KCS Team Will Buy Back and Burn 500,000 KCS
According to our KCS Lockup & Cash Back Program and Burn Plan, the KCS team originally planned to implement the buyback and burn of the total amount of KCS locked by all users in December 2019 (UTC+8).
To show our gratitude to users who have always supported us and attempted to participate in the plan, we will implement the 500,000 KCS buyback in advance and burn it next week. The details of the burn will be released to the public after completion.
See the official announcement here:
[https://www.kucoin.com/news/en-kcs-team-will-buyback-and-burn-500000-kcs](https://www.kucoin.com/news/en-kcs-team-will-buyback-and-burn-500000-kcs)
This seriously is amazing. I was fully expecting them to use the noncirculating supply for this burn.
How is Kucoin affording this? I’ve written this before and the most reasonable answers we had were they were either blowing angel investor money as a loss leader or they were going to burn the reserve supply.
As it stands here are the expenses of the exchange that we’re publicly aware of:
1) 50% of profit to KCS dividends
2) 10% of profit to quarterly buy back and burn
3) 50% of profit to weekly buy back and burn
4) Now an additional ~60% profit to KCS lockup and burn rewards.
For point 4 check some of my comment history. Even without the recent program though, how is kucoin affording all these incentives while paying for offices, developers, server costs, etc?
You are go hard. I am glad that i am in your team. Go Kucoin!
Great news. Let’s go $5?
That’s great to hear!
But quick the question: wasn’t the total amount locked by all users 5,000,000 and not 500,000? Or is this the first burn?
Okay, not bad! What’s that? About 0.28% of the total supply? Hopefully this will have a noticeable impact.