KuCoin Shares, the native token of the KuCoin exchange has increased by 21% in the last 24-hours after the company unveiled a new plan designed to reward holders of the cryptocurrency.
The new scheme, according to KuCoin, will reward KCS holders with a 50% annualized returns or a minimum of 35% for locking up their tokens over a specified period ranging from three months and above.
Starting from August 1 to August 31, users can decide to lockup a minimum of 200 KCS (appr. $300) with the daily maximum lockup amount per person being 10,000 KCS ($15,000).
For the entire platform, KuCoin specified a daily maximum lockup amount 500,000 KCS ($750,000) while users will not be able to lock their KCS when the total lockup amount reaches 5,000,000 KCS ($7.5 million).
Users can participate in the lockup plan by sending their KCS to a specified wallet address provided by KuCoin and redeem their rewards at the expiration of the period.
News Pumps KuCoin Shares (KCS) by 21%
As one would expect, the new compensation plan laid out by Singapore-based KuCoin has caused an increase in demand for KCS, causing the price of the token to move from $1.30 to $$1.58 in the last 24 hours.
That increase also brought the altcoin’s market cap to $141 million, with further investor frenzy likely to put it in line to revisit the 2019 high of $182 million posted in early April.
Interestingly, KuCoin Shares current numbers are nowhere near the $20 value for which it sold during the 2017 bull market.