KuCoin and Huobi Launch Programs to Freeze Their Tokens for Users
Cryptocurrency exchange KuCoin this Monday announced the launch of a program to develop the ecosystem of its KCS token. The program starts on August 1, and, according to the exchange, will allow users to receive from 35% to 50% of the profit on the KCS they have blocked.
Token holders are invited to block from 200 to 10,000 KCS for 90 days. The rate of return will depend on the date when the user decides to block. In case of early unlocking of tokens by the user, a commission of 10% of the deposited funds and all potential profit will be deducted from him.
KuCoin, for its part, will destroy an equivalent number of KCS. Tokens will be burned in December 2019.
In addition, the exchange undertakes to redeem the contributed tokens from the program participants 10% lower than the market value recorded on the day of their blocking, after returning to the owners’ accounts..
The KCS rate against the background of this announcement rose by 10%.
Last week KuCoin announced the launch of the KuCoin Selection program and listed its first participating project – Blockcloud.
UPD: Huobi Global also announced the launch of a similar program today. In her case, users are asked to block HT tokens for 7, 30, 60 or 90 days. The minimum amount to participate in the program is 100 HT.
Participants will be paid their own Huobi Pool HPT tokens. In addition, users with account balances of more than 1,000 HT will be able to receive cryptocurrency rewards on the DPOS consensus mechanism: EOS, TRX, CMT, ONG, IOST, ATOM, IRIS and LAMB.
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