OpenLeverage (OLE) Is Available on BurningDrop

Dear KuCoin Users,

OpenLeverage (OLE) will be available on BurningDrop from 10:00:00 on July 5, 2022 (UTC). Users can mine OLE by staking USDT/KCS/ETH assets. During the Burning Acceleration Period, users who have already staked can enjoy more OLE rewards by burning POL. (All times for this announcement refer to the UTC time zone)

Participation Ways: Web / App

Products Details:

Timeline and Rules:

*Subscription Period: 2022/07/05 10:00:00 - 2022/07/05 22:00:00

*Burning Acceleration Period: 2022/07/06 02:00:00 - 2022/07/06 14:00:00

*Staking Period: 2022/07/06 16:00:00 - 2022/07/26 15:59:59

*Issue Price: 1 OLE = 0.05 USDT

*Total Amount of OLE: 1,000,000

*Rewards Distribution: 25% of the OLE rewards will be distributed before OLE trading starts in the KuCoin Spot Market. The remaining 75% will be distributed in 25% batches every month from the 1st distribution.

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-OLE-20D section and 0.1 ETH in the ETH-FOR-OLE-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 (20 * 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 Rewards of OLE = (F’ / Overall Final Allocation) * Total Amount of OLE

Introduction of Project: OpenLeverage is a permissionless lending and margin trading protocol with aggregated DEX liquidity, enabling traders to long or short any trading pair on DEXs efficiently and securely. Anyone can create lending pools to support margin trading for specific token pairs with liquidity pools on DEXs.

OpenLeverage is currently deployed on Ethereum, the BNB chain and KCC. Important milestones include crossing $500 million in trading volume and $10 million in TVL. OpenLeverage is incubated by Binance Labs and Creative Destruction Lab. It has received security audits from PeckShield, Code4Rena and CertiK.

Notes:

1. Please note that users from Mainland China, The United States and U.S. Outlying Islands 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.

5. This activity is not related to Apple Inc.

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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