Alicia Kucoin: This is quite detailed, I would suggest the team to directly contact our listing team. I can give the contact info if anyone needs it. Let the pros do their job, haha.
Q2 from Telegram user @NataliyaKil
Your team is systematically cleaning up the listing and removing any coins that might be malicious. How do you determine that a particular coin can harm your platform?
Alicia Kucoin: There could be many factors we evaluate a token, we have a specific procedure to follow called “ST”. There will be a period for watching before we tag the token as “ST” token, if the situation doesn’t change after the time, then we will decide to delist it. Factors will include like liquidity, cooperation, wash trading, market manipulation. For more details，please check the specific rules here: https://support.kucoin.plus/hc/en-us/articles/360003256193-Special-Treatment-Area ST stands for special treatment.
D. | Satoshi Club: thank you for answer Alicia! do you have information about how many coins/tokens been delisted for the past year?
Alicia Kucoin: Not exactly sure, around 20 I guess.
Mary | Satoshi Club: But ST status doesn’t mean that coin will be delisted, right? I know, people often manipulate with this.
Alicia Kucoin: There will be an observation time before we finally decide to delist it.
Q3 from Telegram @borysfireball
Recently you released Kucoin mobile web version, could you tell us more about its advantages? And also about its security, as i was always afraid to trade from my mobile. What should i do to be sure that my account is safe?
Alicia Kucoin: Impressive to the person who raised this question, you must be a real KuCoiner, haha, we call it the M-site.
The reason why we launch this function is to deal with the APP issue. For one thing, you don’t need to download an APP, which can often fail to Apple users because of Signature issue. With these 2 sites: https://m.kucoin.cc, https://m.kucoin.com, you will be able to add M-site to your cellphone, it’s much more convenient.
The biggest advantage of M-site is it’s really simple and convenient for users, I personally would recommend it to mobile users.
Q4 from Telegram user @jobel4
As a Kucoin user, there are some features in your App that not so clear to me like Kratos Voting. Can you explain more about this feature in your platform? How to participate in Kratos Voting? Who can participate this Voting? What is the purpose of this feature and what is the benefit that it will give towards your users? Thank you.
Alicia Kucoin: First of all, I would like to introduce a little bit about Kratos. It’s the testnet we have in plan for KuChain in the future. If you heard about KSM and DOT, you will understand better, KSM is also the testnet for DOT. In the future, Kratos and KuChain will be two parallel public chains. Both of them will focus on the financial sector and provide a more stable underlying technology environment for decentralized applications such as DeFi and DEX.
Kratos is co-ordinal with KuChain in concept, architecture and resource. After KuChain is officially launched, Kratos will still operate normally. So what about this vote? Let me explain.
Mary | Satoshi Club: Does it mean that you will have your own DEX and DeFi
and if yes, can you tell when you plan to launch it?
Alicia Kucoin: After we launch the KuChain official, our DEX called KuDEX will be launched as well. Now I will introduce about the voting.
To be eligible for the voting, a customer needs to hold KTSt for which the distribution has ended on Sep 25th of the Genesis Token activity. So you need to hold KTSt to vote.
And what does this voting do? As you may know Kratos governance activities include on-chain proposals, voting, and verification. Through the above activities, everyone can obtain the benefits brought by the PoS consensus mechanism. So voting is part of the governance on the Kratos chain. Users who hold KTSt can participate in the voting through the Pool-X platform. After voting, you can get KTSt rewards.
Q5 from Telegram @PaoloMonte87
Recently Kucoin launched an interesting “3-promotional-offers” package: a 10% off trading fees for 10 days for anyone new to Kucoin; a 100$ futures giveaway to people who are trading on futures (by achieving a certain threshold); and a free airdrops of tokens based on trading volume.
Since almost all of the three promotions are based on the activity/volume generated, are these offers also valid if users utilize the KuCoin trading bot developed by 3Commas? Or is “manual” trading activity a mandatory requirement to participate & win in these promotions?
Alicia Kucoin: So first of all, we won’t limit the usage of trading bot. Users can use the trading bot for all products on KuCoin. But for all the campaigns, we adopt a mechanism to avoid malicious activities, such as wash trading, multilple accounts, fake IPs. If it’s normal trading for KuCoin products, then it’s fine. It doesn’t have to be manual operation, so don’t worry.
Mary | Satoshi Club: And if i trade manually do i have any chances to win in competition?
Alicia Kucoin: Yes, I mean for the trading volume, it’s not just about the speed, frequencies, order amount also counts, it’s weighs more.
Q6 from Telegram @alice_wonderland12
I know this is a sour question but I want to talk about the hacking attack that Kucoin suffered weeks ago. How has the platform overcome it, how is your security system stronger now? How has been building back trust in the community?
Alicia Kucoin: It’s been quite long 46 days roughly for us all, allow me to express our gratitude first to all the KuCoin supporters. Thanks for your understanding and patience.
Just newest update today, we have resumed 185 tokens already and recovered 84% of all lost tokens and thing are going pretty well. We are confident to recover all tokens and resume full service before Nov. 22. Here I would like to share a post from our CEO Johnny: @lyu_johnny https://twitter.com/lyu_johnny/status/1326465021346373632
We have received tremendous support from the commmunity and we have never seen such united action from all the projects and our staff. For that, we are so grateful!
Mary | Satoshi Club: How did you recover some tokens, which were taken away by hacker? Is it even possible?
Alicia Kucoin: Right, it’s like a first time for such accident. We have adopted multiple tactics, including but not limited to on-chain tracking, contract upgrades and judicial recovery, and so on. And once the case is closed, we will disclose full details to public.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.
Q1 from Telegram User @HeRmAwAnTrAdEr
What’s so special about KuCoin that makes it better than its competitors?
Alicia Kucoin: We have developed into a diversified cryptocurrency financial services platform. For Spot, Margin, Futures, Staking and other products, we have some competitive advantages.
Spot trading: KuCoin currently supports over 200 tokens, and the liquidity is pretty good on KuCoin as well.
Margin trading: Margin trading supports most mainstream cryptos such as BTC, ETH and KCS with up to 10x leverage. Importantly, KuCoin supports the L3 mechanism. The L3 mechanism is unique in the industry
Futures: we introduced the world’s first Lite Version futures platform, where it only takes 30 seconds to register and 1 minute to learn how to trade futures, making each trade easier.
Pool-X exchange pioneered a free market that solves the liquidity problem of staked crypto.
Q2 from Telegram User @Giniwhite
All projects were alerted in terms of security since the Kucoin situation. How does Kucoin plan to reposition itself in the market and regain the trust of those affected users?
Alicia Kucoin: We have learned our lessons from this incident, and launched our “Safeguard Program”. Up until now, we have been supported by 5 global security institutions and more than 37 projects.
We will keep being transparent to all users regarding the progress of this incident and keep updating our products in the following days. What doesn’t kill you makes you stronger. This is how we grow from many crises, and become who we are today, a strong global decentralized community.
Q3 from Telegram User @victbt
What are the benefits of holding the KCS on Kucoin?
Alicia Kucoin: If you hold over 6 KCS and you can get KCS bonus. KCS holders can also participate in Spotlight and community voting. In addition, KCS is the backbone of all our services, which means as the development of all these services continues, the intrinsic value of KCS will improve as well, benefiting all KCS holders.
Q4 from Telegram User @shair29
What is Pool-X? How its work?
Alicia Kucoin: Pool-X is a staking platform (www.pool-x.io) that pioneered a free market that solves the liquidity problem of staked crypto. In the liquidity trading market, users can trade staked assets and enjoy a higher level of liquidity, so as to avoid the risk or loss caused by price. for more info you can refer https://medium.com/kucoinexchange/introducing-pool-x-the-next-generation-pos-mining-pool-by-kucoin-e8dcff0a119e
Q5 from Telegram User @CryptoZaratustra
Do you think new DEX protocols like Uniswap and Balancer can completely replace the traditional exchange ordering model? Do you think CEX and Kucoin services will be in demand for a long time?
Alicia Kucoin: As a believer in blockchain, I am pretty in favor of decentralization and our team members in KuCoin share the same values for decentralization. While I do not think the relationship between decentralization and centralization will be like one replaces another completely. They both have their advantages and meet the needs of certain target groups. Just like the discussion between CEX and DEX. Will more people trade on DEX in the future, yes absolutely, but does that mean CEX will disappear? Not really.
Q6 from Telegram User @beanq10
Will Kucoin’s market fluctuate when Biden becomes US president? Do you think it is good or bad?
Alicia Kucoin: According to data from Watkins, Bitcoin prices have sharply risen after the previous two US elections.
During this period of the 2020 elections, Bitcoin has also recorded new high times multiple times, again confirming that there may be a connection between Bitcoin’s price and the US election. However, due to the uncertainty in the US elections, the situation has become even more muddled. Whether this will reduce confidence in the Bitcoin bulls, we need to wait for later verification.
Q7 from Telegram User @CryptoDurden
Yield farming and DEFI projects are the trend of 2020. How is Kucoin involved in the development of the DEFI space and what innovations has Kucoin brought to Yield farming?
Alicia Kucoin: In this rapidly changing industry, KuCoin has always been keeping a close eye on the new market trend, and KuCoin always reacts quickly to this. With the increasing focus on DeFi, KuCoin is happy to support more DeFi projects. To discover more hidden gems in the DeFi field, we launched the KuCoin Choice Community Vote DeFi Session.
We also launched DeFi Trading Board to help user easily invest DeFi projets. We are developing KuChian which will focus on the financial sector and provide a more stable underlying technology environment for decentralized applications such as DeFi and DEX.
Q8 from Telegram User @angelrose5
Now kucoin safe for every one?
Alicia Kucoin: Yes, KuCoin is now 100% safe for everyone and we expect to resume all services before Nov.22. After our internal review and wallet maintenance, we have deployed new security measures and updated our hot wallet, make sure such incident won’t happen again. Plus, with our Safeguard Program launched, we are very confident to defend any kind of attack.
Q9 from Telegram User @polwak
Kucoin recently partnered with one of the NFT developers… what do you think about the development of the NFT and whether in the future kucoin will present an NFT exchange like opensea?
Alicia Kucoin: We are payting close attention to the development of NFT. We have launched the NFT Trading Board to facilitate users to better participate in the investment of NFT. We donated 100,000 KCS to Dego.Finance to help its development. The NFT exchange as you mentioned we have some plan, please stay tuned!
Q10 from Telegram User @Brainchest
What new projects will be in spotlight?
Alicia Kucoin: In defining the Spotlight, we are more prone to the quality than numbers/quantity. The launching of Spotlight is initially envisioned to assist and propel the projects into the market by deploying an insight on aspects of technology and high potentiality. To be honest, it’s not an easy job to locate the most appropriate project in a limited period by applying the criteria that fits in and meet the conditions. We got some of them on our list, but it takes time to do the due diligence, stay tuned with us!
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about KuCoin. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 800$ were distributed between the winners.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
KuCoin Exchange: https://t.me/Kucoin_Exchange