Pool-X Launches BurningDrop, Supporting KTSt Genesis Mining
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
On September 16, 2020, KuCoin, an IDG-backed crypto exchange, announced that its Pool-X platform has launched the BurningDrop program and will provide services for the Kratos Genesis token (KTSt) Distribution. Users can join the KTSt Genesis Mining via Pool-X.
From 20:00:00 on September 16, 2020 to 20:00:00 on September 24, 2020 (UTC+8), users can get KTSt via BurningDrop and improve their computing power by burning POL, the native token of Pool-X. All KTSt mining rewards will be distributed at one time on September 25.
As KuChain’s testnet, Kratos is a financial public chain developed based on the needs of the DeFi field, which will provide a more stable underlying technology environment for decentralized applications such as DeFi and DEX. The total amount of KTSt to be distributed is 100 million. After the BurningDrop Distribution, KTSt holders can also vote for the test nodes of Kratos beta network through Pool-X to participate in its governance.
KuCoin Global CEO Johnny Lyu stated, “Since the launch of Pool-X, the platform has been providing staking and liquidity exchange services for over 50 projects and 380,000 users across the world. With the launching of BurningDrop, Pool-X will further satisfy the increasing demands for liquidity staking and enrich its ecosystem. In the future, Pool-X will provide more users with staking and liquidity exchange services.”
It’s claimed that KTSt Genesis Mining is divided into a KCS Staking Round with a total KTSt distribution of 95,000,000 and a BTC/ETH/ATOM Staking Round with a total KTSt distribution of 5,000,000.
Taking the KCS Staking Round as an example, it sets two phases: the Subscription Period and the POL-burning Accelerating Period. In the Subscription Period, users can lock their KCS into 5 different Staking Products. After the closure of the Subscription Period, users can calculate their “Initial Allocation” of KTSt according to the overall staking amount of KCS in the pool. Stepping into the Accelerating Period, users will receive a “Accelerating Coefficient”, based on which the “Final Allocation” of KTSt will be calculated. After the Accelerating Period, users will get the actual amount of KTSt calculated by a certain algorithm of “Initial Allocation”, “Accelerating Coefficient” and “Final Allocation”. For more details, please visit the Pool-X official website.
In addition, the staked BTC, ETH, ATOM and KCS tokens for KTSt Genesis Mining can be exchanged back into tradable assets via the Pool-X liquidity trading market.
Founded in September 2017, KuCoin has grown into one of the most popular crypto exchanges, and it currently provides a series of financial services including fiat-to-crypto, crypto-to-crypto, futures, staking, borrowing, token launch and more to its 6 million users across 207 countries and regions around the world. One out of four crypto holders worldwide is with KuCoin.