zkLend (ZEND) is Available on BurningDrop
08/03/2024 17:43:40
Dear KuCoin Users,
zkLend (ZEND) will be available on BurningDrop from 9:00:00 on March 11, 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 ZEND airdrops.
Participation Ways: Web / App (click here to check the Tutorial)
- Subscription Period: 9:00:00 on March 11, 2024 to 18:00:00 on March 11, 2024 (UTC)
- Burning Acceleration Period: 20:00:00 on March 11, 2024 to 02:00:00 on March 12, 2024 (UTC)
- Staking Period: 02:00:00 on March 12, 2024 to 01:59:59 on April 1, 2024 (UTC)
Products Details:
| Staking Product | KCS-FOR-ZEND-20D |
| ZEND Distribution Coefficient | 1 |
| Hard Cap of Whole Platform | 423,000 KCS |
| Hard Cap of Single User | 300 KCS |
Rewards Distribution:
- Total ZEND Allocation: 285,715
- Rewards Distribution: 40% of the ZEND rewards will be distributed before ZEND trading starts in the KuCoin Spot Market. The remaining 60% will be distributed in 30% batches after 1 month from the 1st distribution.
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-ZEND-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 ZEND = (F’ / Overall Final Allocation) * Total AirDrop of ZEND
What is zkLend?
zkLend is permissionless money-market protocol natively built on Starknet, combining zk-rollup scalability, superior transaction speed and cost savings with Etheruem’s security. zkLend allows users to deposit assets into protocol’s liquidity pools, and to enable these assets as collaterals to borrow against other assets, in a trustless manner. zkLend is amongst one of the earliest DeFi protocols building on Starknet since early 2022. zkLend currently supports 6 assets: USDC, USDT, DAI, wBTC, ETH and wstETH, with many more to come.
Website: https://zklend.com/
Twitter: https://twitter.com/zkLend
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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