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Announcement Regarding the Merger of Leveraged Tokens NEAR3L and AXS3L

Announcement Regarding the Merger of Leveraged Tokens NEAR3L and AXS3L

04/03/2023, 11:26:39

Dear KuCoin Users,

To provide a better trading experience for our users, KuCoin will merge the shares of the leveraged tokens NEAR3L and AXS3L at a ratio of 100,000:1 at 08:00 on April 07, 2023 (UTC).

The arrangement details are as follows:

1. Suspension of Subscription and Redemption

At 17:30 on April 06, 2023 (UTC), we will suspend the subscription and redemption of NEAR3L and AXS3L. The subscription and redemption orders that have already been applied will not be affected.

2. The Merger of Leveraged Tokens NEAR3L

At 08:00 on April 07, 2023 (UTC), we will suspend the trading of NEAR3L/USDT. All existing trade orders will be canceled. We will then take a snapshot of NEAR3L balances in users’ accounts and merge the shares of NEAR3L at a ratio of 100,000 NEAR3L = 1 NEAR3L.

At 10:00 on April 07, 2023 (UTC), new NEAR3L balances will be updated, and we will open the trading for NEAR3L/USDT. The subscription and redemption functions for NEAR3L will also be opened at this time.

3. The Merger of Leveraged Tokens AXS3L

At 10:20 on April 07, 2023 (UTC), we will suspend the trading of AXS3L/USDT. All existing trade orders will be canceled. We will then take a snapshot of AXS3L balances in users’ accounts and merge the shares of AXS3L at a ratio of 100,000 AXS3L = 1 AXS3L.

At 12:20 on April 07, 2023 (UTC), new AXS3L balances will be updated, and we will open the trading for AXS3L/USDT. The subscription and redemption functions for AXS3L will also be opened at this time.

If a large price fluctuation occurs, we will postpone the merger accordingly and notify you via the announcement.

Thanks for your support! ​

The KuCoin Team ​

Risk Warning：Leveraged Tokens investment (trade) is a risky one. By trading KuCoin Leveraged Tokens or using related services of KuCoin Leverage Tokens, you are deemed to have fully understood the risks of KuCoin Leveraged Tokens and agreed to assume all responsibilities of all and related trading or non-trading behaviours involved in your KuCoin account. KuCoin will not be liable to you for any loss that might arise from your use of Leveraged Tokens.

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