Announcement Regarding the Merger of Leveraged Tokens SAND3L and AVAX3L

Dear KuCoin Users,

To provide a better trading experience for our users, KuCoin will merge the shares of the leveraged tokens SAND3L and AVAX3L at a ratio of 100,000:1 at 08:00 on June 20, 2023 (UTC).

The arrangement details are as follows:

1. Suspension of Subscription and Redemption

At 17:30 on June 19, 2023 (UTC), we will suspend the subscription and redemption of SAND3L and AVAX3L. The subscription and redemption orders that have already been applied will not be affected.

2. The Merger of Leveraged Tokens SAND3L

At 08:00 on June 20, 2023 (UTC), we will suspend the trading of SAND3L/USDT. All existing trade orders are cancelled. We then take a snapshot of the SAND3L balance in the user's account and combine the SAND3L shares in the ratio of 100,000 SAND3L = 1 SAND3L.

It is expected that the merger of the leveraged token SAND3L will be completed at 11:00 (UTC) on June 20, 2023. If the merger is completed ahead of schedule, we will open the trading for SAND3L/USDT. The subscription and redemption functions for SAND3L will also be opened at this time.

3. The Merger of Leveraged Tokens AVAX3L

At 11:30 on June 20, 2023 (UTC), we will suspend the trading of AVAX3L/USDT. All existing trade orders are cancelled. We then take a snapshot of the AVAX3L balance in the user's account and combine the AVAX3L shares in the ratio of 100,000 AVAX3L = 1 AVAX3L.

It is expected that the merger of the leveraged token AVAX3L will be completed at 14:30 (UTC) on June 20, 2023. If the merger is completed ahead of schedule, we will open the trading for AVAX3L/USDT. The subscription and redemption functions for AVAX3L 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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