Teleport System Token (TST) is Available on BurningDrop
Dear KuCoin Users,
Teleport System Token (TST) will be available on BurningDrop from 10:00:00 on June 24, 2024 (UTC). KCS pool will be opened during the subscription period for all users to subscribe. Additionally, during the Burning Acceleration Period, users who have already subscribed can choose to burn KCS to mine more TST airdrops.
Participation Ways: Web / App (click here to check the Tutorial)
- Subscription Period: 10:00:00 on June 24, 2024 to 18:00:00 on June 24, 2024 (UTC)
- Burning Acceleration Period: 20:00:00 on June 24, 2024 to 02:00:00 on June 25, 2024 (UTC)
- Staking Period: 02:00:00 on June 25, 2024 to 01:59:59 on July 15, 2024 (UTC)
Products Details:
| Staking Product | KCS-FOR-TST-20D |
| TST Distribution Coefficient | 1 |
| Hard Cap of Whole Platform | 450,000 KCS |
| Hard Cap of Single User | 300 KCS |
Rewards Distribution:
- Total TST Allocation: 2,666,666
- The TST rewards distribution will be: 20% of the TST rewards will be distributed before TST trading starts in the KuCoin Spot Market. After that, the remaining rewards will be distributed in 13.3% batches monthly over the next 6 months.
Calculation Method:
1) User’s Initial Allocation F = Individual staking amount of the 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-TST-20D section. Assume that the price of KCS at the start of the subscription period is $8. Thus, Alice’s Initial Allocation will be:
50 * 1 * 8 = 400
2) Accelerating Coefficient by burning KCS, namely V = 0.18452 * arctan (3,000 * ε - 2.08) + 0.207166085, wherein ε = Amount of the KCS user burns / F
3) Single User Final Allocation after burning KCS = F’
4) F’ = (V+1) F
User Final Rewards of TST = (F’ / Overall Final Allocation) * Total AirDrop of TST
What is the project?
TeleportDAO is a light-client bridge connecting Bitcoin to Bitcoin L2s and EVM chains, allowing EVM dApps to utilize Bitcoin data. This capability enables the creation of cross-chain Bitcoin applications. The bridge offers unmatched decentralization and security, achieved by implementing Bitcoin's light client as a smart contract and verifying data through a network of open Relayer nodes. With even one honest relayer, the bridge's security matches Bitcoin's. Joining as a Relayer requires no permission, ensuring full decentralization.
Built on this bridge, we've developed TeleSwap and TeleOrdinal for the Bitcoin ecosystem. TeleSwap enables Bitcoin and BRC-20 bridging and trading across Bitcoin and EVMs. TeleOrdinal is a cross-chain marketplace for buying Ordinals by EVM users. These applications demonstrate our bridge's potential, paving the way for further dApps, such as lending, options to be built atop it.
Website: http://teleportdao.xyz/
Notes:
1. As the number of burned KCS increases, the rewards of each KCS burning may gradually decrease. Users can enter the number of burned KCS on the burning page to test the available acceleration computing power. Please burn rationally.
2. The subscribed KCS tokens will be locked for 20 days.
3. Users must be registered and KYC verified on KuCoin to participate in this BurningDrop activity.
4. 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.
5. This activity is not related to Apple Inc.
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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