The Seychelles-based Kucoin exchange has added another trading pair to its roster. Users are now able to trade TENET/USD. The exchange is also offering great incentives to some of those who deposit and trade. Can the new incentives help combat the «cheap rumors» that a KuCoin official recently complained about?
Kucoin is now listing TENET in trading pair with USD. Trading became available on May 25, and withdrawals are possible from May 27.
Moreover, to commemorate the event, KuCoin announced a campaign where qualified users can vie for rewards from their prize pool worth 40,000 USD.
What is TENET?
Tenet is an Ethereum Virtual Machine (EVM) Layer-1 protocol that focuses on Decentralized Finance (DeFi). It provides liquidity and yield opportunities for Liquidity Guaranteed Deposits (LSDs).
Tenet allows LSDs to stake their assets on its network and participate in Tenet’s DeFi ecosystem. This is achieved through a new consensus mechanism called Diversified Proof-of-Stake (DPoS). DPoS enables LSDs, including steEth, to actively participate in the validation process.
DPoS achieves network consensus with validators pledging more than one type of asset.
By diversifying the assets needed to maintain control, the risk of a single entity dominating the network is eliminated. This also helps lower the chance of a successful network attack.
KuCoin has faced FUD
Earlier this year, KuCoin was the subject of rumors of potential insolvency. Fear, uncertainty and doubt (FUD) reached new heights around the time of the banking crisis in March, just as many of the crypto-favorite banks were going under.
At the time of these groundbreaking events, BeInCrypto spoke exclusively with Mete Ulmet Elmas, head of business development for the exchange, who said:
“KuCoin has been one of the exchanges that rumors have focused on most of the time in the past few months. But all those rumors have already been proven wrong. I would say rumors are cheap, we take them seriously, but we’re not afraid of them.»
Admittedly, the exchange is one of the major players in the industry, with just over four hundred million in trading volume in the last 24 hours. KuCoin is therefore the fourth largest cryptocurrency exchange, according to CoinMarketCap.
Time will tell how effective the new incentives are and how the market reacts to the new offers.
Adhering to Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently verify facts and consult a professional before making any decisions based on this matter.
Leave a Reply