KuCoin has just announced the rules of participating in the Lockdrop Token of its public blockchain KuChain, the Betanet Kratos test token. Let Blogtienao learn about this event.
First of all, everyone needs to understand KuChain and Kratos.
What is KuChain?
KuChain is a public blockchain chain developed by KuGroup - Owner of KuCoin exchange, with the aim of optimizing use for the financial sector.
Similar to Binance Chain's Binance Exchange or Huobi Chain of Huobi exchange, KuChain's KuCoin exchange also promises to be a powerful weapon to help the development of KuCoin in general and the KCS token of this exchange in particular.
What is Kratos?
Kratos syncs with the KuChain chain in terms of concepts, architecture, and resources, as it serves as the initial version - KuChain's test environment before the launch of the mainnet. Providing an experimental environment, Kratos encourages decentralized financial product pioneers to test and demonstrate their innovative technologies and concepts, and to try and contribute to other functions. KuChain's mutualities include administration, staking and authentication.
Do you understand Polkadot (DOT) and Kasuma (KSM) are KuChain's role as Polkadot and Kratos (KTS) is KuChain's Kasuma.
Kratos builds a four-layer network based on the needs of DeFi and DEX, module protocol and functionality, improves Kratos ease of use, reduces developer participation threshold, and solves problems in DeFi schools. Kratos will bring blockchain mass adoption and new changes to the industry.
Information Lockdrop Token Program Digital Trial Betanet
On the occasion of KuCoin's 3rd anniversary, KuChain's testnet - Kratos - will soon launch Betanet Event - Phase II of this chain. And accordingly, KuCoin will hold a Lockdrop event, ie staking / lock the property to receive tokens, the token received here will be the test token of KTS Betanet: KTSt.
There are 2 staking rounds to participate are staking with KCS and 1 staking round with other coins, including BTC / ETH / ATOM. Particularly, if you participate in staking with KCS, you will get lottery tickets for winning lottery to buy IEO VELO. Blogtienao has detailed articles on the website for you to learn more.
Time of Lockdroop program: From 18:00:00 September 11, 9 to 2020:16:00 September 00, 16 (UTC + 9)
Implementation support platform: Pool-X
* (Pool-X is a staking platform incubated and developed by KuCoin. On this platform, users can staking supported PoS assets and receive a pretty high annual rate of return and receive tokens. Pool-X's is POL - which is now listed on KuCoin.The special feature of Pool-X is that it allows users to list assets that are being staking on its liquid market to get assets that are not staking. About, pay part of the fee by POL.)
Users holding KTSt will have the right to directly experience the economic model of the Kratos beta network. Specifically, from 16:00:00 September 19, 9 (UTC + 2020) onwards, KTSt owners have the right to use their digital tokens to vote for Kratos beta test nodes through the Betanet Events admin page (this page will be deployed on the Pool-X Platform). KTSt holders will be able to directly participate in the operation of the Kratos beta network through voting and validation, so that they can continue to practice their governance and participate in staking to receive rewards.
KuCoin 3-year anniversary page: https://land.kucoin.com/newfortunestars?lang=en_US
Page Lockdrop Token Demo Digital Betanet: _____
Kratos Betanet Facts: https://kratos.network/kratos/events
- Participating in this token key to receive a new token is quite similar to the fact that Tron is giving the TRX key to the SUN coin. The risk you bear will be the ability to reduce the price of the coins you bring to the farm, here is KCS, BTC, ETH, ATOM.
- Besides There is a high possibility that this digital currency will be later swapped to the official digital token of Kratos main network So you can take advantage of the idle KCS ETH BTC ATOM to collect these tokens. (Maybe the ratio will not be 1: 1 but may also be a part to encourage KuChain Kratos supporters from an early stage)
Lockdrop Token rounds KTS Betanet
Note: The information below is quite confusing, the admin recommends that you only pay attention to the timeline, the distribution coefficient and the conversion deadlines to calculate the amount of coins you bring to staking accordingly, but calculate the bonus according to how many companies. That recipe is quite troublesome.
Round Staking KCS
The KCS Staking Loop has phases: a Preset Stage and a POL Burn Acceleration Stage (Acceleration Stage).
The complete process has 4 steps:
- During the Booking Period, people can choose to register for a KCS course under 5 different "Redemption period" options (how long you want to stake KCS, choose the corresponding time, of course the longer, the reward. the more, but the more the risk, the volatility of KCS price, but we don't have KCS in hand because of taking away staking); Note that during this reservation period, the “Redemption period” of the KCS take away staking section has not yet begun, but your KCS amount will be locked because you are “Booking”.
- At the end of the Booking Period, everyone can calculate KTSt's “Initial Allocation” according to the total amount of KCS participating in staking in the pool to calculate the amount of rewards for themselves during this period using the formula below;
- Entering the Acceleration Stage, each person will receive a “Acceleration Factor”, upon which their “Final Allocation” will be calculated;
- After the Acceleration Phase, participants will receive the actual number of architects calculated using a certain algorithm including the parameters of "Initial Allocation", "Acceleration Coefficient" and "End Attribution. and". Up to this point, KCS locked from the "Acceleration phase" is still locked and the staking time has not yet been calculated.
The specific mechanism is as follows:
The KCS staking round has 5 options "Redemption period", with a total distribution of 95,000,000 KTSt. Each option “Redemption period” is also the time you need to wait for KCS to return to your account after clicking on staking.
Everyone can choose different "Conversion Period" to staking the corresponding number of KCS, in which KTSt will be distributed according to the "Mapping coefficient" related to the total staking volume. The specific mechanism is as follows:
|Registration period (days)||19:00 September 16.9.2020, 19 to 00:20.9.2020 September XNUMX, XNUMX (Hourly Vietnam)|
|Time limit for KCS conversion||30 day||60 day||120 day||180 day||360 day|
|KTSt distribution coefficient||0.2||1||6||12||20|
|Maximum amount of Staking KCS (Hard cap)||Unlimited||4,000,000 KCS||4,000,000 KCS||4,000,000 KCS||4,000,000 KCS|
- The maximum amount of Staking KCS for each option is as shown on the board, but in addition, for the 60-day or more selections, there is a maximum daily limit of 1 KCS, so if it finishes opening soon, it is reached. if we are late, we cannot participate.
- "Distribution coefficient" sounds "dangerous", rather than as a factor to multiply depending on the number, the higher the coefficient so the higher the reward as the base salary coefficient :))
- In case you are participating in staking, but the "redemption period" has not yet ended but you need KCS, you can go to the liquidity market of Pool-X to sell the staked KCS to get the staked KCS and pay. POL. See the full Pool-X user guide here.
- If the total amount of digital shares distributed corresponding to the total number of students participating in staking is less than or equal to 95,000,000 KTSt, then:
User Initial Allocation = ∑ (Number of KCS participating in staking of each individual in selected “Redemption period” * Corresponding distribution coefficient)
For example. Vinh participates in staking 1,000,000 KCS in the KCS-30-day selection and 50,000 KCS in the KCS-120-day section, Vinh's initial allocation will be:
1,000,000 KCS x 0.2 + 50,000 KCS x 6 = 500,000
- If the total number of digital shares distributed corresponding to the total number of students participating in staking is greater than 95,000,000 KTSt, then:
User Initial Allocation = ∑ (Number of KCS participating in staking of each individual in the selected “Redemption period” * Corresponding distribution coefficient) / ∑ (Number of KCS participating in staking in every 5 “ Conversion period ”* Corresponding distribution coefficient) * Total distribution of digital assets
For example. Vinh participates in staking 1,000,000 KCS in KCS-30 days and 50,000 KCS in KCS-120 days, assuming the number of KCS staking in the KCS-30 section reaches 4,000,000 KCS and the total number of KCS staking of 4 other “Redemption period” all reached the maximum limit. Vinh's initial allocation will be:
(1,000,000 KCS * 0.2 + 50,000 KCS * 6) / [(0.2 + 1 + 6 + 12 + 20) x 4,000,000] x 95,000,000 = 302,933,673
- Reservations Period: from 19:00 September 16.9.2020, 19 to 00:20.9.2020 September XNUMX, XNUMX (Hourly Vietnam). During this stage people can begin registration Participate in Staking and calculate the bonus according to the above formula. As mentioned above, property pre-booked here will be locked but the "redemption period" has not yet been counted.
- Acceleration Stage: TU 19:00 September 21.9.2020, 19 to 00:24.9.2020 September XNUMX, XNUMX (Hourly Vietnam). During this phase people can expand their Initial Allocation by burning POL.
For those of you who do not know: POL is a Pool-X platform token, when staking supported POS coins on Pool-X, you receive a bonus POL. This bonus POL can be used as money to pay the liquidity to the liquidity provider when I need to exchange my staked coin to an un-staked coin as mentioned above. POL is listed and traded on KuCoin.
The rules for calculating during General Acceleration are as follows:
- User Initial Allocation = F
- Coefficient of acceleration by burning POL = V
- Final allocation of user after burning POL = F '
- F '= (V + 1) F
- V = 0.18542 * arctan (2.5 * ε - 2.08) + 0.207166085
- ε = amount of POL user burned / F
After calculating the Acceleration Factor, if the total final allocation of the entire pool is less than or equal to 95000,000 KTSt then:
User's final asset allocation = F '
In the case after calculating the Acceleration factor, the final total allocation of the entire pool is greater than 95,000,000 KTSt
User's Final KTS Allocation = 95,000,000 / Overall Final Allocation * F '
- After the Acceleration Phase ends, the architect will be distributed to the respective participants 14:00 on September 25.9.2020, XNUMX (Vietnam Time)The staking stage then begins for KTSt holders to receive rewards. This is when your "Redemption Period" will begin to count down.
To make it easier for the admin to make this infographic timeline for everyone:
Round Staking BTC / ETH / ATOM
This round accepts 3 coins, BTC, ETH and ATOM, with the "Redemption Period" after staking is 30 days. A total of 5,000,000 KTSt will be distributed during this round.
People can choose to staking one or more of the above 3 coins during the registration period and then receive a corresponding number of digital assets according to the proportion of their staking asset value to the total staking amount of this round.
Asset value will be pegged to USDT's price, which will be announced in the announcement at the end of this round. Detailed provisions are as follows:
|Registration period||19:00 September 16.9.2020, 19 to 00:20.9.2020 September XNUMX, XNUMX (Hourly Vietnam)|
|Redemption period||30 day|
|Maximum Staking amount (Hard cap)||Unlimited|
- Number of digital assets each individual has = (The amount of a certain coin that individual carries staking * the price of that coin is tied to USDT) / (Total BTC participating in staking * BTC price tied in USDT + Total ETH participate in staking * ETH price is tied to USDT + Total ATOM participates in staking * ATOM price is tied to USDT) * Total amount of digital assets distributed in this Round.
Note *: if a user chooses to staking multiple coins, the amount and price tied in USDT of each coin will be calculated accordingly and then added together to the total value of their assets.
Example: Vinh participates in staking 10 BTC with a snapshot price of BTC of 10.000 USDT, while this round has a total of 60 BTC, plus 100 ETH (with snapshot price of 350 USDT), plus 10.000 ATOM (with price snapshot is 6 USDT), then the number of KTSt that Vinh will get will be:
Number of architects that Vinh will have is:
10 * 10,000 / (60 * 10,000 + 100 * 350 + 10,000 * 6) x 5,000,000 = 719,424 KTSt
- Preset Period: 19:00:00 September 16.9.2020, 19 to 00:00:20.9.2020, September XNUMX, XNUMX (Hourly Vietnam). During this period every user can choose to staking ATOM, BTC, ETH accordingly. Note that after depositing the staking asset, it will be necessary to wait until the "KCS redemption period" is completely finished for the liquidation of that coin back (Because the key is taken away, there is no liquidity). However, if earlier liquidity is required, the staking tokens can be traded on the Pool-X liquidity market.
- KTSt will be distributed to all respective participants at the time 14:00:00 on September 25.9.2020, XNUMX (Vietnam Time), then start the Staking Lockdrop Period, which calculates the countdown for the “Redemption Period” you selected from the Preservation Period.
Detailed instructions on how to participate in the Staking Lockdrop Token Staking Lockdrop Token test, Digital Betanet
First, to participate in staking, you need a KuCoin account (also a Pool-X account), if you do not have a KuCoin account, you must register via the ref link to support Blogtienao: blogtienao.com/go/kucoin
Currently, the locking of coin staking to receive digital tokens is only possible on the web, so login to your KuCoin account at the website. Pool-X.io. Then go to the coin staking Lockdrop website KTSt: https://pool-x.io/x-lockdrop
Here you will see different staking options, each box is 1 coin with different "Redemption period". The first red circle in the image below with a light color box is the currently selected cell: KCS 30D - you are choosing a KCS key with a "Redemption period" of 30 days. We will use this option as a staking example. If you want to stake other coins, select the corresponding box.
Click on the arrow circled in gold and you will be able to see the next page with other options: 180-day KCS and 360-day KCS.
With the 30-day KCS option currently selected, you will see that the KCS number locked by users with this option is 1,052,368 KCS as the second red circle in the image above. The 2-day KCS option has no maximum limit so you can sign up for staking with this option as much as you like (Of course it must be in time Reservations Period: from 19:00 September 16.9.2020, 19 to 00:20.9.2020 September XNUMX, XNUMX).
Note at this point: 4 packages of pre-order Staking KCS 60 days, 120 days, 180 days, 360 days have a maximum limit of 1 KCS 1,000,000 day / package. This limit will renew every day at 1:19 p.m. until the total of the days adds up to KCS 4,000,000 per package. Currently, after 3 days of opening, each package has achieved 3 million KCS courses, showing the excitement of long-term architect holders wanting to participate in receiving architects, thus reinforcing the admin hypothesis.
So these packages, according to the admin, are very beneficial for those who hold a long-distance KCS, so whoever is a holder should consider it? Refreshing what you want to stake, then immediately enlist in home very quickly.
Back to the example, choosing a 30-day KCS package, people scrolling down will see the interface fill the amount of KCS to stake as shown below. If you do not have KCS in your Pool-X account, then click on the "Transfer" button in the red circle to transfer from your Main Account or the Trading Account of your KuCoin account.
Click on the red arrow box only to choose to withdraw KCS from your Primary Account or Trading Account, then enter the amount and click “Confirm” to confirm.
Then, people fill in the number of KCS you want to lock and then enter the transaction password ("Trading Password ') and click" Stake Now "to complete the registration to participate in the" Reserve "phase (as mentioned above, this stage coin lock has already started, but the staking time has not been counted until September 25.9.)
Frequently asked questions
- Coin is locked for how long, from when?
Coin is locked from the time you register as in the above steps. The countdown time depends on the "Redemption period" you choose. And the countdown will start on 14:00:00 on September 25.9.2020, XNUMX (Vietnam Time)
- When will KTSt be paid? How much is paid?
KTSt is fully paid for your entry 14:00:00 on September 25.9.2020, XNUMX (Vietnam Time)
- Does this participation have potential? Are there any risks?
For holders - those who hold KCS BTC ETH ATOM coins for a long way (longer than the redemption period selected above), the admin does not see the risk here because Pool-X is a product of the KuCoin exchange - very reputable already. However, there is a trade-off is the potential profit that you can have by bringing those assets to loan on DeFi platforms (if any), for KCS only, then KCS will be locked. do not receive the profit interest to pay KCS bonus bonus to the KCS holder on the floor every day (You leave KCS in your KuCoin account every day to be divided profits by KuCoin based on the previous day's revenue)
For Trader: if you buy or borrow coins to go lock, the risk to pay more attention is the price of the lock carry coin (KCS BTC ETH ATOM) and the return time - there may be certain fluctuations.
Potential: Potential is the value of the architect you are trading all of the above to achieve. KuCoin has said frankly that KTSt is a testnet token and has value of governance experience in the network, nothing about money value.
For the admin, the admin will use the coin he holds to participate because he does not do anything (admin does not participate in DeFi products to receive interest because of part of the risk and a good part of the fee is quite high, lock on the pool- This x does not cost), maybe digital architect is converted to real digital according to the rate as the admin predicted.
Above is all the information you need to know about KuCoin's rules for participation in the KuCoin Staking Lockdrop Kratos Betanet Test Token KuChain. With related questions, you can join the KuCoin Vietnam community for support:
- Discussion: https://kucoinvn.com/go/TelegramKuCoinVietnam
- News: https://kucoinvn.com/go/TelegramNewsKuCoinVietNam