The Kucoin team has announced
that its planned lockup of KCS tokens would take effect from August 1 through august 31 in a program designed to boost the value to users of the coin.
The economic idea of the lockup is aimed at reducing the coins in circulation thereby giving higher market value to the coin.
The project has been incentivized through a reward system which enables the locked up coins to attract 50 percent interest to the holders at the end of the 90 day lockup period.
The release stated that holders could activate the lockup any day from August 1, provided that they lockup a minimum of 200 KCS.
The release further stated that the maximum volume of KCS permitted for lockup daily by a holder is 10,000 KCS. The program aims to lock up a maximum of 500,000 KCS in the program.
Those whose referrals are involved in the lockup program would receive 10 percent commission on the locked up funds, provided the referred should input the referral code of their referrer.
To lockup their KCS funds, the holder should go to the Kucoin withdrawal page and input LOCKKCS in the address bar of the wallet.
The minimum returns expected from the locked up fund is 35 percent while the maximum is 50 percent. This would be paid 90 days from the day the fund was locked up.
Locked up funds that the owners need to be unlocked prior to the expiration of lockup period would not attract the profit but get charged 10 percent cancellation fee. To unlock the KCS, the holder should apply for funds to be unlocked. The original volume of less the cancellation fee would be sent back to the initiating address within 24 hours.
There are other benefits accruable to participants of the lockup program such as scheduled airdrop after a repurchasing program. These would commence after December burning.https://www.kucoin.com/