1th June, 2021 — In honor of its first birthday, the KickEX cryptocurrency exchange announces several important events and changes aimed at the benefit of current and future holders of the KICK token.
It was on this day, June 1, 2017, that the pre-ICO of the KickICO fundraising platform started, which has now grown into several fintech and blockchain services, KickICO v4 and the KickEX exchange, and this day can be considered the birthday of the Kick Ecosystem and the KICK token.
The main change in the new KICK token (KICK v.8) is that its smart contract completely removes the possibility of issuing new tokens. The second key improvement is the addition of automatic token burning for each transaction, and the third is the distribution of a portion of the forwarded tokens among all KICK token holders (POS, Proof-of-Stake algorithm). This means that KICK token holders will receive a percentage of each KICK v8 token transaction made on the blockchain, according to their share of token ownership. Thus, the long-awaited staking appears in the KICK token.
“At the first stage, each transaction will distribute 5% of the amount of the transferred tokens and they will be distributed among the KICK holders by their percentage of KICK ownership. In addition, each transaction will immediately burn another 5% of the tokens. These percentages will change later, but cannot be less than 0.5%. This guarantees holders both lifetime receipt of the redistributed tokens and permanent burning, which will henceforth become part of the tokenomics of the KICK ecosystem. All this gives current and future token holders a powerful incentive to keep them, not sell them, and continue to increase their positions. For example, those who own only tens of millions of tokens will not sell them, they will gain a significant advantage over the year simply because their share in the percentage ratio about the total issue will grow daily and even every minute, both due to the constant burning of tokens, and due to the regular receipt of new tokens from staking, holding coins,” says Anti Danilevski.
To accelerate the deflationary model, the excess of 850 billion KICK tokens will be burned before the token contract is renewed. Frozen tokens in the amount of 1.2 trillion will not be transferred to the new contract, and thus will also be destroyed. Moreover, the exchange of the old KICK token for KICK v8 will be carried out in a ratio of 100:1, which will reduce the number of remaining tokens in circulation to only one and a half billion.
“We have decided to burn and liquidate 95% of all existing KICK tokens, both frozen and not. In mid-July, the “test” tokens and tokens that were received by the KickEX exchange as payment of part of the trading commissions will be burned. During the replacement of the current token with KICK v8, the addresses that were previously received by FrozenDrop will not be transferred to the new token contract and will remain “overboard”. Thus, the current total issue of the token – 2,121,771,003,231 (2.1 trillion) – will be reduced to just 1.5 billion, which turns 95% of the destroyed tokens to more than 99.93%, ” explained Anti Danilevski, founder and CEO of Kick Ecosystem.
As a result, all holders of the KICK v8 token make sense not just to save coins, but to further increase and hold them for a long time, and the sale of tokens becomes much less attractive and profitable. Detailed rules for the distribution of KICK v8 tokens will be published later.
More information here