KuCoin: What is it
A global cryptocurrency exchange with a Singaporean foundation is called KuCoin. With operations in China and Southeast Asia, it was established in August 2017. KuCoin has grown significantly since its debut and has swiftly risen to the top of the list of alternative currency exchanges.
The exchange is well-known to compete with Binance. It is user-friendly for beginners, offers a strong API, various cryptocurrency markets, and fantastic incentives. For instance, up to 90% of all trading fees are given back to the community. KuCoin Shares is one of these rewards (KCS).
Please read our in-depth evaluation of the KuCoin exchange if you want to learn more about the platform.
How Do KCS (KuCoin Shares) Operate
The most significant benefit is that by staking KCS, KuCoin users can share in the daily exchange earnings. These payments serve as a clear indicator of how well the exchange is performing in terms of transactions and trading volume. The size of the daily rewards pool increases as the platform receives more trading fees. The amount of paid dividends varies according on the KCS a person owns.
For instance, if the exchange charges 20 BTC in trading costs (0.1% of the daily trading volume), and you retain 10,000 KCS, you would receive 0.001 BTC converted to KCS per day (20 * 50% * (10000/100000000)). Each token pair mentioned on KuCoin has its rewards determined, which are often made in KCS but occasionally also in other cryptocurrencies. It may take up to 24 hours for you to receive the bonus after the payouts, which take place automatically each day at 02:00 (UTC +8).
Only these conditions must be met in order to qualify for the bonus:
A user must maintain at least 6 KCS for a minimum of 24 hours.
The user must enable 2FA on their account.
The opportunity to receive a discount on trading fees is another benefit of KCS tokens. For a 1% discount, you must purchase at least 1000 KCS, and the highest discount is 30% for 30,000 KCS. To determine the appropriate discount rate, the system takes a snapshot of users’ KCS holdings each day at 00:00 (UTC +8).
Burning KuCoin Token Shares
The daily distribution of KCS tokens and payment of rewards will eventually cause KCS token inflation. To combat this, KuCoin performs token burns and quarterly KCS buy-backs.
This is how it works: Every quarter, KCS is purchased back with at least 10% of the exchange’s net profit. Buy-back tokens are recovered and promptly destroyed. Using blockchain explorer, the procedure can be seen.
Until there are only 100,000,000 KCS left, the token burning process will continue. Five token buybacks and burns have been carried out as of February 2019 by KuCoin. 179,939,916 KCS are available at this time.
Where To Purchase KuCoin Shares (KCS)
The only place to buy KuCoin Shares (KCS) is on the KuCoin market. Buying them through the order book is the simplest option. A different way to get KuCoin Shares is by introducing friends.
You can make up to 20% of the trading fees paid by your invitees through the KuCoin referral program. It operates in the following manner:
By using a referral link, you ask your friends to join KuCoin.
From the time your friend places his first order, each recommendation is valid for a full year.
On three different levels, you get a referral bonus:
A-level invitationee: 20%. These are individuals who sign up directly by clicking on your link.
– B-level invitee: 12 percent. These are members who register covertly using the referral link provided by your invitee.
C-level invitation: 8%. All of these individuals registered vicariously through your invitee’s invitee’s links.
In all, the KuCoin referral incentive program allows you to get up to 40% of the trading fees from your invitee. Every two hours, only KCS tokens are used to pay out the incentives.
Use this link or our KuCoin referral code, f7MKe6, to create an account on the KuCoin exchange.
