Paribus (PBX) Is Available on BurningDrop
Dear KuCoin Users,
Paribus (PBX) will be available on BurningDrop from 10:00:00 on September 7, 2021 (UTC). Users can mine PBX by staking USDT/KCS/ETH assets. During the Burning Acceleration Period, users who have already staked can enjoy more PBX rewards by burning POL. (All times for this announcement refer to the UTC time zone)
Products Details:
| Staking Products | Fixed Income Pool USDT-FOR-PBX-20D | Premium Pool ETH-FOR-PBX-20D | Deluxe Pool KCS-FOR-PBX-20D |
| PBX Distribution Coefficient | 1 | 1.2 | 1.5 |
| Hard Cap of Whole Platform | 700,000 USDT | 204 ETH | 64,300 KCS |
| Hard Cap of Single User | 1,500 USDT | 0.5 ETH | 120 KCS |
Timeline and Rules: (Go to BurningDrop)
*Subscription Period: 2021/09/07 10:00:00 - 2021/09/07 22:00:00
*Burning Acceleration Period: 2021/09/08 02:00:00 - 2021/09/08 14:00:00
*Staking Period: 2021/09/08 16:00:00 - 2021/09/28 15:59:59
*Issue Price: 1 PBX = 0.0003 USDT
*Total Amount of PBX: 166,666,666
*Rewards Distribution: 10% of the PBX rewards will be distributed before PBX trading starts in the KuCoin Spot Market. The remaining will be distributed at 18% per month.
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-PBX-20D section and 0.1 ETH in the ETH-FOR-PBX-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 PBX = (F’/ Overall Final Allocation) * Total Amount of PBX
Introduction of Project: Paribus is the first of its kind cross-chain lending/borrowing platform on Cardano. Using the first of its kind dynamic interest rate algorithms, Paribus will unlock liquidity across chains through a range of crypto assets such as NFTs, synthetics, virtual land, and liquidity positions. If an asset can be verified, it has market value and can be sold. While decentralized financial applications have reshaped the investment sector, alternative assets such as NFTs have not been optimally leveraged by existing DeFi protocols. Paribus aims to change this and redefine the value of these previously challenging assets, offering layered leverage across protocols and increasing the earning power of DeFi investors on any chain.
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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