The Seychelles-based trade Kucoin has added one other buying and selling pair to its roster. Users are actually in a position to commerce TENET/USD. The trade can be providing lavish incentives for a few of those that deposit and commerce. Can the brand new incentives assist counter the “cheap rumors” {that a} KuCoin official complained about lately?
Kucoin is now listing TENET in a buying and selling pair with USD. Trading turned out there on May 25, and withdrawals can happen from May 27.
Moreover, to mark the event, KuCoin has introduced a marketing campaign through which certified customers can vie for rewards from a prize pool value 40,000 USDT.
What is TENET?
Tenet is an Ethereum Virtual Machine (EVM) Layer-1 protocol focusing on Decentralized Finance (DeFi). It brings liquidity and yield alternatives to Liquidity Staking Deposits (LSDs).
Tenet permits LSDs to stake their belongings inside its community and take part in Tenet’s DeFi ecosystem. This is achieved via a brand new consensus mechanism referred to as Diversified Proof-of-Stake (DPoS). DPoS allows LSDs, together with stEth, to actively have interaction within the validation course of.
DPoS achieves community consensus with validators who stake multiple kind of asset.
By diversifying the belongings required to take care of management, the danger of a single entity dominating the community is eradicated. This additionally helps decrease the probabilities of a profitable network attack.
KuCoin Has Faced FUD
Earlier this yr, KuCoin was the topic of rumors of a possible insolvency. The concern, uncertainty, and doubt (FUD) entered new heights across the time of the banking crisis in March, simply as a lot of crypto’s favourite banks have been going below.
At the time of those heady occasions, BeInCrypto spoke exclusively to Mete Ulmet Elmas, the trade’s head of enterprise growth, who mentioned:
“KuCoin has been one of the exchanges that have been targeted by rumors most of the time in the past few months. But all those rumors are already proven wrong. I would say rumors are cheap, we take them seriously, but we are not afraid of them.”
Admittedly, the trade is without doubt one of the huge gamers within the trade, with simply over 4 hundred million in buying and selling quantity over the previous 24 hours. Hence KuCoin ranks because the fourth-largest cryptocurrency trade, in keeping with CoinMarketCap.
Time will inform how efficient the brand new incentives show to be and the way the market reacts to the brand new choices.
Disclaimer
In adherence to the Trust Project tips, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to supply correct, well timed info. However, readers are suggested to confirm information independently and seek the advice of with knowledgeable earlier than making any selections primarily based on this content material.
