MINE Network (MNET) Is Available on BurningDrop
Dear KuCoin Users,
MINE Network (MNET) will be available on BurningDrop from 10:00:00 on November 29, 2021 (UTC). Users can mine MNET by staking USDT/KCS/ETH assets. During the Burning Acceleration Period, users who have already staked can enjoy more MNET rewards by burning POL. (All times for this announcement refer to the UTC time zone)
Products Details:
| Staking Products | Fixed Income Pool USDT-FOR-MNET-20D | Premium Pool ETH-FOR-MNET-20D | Deluxe Pool KCS-FOR-MNET-20D |
| MNET Distribution Coefficient | 1 | 1.2 | 1.5 |
| Hard Cap of Whole Platform | 1,500,000 USDT | 366 ETH | 74,100 KCS |
| Hard Cap of Single User | 2,000 USDT | 0.5 ETH | 120 KCS |
*Subscription Period: 2021/11/29 10:00:00 - 2021/11/29 22:00:00
*Burning Acceleration Period: 2021/11/30 02:00:00 - 2021/11/30 14:00:00
*Staking Period: 2021/11/30 16:00:00 - 2021/12/20 15:59:59
*Issue Price: 1 MNET = 0.01 USDT
*Total Amount of MNET: 15,000,000
*Rewards Distribution: 5% of the MNET rewards will be distributed before MNET trading starts in the KuCoin Spot Market, the 87.5% will be distributed in 12.5% batches every month after 1 month from the 1st distribution, and the last 7.5% will be distributed in the following month.
Calculation Method:
1) User’s Initial Allocation F = ∑(Individual staking amount of the chosen Staking 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-MNET-20D section and 0.1 ETH in the ETH-FOR-MNET-20D section. Assume that the price of KCS at the start of the Subscription Period is 13 USDT, and the price of ETH at the start of the Subscription Period is 3,400 USDT. Thus, Alice’s Initial Allocation will be:
50 * 1.5 * 13 + 0.1 * 1.2 * 3,400 =1,383
2) Accelerating Coefficient by burning POL, namely V = 0.18452 * arctan (60 * ε - 2.08) + 0.207166085, wherein ε = Amount of the POL user burns / F
3) Single User Final Allocation after burning POL = F’
4) F’ = (V+1) F
User Final Allocation of MNET = (F’/ Overall Final Allocation) * Total Amount of MNET
Introduction of Project: MINE Network is an innovative cross-chain mining Metaverse solution that seamlessly connects the worlds of DeFi, GameFi and NFT's into one consolidated, easy-to-use open-source protocol. For the first time ever, players, collectors, and miners alike can take advantage of a fully integrated hashrate-based environment developed exclusively for effortless machineless mining. MINE Network provides a robust multi-chain infrastructure that caters to crypto enthusiasts worldwide by tokenizing real hashrates, issuing cross-chain compatible assets, and bridging conventional mining with the GameFi space by way of its own unique Metaverse - the MINEverse.
Notes:
1. Please note that users from Mainland China are not eligible to participate in this event.
2. As the number of burned POL increases, the rewards of each POL burning may gradually decrease. Users can enter the number of burned POL on the burning page to test the available acceleration computing power. Please burn rationally.
3. Users need to be registered on KuCoin to join 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.
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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