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Kucoin Buy-Back and Burn program update

By Inkarias - 2019-10-28

Last July, Kucoin’s team announced that, in order to promote the diversity of KCS ecosystem, enrich the rights of KCS users, and increase the market potential of KCS, they had decided to launch the KCS Lockup, Cash Back and Burn Plan. This plan started on August 1, 2019 and offers the ability to receive up to 50% annualized rate of return. In accordance with the vision of the team, the KCS Team had originally planned to implement the buyback and burn of the total amount of KCS locked by all users in December 2019, based on UTC+8 time zone.

In order to show their gratitude to the community for the success encountered, and to reward users who have always supported Kucoin and attempted to participate in the plan, the team will perform a 4,500,000 KCS buyback from October 30 to November 7, 2019. During this period, the project will buy back the corresponding number of KCS from the secondary market on a daily basis to complete the 4,500,000 KCS burn and release the burn record on November 7, 2019 (UTC+8).

The specific daily burn allocations are as follows:

  • October 30, 2019 ->300,000 KCS
  • October 31, 2019 ->400,000 KCS
  • November 01, 2019 ->500,000 KCS
  • November 02, 2019 ->500,000 KCS
  • November 03, 2019 ->500,000 KCS
  • November 04, 2019 ->500,000 KCS
  • November 05, 2019 ->600,000 KCS
  • November 06, 2019 ->600,000 KCS
  • November 07, 2019 ->600,000 KCS
The KCS Team has also executed the 500,000 KCS burn on August 26, 2019 (UTC+8) in advance to this phase. The 2nd round of the KCS Lockup and Cash Back Plan is released and can be read at https://www.kucoin.com/news/en-kucoin-will-launch-the-kcs-lockup-cash-back-program-and-burn-plan.
If you are looking to learn more about Kucoin and their features, you can visit the official kucoin website at https://www.kucoin.com.