KuCoin Brings Back KuCoin Spotlight With New Updates
KuCoin, one of the leading cryptocurrency exchange platforms, announced KuCoin Spotlight will be back with added benefits and new participation rules. The recent upgrades are aimed to make the platform more user-friendly and visually appealing, and give users a chance to win 100x, according to the exchange.
Founded in 2017, KuCoin has made a name for its reward system. The platform supports more than 1,200 cryptocurrency trading pairs and 700 coins. With over 27 million users worldwide and a whopping $30 billion in trading volume in a single day, KuCoin has been marking its position among top platforms.
The crypto firm announced that it will introduce the “Brand-New Participation Rules”, which are based on the Token Holdings’ Net Asset Value (NAV) of the users , to mark the global launch of the upgrade.
It is important to get in early on a project to really improve your chances of maximizing your returns. The trend of IEO has been on the rise from the last couple of years. As per CryptoRank, Binance and KuCoin are the top IEO performance platforms in the world.
What exactly is the update?
KuCoin is introducing “Brand-New Participation Rules” based on the NAV (Token Holdings’ Net Asset Value) of the stakeholders in order to mark the launch of the revamped KuCoin Spotlight. These new rules were launched to ensure transparency in allocating tickets. This makes the process flexible and accessible for the users, allowing them to get excited about the event.
In short,
- Users will be able to take part by holding designated tokens.
- The calculation of the total number of allocated participation tickets is based on the amount of NAV on the user’s accounts.
Calculation rules for the tickets
To calculate how many tickets users can receive, including all the accounts, Kucoin will utilize the daily average NAV of one or multiple currencies.
For the Main Account and Trading Account, KuCoin uses the formula
“the sum of the hourly random snapshot of USDT-denominated Net Asset Value of the (Main or Trading) Account/24 hours” to calculate the NAV, respectively.
In order to calculate the NAV for Margin Account, the platform uses the rule “the sum of the hourly random snapshot of USDT-denominated Net Asset Value of the Margin Account/24 hours.” A point to be noted here is that if the Net Asset Value is negative here the NAV will be calculated as 0.
Similarly, for Finance Account, Futures Account, and Trading Bot Account, the formula to calculate NAV is the sum of the hourly random snapshot of USDT-denominated Net Asset Value of X Account /24 hours” (where X represents the account given).
Lastly, to calculate the NAV for Wealth Account, KuCoin uses the formula
“the daily random snapshot of USDT-denominated Net Asset Value of Wealth Account”.
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