KuCoin, the global cryptocurrency exchange, has collaborated with a public blockchain network, Wanchain, to launch its highly-anticipated project, WAN Soft Staking Program.
The WAN Soft Staking Program aims to bring substantial benefits to the users who own WAN on the respective platform. Based on the news, the Soft Staking Investment Strategy Service is expected to be available for the users from September 4, 2019 (UTC +8).
The Participation Rules of WAN Soft Staking Program:
- The participation rules of the Staking Program clearly outline that all the Wanchain (WAN) users are deemed to have given the right to KuCoin to employ their WAN assets on their behalf for the staking purpose.
- Apparently, KuCoin will set the staking proportion in accordance with the total value of tokens and withdrawal operations of the wallet on each calendar day. The amount held by the users at 23:59:59 will be used for the purpose.
- The revenue generated on each day will be distributed amongst the owners the very next day. This amount will be visible at “My Bonus.” However, there remains a condition in the program that the users will get revenue generated only when the WAN revenue exceeds 0.000001.
- KuCoin promises maximum profits to its investors through the staking program without hampering the WAN token withdrawal records.
- Also, KuCoin allows a person to exchange WAN with other tokens if the person wants to withdraw his/her assets. The withdrawal of WAN will be centered on the queue up sequence. The platform is adamant about avoiding any kind of fraud or queue jumping during the withdrawal process.
- The announcement states that there might pop up some delay during the processing of withdrawal of WAN in the event of staking. Although, KuCoin promises to do its best to avoid any kind of delay in the withdrawal process.
WAN Soft Staking Official Rules – Cash Back Investment Program for Wanchain (WAN) Holding
To maximize the benefits for users holding Wanchain (WAN) on the platform, KuCoin has launched the WAN Soft Staking Program.
— KuCoin Updates (@KuCoinUpdates) September 1, 2019
Refusal Deadline For WAN Owners:
The Refusal Deadline given by KuCoin requests users who are unwilling to take part in the staking program to withdraw a portion of or all of his/her WAN assets from their respective accounts before 00:00:00 on September 4, 2019. The users who fail to comply with the Refusal Deadline will be deemed to have accepted the Staking Program, which thereby allows KuCoin to use their WAN assets in the mainnet staking.
The announcement mentions the limits for KuCoin in the staking program. The program gives authoritative rights to the Court of the Republic of Seychelles to interfere in any dispute arising in the project.