All you need to know about the swap of the KICK v8 token and its burning process

We have collected the most popular questions about the process of token burning and the KICK token swap

What is KICK token burning? When will it happen?

First of all, you need to understand the difference between token burning and token swap. Token burning is the irrevocable destruction of a certain number of tokens. This KICK token burning procedure won’t affect the tokens stored in our user’s wallets. Only coins held in the company’s accounts will be subject to this destruction. The critical purpose of burning is to reduce the available amount of tokens in circulation.

  • Test KICK tokens, which were created earlier for various experiments;
  • Company tokens that were received in the form of trading fees from our users.

What is a token swap, and why is it important?

First of all, the token swap replaces an existing token smart contract with a new one. This will entail changes in the total amount of tokens, their nature, the method of issue, circulation, and much more. This procedure will affect both company’s and user’s tokens and will occur according to the rules listed below.

  • This is the only way to destroy the current emission method from the token. In addition, such an approach allows limiting the overall number of tokens, thus making the token more attractive and safer for large holders;
  • In addition, exchanges can be sure that the holdings of their users won’t be diluted via the sudden emission of new tokens, consequently making the KICK v8 token more attractive for listing;
  • This is the only way we can add staking features and distribution of tokens to holders and burning;
  • In addition, we are going to perform a denomination during the swap, thus removing two zeros from the circulation amount. Here is an example: Let us imagine that the price of the KICK token is $0.003. After the denomination, the value of the token will be $0.3. This will not affect the value of the assets in dollar terms. In other words, if you previously had 10,000 tokens equal to the amount of $10, you will receive 100 tokens equal to the amount of $10;
  • Such an approach allows increasing the reputation and trust of the KICK token among holders while attracting new users and expanding the community;
  • Staking features will be implemented in the new smart contract. This will make the token more attractive for holders, while selling will not be tempting, thus positively affecting the demand for the KICK v8 token.
  1. On July 1, 2021, at 9:00 AM UTC (12:00 Moscow time), all transactions within the current version of the KICK (v7) smart contract will be stopped forever;
  2. An analysis of all addresses in the Ethereum blockchain will be performed to determine how many tokens are stored on the addresses and what kind of addresses they are;
  3. All wallets that hold KICK tokens worth less than $20 will not be taken into account. This is important — if you own less than $20 in tokens, wherever you keep old KICK v7 tokens, you will not receive new tokens;
  4. All wallets that hold KICK tokens worth less than $100 and that are not held on the KickEX exchange will not be taken into account. This is important for those who do not have old KICK v7 tokens on the KickEX exchange. In this case, you will not receive v8 tokens;
  5. All addresses that hold KICK tokens worth more than $20 and which are held on the KickEX exchange, as well as all addresses with more than $20, will be selected, and distribution of new KICK v8 tokens will start at a ratio of 1: 100 (one KICK v8 token for every 100 old-style tokens);
  6. For KICK tokens that are not held on the KickEX exchange at the time of the swap, the distribution can take place a few hours or even a few days or even weeks if the cost of gas in the Ethereum blockchain is high;
  7. Thus, users who hold KICK not on the KickEX exchange for amounts over $20 will gradually receive new tokens;
  8. First of all, the new KICK v8 tokens will be received by those who have the most old KICK tokens on their balances;
  9. To get new tokens immediately, keep them on the KickEX exchange!
  10. Those who received new tokens will immediately be able to use them: transfer, trade, and so on;
  11. During the swap, a reserve pool will be created in the amount of 10% of the entire circulation for unforeseen situations. In 2022, when we will make sure that everything is in order and everyone received the new KICK v8 tokens, the pool will be destroyed.
  1. In all cases, you must hold tokens for the amount of not less than $20 at the average market rate or higher. If you are a holder of KICK tokens worth less than the equivalent of $20 at the time of the swap, new tokens will not be credited regardless of where you hold your tokens. We are forced to do this because of the current gas prices on the Ethereum blockchain. Otherwise, the swap will cost hundreds of thousands of dollars. In this case, if you want to get new KICK v8 tokens, then you can either buy more KICK tokens so that their value exceeds $20 (and it is better to do this with a margin) or sell your tokens. People looking for ways to increase their portfolio for subsequent staking will be happy to buy them from you;
  2. KICK tokens for amounts less than $100 will receive new tokens only if they are held on the KickEX exchange;
  3. Holders of KICK tokens worth $100 or more will receive new KICK v8 tokens regardless of whether they are on the KickEX exchange or not. If you prefer keeping your tokens in wallets or other exchanges, we recommend transferring them either to KickEX or keeping them on cold wallets, such as MyEthetherWallet, Trezor, Ledger, and Metamask;
  4. We are not aware of how Trustwallet or Coinbase, or their counterparts work! If you keep your tokens on these platforms, you need to contact their Customer Support. Their experts will tell you whether you can get new tokens or not. We are not responsible for the operation of third-party wallets. Please note that you bear the entire responsibility for the safety of your coins if you store KICK tokens there;
  5. Rule of thumb: During the swap, you need to keep the tokens on the KickEX exchange. By doing so, you will receive new tokens instantly, and you will not have to wait for new tokens!
  6. We understand that citizens of the United States, Canada, and Iran cannot use the KickEX exchange. Unfortunately, we cannot accept your funds even during the swap, as the EU and US laws do not allow this. We recommend using cold wallets, while MyEtherWallet is the proven and the most reliable option!
  7. HitBTC and STEX exchanges. Currently, we are waiting for confirmation that they will support the swap. We will announce the results of the negotiations closer to the start of the swap.

Other questions about the KICK v8 swap

Q: Is KICK v8 an ERC-20 token?

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