Frozen KickTokens are getting warmer
Finally, we reveal the unlocking conditions! Read also about buy-backs and the second wave of the FrozenDrop
For the first time Kick Ecosystem decided to officially publish the unlocking conditions and the terms for the second FrozenDrop! Below you can find answers to the hottest questions on 888,888 frozen KickTokens, such as how those can be unlocked. For more information, read on.
Every day, in our social media chats, we receive a large number of questions concerning the unlocking mechanics of the KickTokens during the FrozenDrop. In this article, we will explain how to unlock the tokens in the future. Read all the way through and be the first to know!
Brief instructions to unlock the frozen tokens:
1) You get FrozenDrop (888,888 frozen KickTokens) to your ETH wallet.
2) Register in the KickEX exchange and trade there. With trade volume, you accumulate a commission. For example, with a commission of $1, you can unfreeze KickTokens for $ 0,5.
3)Tokens are unlocked now. You can sell these unfrozen tokens, cover future commissions partly or up to 100% for trading on the exchange, or spend in the Kick Ecosystem.
What is the FrozenDrop?
If you have not yet had time to learn about the Frozen Economics, the purposes of the FrozenDrop and the frozen tokens in blockchain projects, we suggest you read more information (provided by the Kick Ecosystem team) and the DeCenter’s overview article. In fact, our FrozenDrop is similar in the way to the Cryptocurrency Cashback, however, the tokens have already been credited. Now the owners only need to use them.
Why do we carry out the FrozenDrop?
We do it to draw the attention of active crypto users and traders from all over the world to the project and to the launch of our KickEX exchange. Now it is in open beta testing. Everyone is welcome to join and test the exchange together to make it better and more user-friendly!
Who has received the frozen tokens?
Our algorithm selected all active Ethereum (ETH) wallets. We cannot yet disclose all the data about how exactly the accrual algorithm works. However, we can point out some factors, such as the activity and the transaction on the Ethereum network during the last few months, the Ethereum balance at least 0.5 ETH, the KickToken balance at least 500,000KickTokens (the requirement since 01/01/2020 and later) that were purchased in a certain period of time. In addition, it took into account the number of popular tokens on the balance.
Why are the frozen tokens good?
If the project has not yet been launched, its economy is not working, and the demand for the token is therefore not formed. The speculation period is over. The FrozenDrop can be extremely useful for popularizing the token and forming an initial audience. Correct unlocking conditions are the key to the successful use of both the Frozendrop and the initial token sale if any. The FrozenDrop, if it was implemented incorrectly, it can cause enormous (possibly even critical) damage to the project’s economy and its reputation, exchanges, and users.
Who is going to buy the defrost tokens?
We have a buyback strategy in place (repurchase of assets by the issuer).
1 trillion tokens — where did you get all that money?
The amount is generated from incomes on the exchange due to trading commissions. Users that have paid, for example, $1 in trading commission can unlock the frozen KickTokens worth of $0.5. It works by the same rule as the cashback: more trading, more unlocked tokens.
What happens if we unlock all the tokens at once?
That would be really great! However, unfortunately, miracles do not happen, and approximately 1% of all who received them will unlock the tokens. However, no matter how many tokens users unlock, we will earn twice as much and buy the tokens back with the money we have earned. It is important to understand that the KickToken physically cannot be unlocked in an amount greater than the KickEX exchange has earned!
How are the frozen KickTokens unlocked?
A user trades on the KickEX exchange and pays trading commissions. Having paid the commission of $1, for example, the user can unlock $0.5 of the frozen tokens in his wallet. These frozen tokens can be sold, used on the exchange (to cover future trading commissions) or in our Kick Ecosystem. If the user decides to sell the KickToken, we buy back the tokens ourselves or other users or companies that need the KickToken for listing, trading, and payment for services, etc., buy them.
Will I have to pass KYC to unlock these tokens when trading on your exchange?
Yes, you will. Passing the KYC procedure will be mandatory for trading on the KickEX. (!) Please note that, unfortunately, citizens of some countries (Iran, North Korea, Sudan, South Sudan, Syria, the United States, and the United States Minor Outlying Islands) will not be able to do this.
One percent (who received the FrozenDrop) is a lot!
No, it is not. It is about 10,000 people, and it is just 8 billion KickTokens, or $17 million — that is the income of a good exchange in one quarter.
When will the FrozenDrop be finished? Will there be a second wave and how many tokens will be distributed during the second wave?
We plan to complete the FrozenDrop by the time our KickEX exchange is launched. The second wave will begin already on the 2nd of March. The number of tokens distributed will depend on how many ETH addresses will be selected by our algorithm. We have not defined a specific final pool of the KickTokens for the second wave.
If I buy 500,000 KickTokens on the exchange and transfer them to my personal wallet, will I be guaranteed to get 888,888 tokens?
No, there is no guarantee. It definitely increases the chances to receive 888,888 tokens in the FrozenDrop’s second wave, but it is not guaranteed.
The unlock conditions have been published, and when can I start trading on the exchange to do this? How long do I have to wait?
The KickEX is currently in its open beta testing now. We are on the finish line and we will launch the exchange approximately in Q2 2020.
Will you burn the KickTokens? By means, those tokens that will remain unlocked?
The remaining locked frozen tokens from the FrosenDrop will be burned a year after the exchange is launched. We may burn some of the tokens that we will buy back but only if this does not negatively affect the capitalization. That is, the capitalization will grow more than it will fall due to the token burn.
Moreover, what about the tokens that you will buyback? Will they be returned to circulation? In the White Paper, you wrote about your strategy of permanently “freezing” the tokens received as the commissions. What category do the tokens from the buyback go in? What and when will you burn, and what will you freeze?
Part of the tokens will be frozen in our pool, part of the tokens will be burned, and maybe part of the tokens will be in the circulation if we think it is beneficial to the company and its community.
How will the tokens be issued after the exchange launches? Will the amount issued be decreasing or increasing? What will the token buyers be guided by?
We plan to reduce emissions, however, this does not exclude that the FrozenDrop will be resumed later if it shows good results.
I have 888,888 frozen KickTokens at several addresses. Will I be able to unlock everything?
For now, we believe that the most honest scheme is — one person, one gift. It means, it is likely impossible. We will look at the progress of the unlocking process.
How and when can I see how many frozen KickTokens and how many ordinary tokens are in circulation?
We are developing a service for Сoinmarketcap. It will provide summarized information on all the frozen KickTokens according to the API and separately on tokens in real circulation that can be transferred.
How can token owners distinguish between frozen and ordinary tokens?
Recently, we have launched a frozen token explorer. It is a part of the KickWallet service, where users can check their balance of the frozen KickTokens and ordinary tokens.
Kick Ecosystem Team