Lossless (LSS) Is Available on BurningDrop
Dear KuCoin Users,
Lossless (LSS) will be available on BurningDrop from 10:00:00 on May 28, 2021 (UTC). Users can mine LSS by staking USDT/KCS/ETH assets. During the Burning Acceleration Period, users who have already staked can enjoy more LSS rewards by burning Dao Maker (DAO). (All times for this announcement refer to the UTC time zone)
Products Details:
| Staking Products | Fixed-Income Pool USDT-FOR-LSS-20D | Premium Pool ETH-FOR-LSS-20D | Deluxe Pool KCS-FOR-LSS-20D |
| LSS Distribution Coefficient | 1 | 1.2 | 1.4 |
| Hard Cap of Whole Platform | 800,000 USDT | 357 ETH | 166,666 KCS |
| Hard Cap of Single User | 1,000 USDT | 0.5 ETH | 145 KCS |
Timeline and Rules: (Go to BurningDrop)
*Subscription Period: 2021/05/28 10:00:00 - 2021/05/29 10:00:00
*Burning Acceleration Period: 2021/05/29 14:00:00 - 2021/05/30 14:00:00
*Staking Period: 2021/05/30 16:00:00 - 2021/06/19 16:00:00
*Total Amount of LSS: 650,000
*Rewards Distribution: 20% of the LSS rewards will be distributed on May 31, 2021, while the remaining 80% will be distributed in 20% batches every quarter for 2022.
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-LSS-20D section and 0.1 ETH in the ETH-FOR-LSS-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 * 1.4 * 13 + 0.1 * 1.2 * 3,400 =1,318
2) Accelerating Coefficient by burning DAO, namely V = 0.18452 * arctan (1,000 * ε - 2.08) + 0.207166085, wherein ε = Amount of the DAO user burns / F
3) Single User Final Allocation after burning DAO = F’
4) F’ = (V+1) F
User Final Allocation of LSS = (F’/ Overall Final Allocation) * Total Amount of LSS
Introduction of Project: Lossless is the first DeFi hack mitigation tool for token creators. Lossless Protocol freezes fraudulent transactions based on a set of fraud identification parameters and returns stolen funds back to the owner’s account.
Project Official Website: https://lossless.cash
Notes：
1. As the number of burned DAO increases, the rewards of each DAO burning may gradually decrease. Users can enter the number of burned DAO 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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