Chronicle (XNL) Is Available on BurningDrop
Dear KuCoin Users,
Chronicle (XNL) will be available on BurningDrop from 10:00:00 on September 10, 2021 (UTC). Users can mine XNL by staking USDT/KCS/ETH assets. During the Burning Acceleration Period, users who have already staked can enjoy more XNL rewards by burning POL. (All times for this announcement refer to the UTC time zone)
Products Details:
| Staking Products | Fixed Income Pool USDT-FOR-XNL-20D | Premium Pool ETH-FOR-XNL-20D | Deluxe Pool KCS-FOR-XNL-20D |
| XNL Distribution Coefficient | 1 | 1.2 | 1.5 |
| Hard Cap of Whole Platform | 2,000,000 USDT | 618 ETH | 189,000 KCS |
| Hard Cap of Single User | 3,000 USDT | 1 ETH | 200 KCS |
Timeline and Rules: (Go to BurningDrop)
*Subscription Period: 2021/09/10 10:00:00 - 2021/09/11 10:00:00
*Burning Acceleration Period: 2021/09/11 14:00:00 - 2021/09/12 14:00:00
*Staking Period: 2021/09/12 16:00:00 - 2021/10/02 15:59:59
*Issue Price: 1 XNL = 0.1 USDT
*Total Amount of XNL: 1,800,000
*Rewards Distribution: 33% of the XNL rewards will be distributed before XNL trading starts in the KuCoin Spot Market. 33% will be distributed after 3 months from the 1st distribution, 34% will be distributed after 6 months from the 1st distribution.
Calculation Method:
1) User’s Initial Allocation F = ∑(Individual staking amount of the chosen Staking Product * certain Distribution Coefficient * the price of staked assets in USDT at the start of the Subscription Period)
e.g. Alice staked 50 KCS in the KCS-FOR-XNL-20D section and 0.1 ETH in the ETH-FOR-XNL-20D section. Assume that the price of KCS at the start of the Subscription Period is 13 USDT, and the price of ETH at the start of the Subscription Period is 3,400 USDT. Thus, Alice’s Initial Allocation will be:
50 * 1.5 * 13 + 0.1 * 1.2 * 3,400 =1,383
2) Accelerating Coefficient by burning POL, namely V = 0.18452 * arctan (60 * ε - 2.08) + 0.207166085, wherein ε = Amount of the POL user burns / F
3) Single User Final Allocation after burning POL = F’
4) F’ = (V+1) F
User Final Allocation of XNL = (F’/ Overall Final Allocation) * Total Amount of XNL
Introduction of Project: Chronicle is a world-class design studio and community-driven marketplace digital platform built to connect brands with fans, featuring officially licensed digital collectibles, also more commonly known as NFTs. Using Chronicle's platform, users across the globe can buy, sell, trade, bid, and gift premier authenticated digital collectibles licensed directly from the world's leading brands and icons. You don’t need to have a crypto wallet to start your collection, either – Chronicle's platform has been custom-built for fans with zero crypto knowledge! Plus, Chronicle is committed to delivering eco-friendly, socially conscious NFTs.
Notes:
1. As the number of burned POL increases, the rewards of each POL burning may gradually decrease. Users can enter the number of burned POL on the burning page to test the available acceleration computing power. Please burn rationally.
2. Users need to be registered on KuCoin to join this BurningDrop activity.
3. Users confirm that participating in this activity is voluntary, and the KuCoin Group has not forced, interfered with, or influenced the user's decision in any way.
Risk Warning: Cryptocurrency investment is high risk. It is carried out 24/7 without closing. Please pay attention to investment risks before taking part. KuCoin has a strict review process for online projects but will not assume any compensation or other responsibilities for investment behaviors. Please be aware of related risks and be cautious when investing.
Thanks for your support and understanding!
The KuCoin Team
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