Is Kucoin Still A Thing?

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Written by

#Club1BCH

3 months ago

In community: Everything Crypto(f12e)

Is Kucoin Still A Thing? I said it before and I still think that Kucoin will always be a second tier exchange. I am a Kucoin OG that been around since 2018 and I can honestly say that I didn't seen much changes in both UI or crypto opportunities.

I shared not one, not two... but seven reasons why Kucoin is not a top dog! The absolute joke of a referral system, the lending rewards that are rarely above 1%, limited use case for KCS, and the mess called Burning Drop!

Kucoin will list cryptocurrency projects on the Burning Drop feature, and these new project tokens can be mined by staking $KCS tokens, USDT and ETH. Each cryptocurrency from the above will have a different distribution coefficient at earnings, and you must be fast enough to stake before the hard cap is reached. For every staked cryptocurrency, there will be a hard cap, and also a minimum amount of funds that can be staked to mine other crypto coins.

However, the hard cap is reached in few seconds! It will fill immediately and sometimes even the time for the event is wrong. This makes me wonder if it's something dodgy with the system. In the history of the Burning Drop... I was able to join twice in 2023!

It is still poor for 2024, with three successful participations from over 20 Burning Drop events! The ZeroLend drop was low, as my share of KCS was small! It changed with Wisdomise AI, and a better $WSDM drop!

One thing I hate is that the Burning Drops are usually squeezed in few days and it's impossible to participate in all, as the KCS is locked for 20 days. You have no idea which one will be better to join, so best practice is to go for the first and hope for the best.

I got pennies of ZeroLend, then an allocation of 663 $WSDM when I managed to commit with 40.45 $KCS. I was ready minutes before the staking period started, and pressed the button like crazy to make sure I get in before it runs out. I was lucky to stake just before the cap was reached.

I received 331 $WSDM, which I sold for $6 few days after the drop, but no trace of the other half. The same story with $NATIX, receiving only half of the 439 $NATIX I was entitled! People said that it gets dropped in batches, over a longer period of time... but the Wisdomise AI Burning Drop took place at the start of May! Do you know more about it?

Do you remember the Kucoin FUD from some weeks ago? Some rumors started, saying that Kucoin was in SEC trouble, and they stopped withdrawals when people were panicking! The DEX didn't closed and it was proven that the rumors were just FUD, so Kucoin announced that they will share BTC to the users that were affected!

The amount they promised was $2,000,000 worth of Bitcoin! However, the compensation credit vouchers that were soon sent to users were in USDT! Not a big issue either, if you don't think about the ridiculously low claim period!

I was lucky I've seen the email notification, and logged straight away. Sending a credit voucher that expires in less than two days is a bad move, as the withdrawals were blocked for a longer period. I am sure a lot of users affected by the issue didn't claimed their voucher before it expired. I looked for some stats but couldn't find anything! Shady and misleading!

Let me conclude my rant with another great offer! Join the Kucoin P2P 2024 Gathering and seize the opportunity to earn up to... 10 USDT? Listen to this... this is a fantastic opportunity to earn "up to 10 USDT"! Basically you could earn less as the maximal prize is not guaranteed! Mic drop!