Socol (SIMP) Is Available on BurningDrop
10/01/2023 18:14:27
Socol (SIMP) will be available on BurningDrop from 10:00:00 on January 11, 2023 (UTC). Users can mine SIMP by staking USDT/KCS/ETH assets. During the Burning Acceleration Period, users who have already staked can enjoy more SIMP rewards by burning POL. (All times for this announcement refer to the UTC time zone)
Products Details:
| Staking Products | Fixed Income Pool USDT-FOR-SIMP-20D | Premium Pool ETH-FOR-SIMP-20D | Deluxe Pool KCS-FOR-SIMP-20D |
| SIMP Distribution Coefficient | 1 | 1.2 | 1.5 |
| Hard Cap of Whole Platform | 1,600,000 USDT | 1,300 ETH | 310,000 KCS |
| Hard Cap of Single User | 2,400 USDT | 2 ETH | 350 KCS |
*Subscription Period: 2023/1/11 10:00:00 - 2023/1/11 22:00:00
*Burning Acceleration Period: 2023/1/12 02:00:00 - 2023/1/12 14:00:00
*Staking Period: 2023/1/12 16:00:00 - 2023/2/1 15:59:59
*Issue Price: 1 SIMP = 0.03 USDT
*Total Amount of SIMP: 10,000,000
*Rewards Distribution: 10% of the SIMP rewards will be distributed before SIMP trading starts in the KuCoin Spot Market. The remaining 90% will be distributed in 15% batches every month 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-SIMP-20D section and 0.1 ETH in the ETH-FOR-SIMP-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 (20 * 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 Rewards of SIMP = (F’ / Overall Final Allocation) * Total Amount of SIMP
Website: https://www.socol.io
Twitter: https://twitter.com/socol_io
Notes:
1. Please note that users from Mainland China are not eligible to participate in this event.
2. 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.
3. Users need to be registered on KuCoin to join 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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