Jul 1, 2021
Ready to the moon: Kick Ecosystem completes the KICK v8 token swap
KICK v8 token has new features now
Dear Kick community! The most important event of this summer for the entire Kick Ecosystem community has taken place, and we’d like to share our congratulations with you!
We have successfully replaced KICK token with KICK v8 and alongside it, the old KICK smart contract with the new one. KICK v8 token has now the following features:
- Staking. KICK token holders receive a percentage of each KICK token transaction made on the blockchain according to their share of token supply. In other words, the more KICK tokens a user owns, the higher percentage of distributed tokens they receive. For tokens held by users on KickEX exchange, the staking and distribution sections will be launched within a month, and all distributions in the meantime will be credited. To receive distributable tokens (staking) now, transfer your tokens to any cold wallet (recommended: MyEtherWallet, Trezor, Ledger, Metamask).
- Automatic burning. Token burning takes place with each KICK transaction as well, at a rate of 5% of the transaction itself. This is an additional mechanic that not only further incrementally increases KICK token ownership among holders, but also reduces the overall supply, making the KICK token hyper-deflationary.
- Value. As the number of tokens gradually decreases, the value of each token progressively increases, allowing coin holders to reap additional benefits from owning KICK.
- Frozen tokens are a thing of the past, along with the old smart contract. The new maximum supply is 1.5 billion tokens instead of the previous 1.2 trillion. The circulating supply is also 1.5 billion.
We will also be launching a staking calculator in the near future so that you can calculate your own profit from your KICK v8 token ownership. We’ll also add a way to allow users to see KICK token burning statistics.
We are doing good
Adhering to the principles of caring for our customers, we met our users who did not have time to increase their portfolios or whose portfolios declined as a result of yesterday’s correction, and credited new tokens to everyone who had KICK tokens for $20 or higher at the time of the swap.
Information for KuCoin and HitBTC exchange users
Since KuCoin and HitBTC cryptocurrency exchanges did not support the swap, KICK v8 holders who held tokens on those platforms have had problems receiving the updated ones.
To receive the updated KICK v8 tokens, you must:
- Contact KickEX Support within one month (30 calendar days) and make it clear that you intend to receive updated tokens. You can do this by emailing: support@kickex.com;
- Provide proof of KICK token ownership on the KuCoin and HitBTC exchanges (details on the confirmation process will come later);
- Create an account on KickEX exchange and activate it;
- Receive the updated KICK v8 tokens on your KickEX exchange account.
This way, HitBTC and KuCoin users will face certain difficulties, but at the same time they won’t have to pay extra withdrawal fees and, in addition, won’t suffer the 10% commission that comes with transferring funds from HitBTC to KickEX.
Any remaining funds that are not claimed by users within a month will be distributed to all KICK holders according to their ownership share. For example, if there are $1 million in KICK tokens remaining and you own 1% of the entire supply, you will receive $10,000 in KICK tokens. The distribution date will be announced in the future.
What will happen to the old KICK [old] token
All transactions on the old token were blocked by a special method in the smart contract. This means that any attempt to transfer, buy or sell them will result in an error, and the payment for an unsuccessful transaction will be taken by the Ether blockchain. Be careful and don’t lose money trying to transfer the old token!
Frozen tokens are also a thing of the past. Perhaps someday we will come up with a mechanism for those who did not have time to unfreeze their tokens over the past year, but this is not for sure.
Adding a new KICK v8 token to MEW and other wallets
If you need to add a new token to your Metamask, MEW or some other wallet manually, then the address of the new KICK v8 smart contract is:
https://etherscan.io/token/0x824a50df33ac1b41afc52f4194e2e8356c17c3ac, decimals = 10.
New page on CMC: https://coinmarketcap.com/currencies/kick-token-new, in the near future, the data there will begin to be updated.
We wish you all good trades, successful and effective staking, and a comfortable flight to all the planets of the solar system and far beyond, our journey starts today!
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