LOOM Soft Staking Official Rules - Cash Back Investment Program for Loom Network (LOOM) Holding
Dear KuCoin Users,
As the People's Exchange, KuCoin has focused on fulfilling our mission to bring more value to our users. To maximize the benefits for users holding Loom Network (LOOM) on the platform, KuCoin has launched the LOOM Soft Staking Program (hereinafter referred to as the "Program").
Eligibility and Starting Time: The Soft Staking Investment Strategy Service (hereinafter referred to as the "Service") is available to all KuCoin users, and the service will begin from August 4, 2019 (UTC+8).
Participation: All LOOM users are deemed to have agreed to the Service and authorized KuCoin to make use of their respective LOOM assets on behalf of them for LOOM mainnet staking. KuCoin will adjust the staking proportion based on the total amount of token value and the withdrawal records of the platform wallet each calendar day. In order to service the best interest of our users, KuCoin will do its utmost in assisting our users to seek the maximum profit in the LOOM mainnet staking process with the objective to not affecting LOOM token withdrawal. All the revenue generated will be distributed to users accordingly. As a general rule, users are able to withdraw their respective LOOM assets at any time without terminating the staking. The detailed rules are as follows:
- KuCoin will adjust the staking proportion of LOOM every calendar day and calculate the daily revenue of the users according to the snapshots of the LOOM amount held by users at 23:59:59 (UTC+8) each calendar day. The daily revenue will be distributed the next day. Users are able to check their revenue return at "My Bonus".
- Users will receive revenue only when the amount of the LOOM revenue is above 0.000001.
- Users have to take note that due to the participation of the Program, there will be a potential risk that a user may not be able to withdraw his/her designated LOOM in a timely manner or as he/she so expected although KuCoin will use its best efforts to avoid such inevitably delay. In order to ensure the smooth withdrawal process of LOOM, users who wish to withdraw their respective LOOM assets shall have to follow the withdrawal sequence.
A Separate Project: The Service provided by KuCoin herein will only affect the LOOM withdrawal, and will not directly or indirectly affect: (1) the trading of LOOM assets on our platform; and (2) the trading or withdrawal of any other digital asset on our platform. As such, in the event that any user is reluctant to follow the withdrawal sequence but are already lined up in the withdrawal queue, the said user may choose to exchange LOOM with other tokens, and withdraw the exchanged tokens immediately.
Withdrawal Sequence: The LOOM assets are securely stored on KuCoin. The withdrawal of LOOM will be strictly processed based on the queue up sequence and queue jumping or fraud operations will be strictly prohibited.
Operation Authorization: Users who reluctant to, unable to or otherwise refuse to participate in the Program or accept the Service provided by KuCoin, please withdraw any and/or all his/her LOOM assets from his/her respective KuCoin account before 00:00:00 on August 4, 2019 (UTC+8) (hereinafter referred to as "Refusal Deadline"). Users who reluctant to, unable to, refuse to, or otherwise fail to withdraw LOOM before the Refusal Deadline are deemed to have agreed to participate in the Program and expressly authorize KuCoin to make use of their respective LOOM assets for LOOM mainnet staking.
Voluntariness: By participating in the Program, users hereby confirm that KuCoin has not solicited for the Program or force, interfere or undue influence their decision in any possible forms, and each user has participated in the Program at their own volition.
No Advice From KuCoin: Other than the instructions set out in this Official Rules, KuCoin cannot give the user any investment, legal, taxation or other advice in connection with the participation of the Program, and nothing on KuCoin or in any communications KuCoin send to the user is intended to constitute an advice. If a user needs or wants professional advice, the user should consult an appropriate professional financial, legal, taxation or other adviser.
Choice of Law and Jurisdictions: All issues and questions concerning the construction, validity, interpretation and enforceability of this Official Rules, or the rights and obligations of users and KuCoin in connection with the Program, shall be governed by, and construed in accordance with the laws of the Republic of Seychelles. The Court of the Republic of Seychelles shall have exclusive jurisdiction over any and all disputes arising out of and/or in connection with the Official Rules, the Program and the Service.
KuCoin will support soft staking for more coins as well as active staking.
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