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KuCoin Supports Terra Classic (LUNC) Upgrade with $1 Million Promo Campaign: Review

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Sat, 10/09/2022 - 10:06
KuCoin Supports Terra Classic (LUNC) Upgrade with $1 Million Promo Campaign: Review
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One of the largest crypto exchanges globally - "people’s exchange" KuCoin - shares the details of its largest promo campaign of September 2022. A total of $1 million USDT equivalent will be distributed between the participants of the Terra Classic (LUNC) trading initiative. 

kucoin
Image by KuCoin

Both cryptocurrency veterans and newbies can deposit Terra Classic (LUNC) tokens, activate trading bots and experiment with various trading strategies to win lucrative prizes from the KuCoin exchange team.

KuCoin launches LUNC upgrade activity with $1 million prize pool: Highlights

Starting from Sept. 7, 2022, KuCoin’s traders of Terra Classic (LUNC) is able to compete for lucrative bonuses, USDT rewards and discount coupons. KuCoin invites new and existing users to take part in various programs related to the event.

  • KuCoin, a Tier 1 cryptocurrency ecosystem, supports Terra Classic (LUNC) upgrade;
  • On Sept. 7, 2022, a promo campaign for Terra Classic (LUNC) holders goes live;
  • KuCoin users are incentivized to deposit and trade LUNC tokens directly or via trading bots;
  • $1,000,000 in USDT equivalent is allocated for the winners of the promo;
  • KuCoin decided to support the Terra Classic (LUNC) tax proposal for on-chain transfers.

The campaign will be running until Sept. 14, 2022 (12:00 p.m. UTC). The owners of VIP and Regular statuses can take part in the activity. 

What is Terra (LUNA)?

Terra (LUNA) was a programmatic blockchain and platform for decentralized applications. It was launched in 2018 by Korea-based software team Terraform Labs. Do Kwon and Daniel Shin were its key figureheads.

The platform was well known due to its native cryptocurrency, Terra (LUNA), an algorithmically-backed dollar-pegged stablecoin TerraUSD (UST) and Anchor Protocol (ANC) DeFi machine that allows crypto holders to earn up to 19.5% in APY on all UST deposits.

In May 2022, Terra (LUNA) ecosystem collapsed as Anchor Protocol (ANC) proved to be unsustainable. Both UST and LUNA dropped to almost zero levels, erasing over $45 billion in crypto market capitalization.

What is Terra Classic (LUNC), and why is it upgrading?

Due to this dramatic collapse, Terra (LUNA) blockchain was halted to prevent users and traders from unforeseen consequences. However, it was restarted under its initial name; now the restarted chain is again working as Terra (LUNA), helmed by Do Kwon.

At the same time, the large and passionate Terra community decided to support the progress and operations of the "original'' version of the blockchain. Not unlike Ethereum (ETH) after the DAO Fork, it was decided to call the community-driven network Terra Classic (LUNC).

By the end of Q3, 2022, Terra Classic (LUNC) gained massive popularity: with over $3.5 billion in market capitalization, it has already exploded into the top 25 cryptocurrencies by market cap (CoinMarketCap, September 2022). In August, it underwent a massive upgrade: its codebase was updated at the block height of 9,109,990. 

What is KuCoin?

Launched in 2017, KuCoin established itself as the "people’s exchange" due to its unmatched user-friendliness, feature-rich toolkit and rapidly growing set of trading pairs. KuCoin is a top 5 cryptocurrency exchange by trading volume (CoinMarketCap, 2022), one of the Best Crypto Exchanges (Forbes, 2021) and the Best Crypto App for enthusiasts (Ascent, 2022).

As covered by U.Today previously, KuCoin supports 700 cryptocurrencies in spot and futures trading dashboards, accepts deposits in the KuCoin Earn module and offers seamless zero-fee NFT trading on its marketplace, Windvane. Most recently, it unveiled native IEO launchpad KuCoin Spotlight for the most promising early-stage products.

KuCoin Community Chain (KCC) is an EVM-compatible smart contracts platform run by KuCoin community enthusiasts.

KuCoin supports Terra Classic (LUNC) upgrade; $1 million is up for grabs

To signal support for the most crucial upgrade in the "new old" Terra, KuCoin introduces its massive promotional campaign for new and existing users. LUNC holders can share $1 million in USDT for just depositing and trading their tokens.

Trading bots campaign

First, LUNC holders can win USDT bonuses and fee deduction coupons by using trading bots, i.e., automated trading systems required to place and execute buy/sell orders. The category of prize depends on the trading volume processed by this or that user within the promo period.

  • Users with 10,000+ USDT trading volume get 50 USDT fee discount coupon;
  • Users with 50,000+ USDT trading volume get 300 USDT fee discount coupon;
  • Users with 300,000+ USDT trading volume get 2,000 USDT fee discount coupon.

The KuCoin team highlights that any trading bot strategy is valid; only trading volume matters for the final leaderboard.

Trading campaign

This part of the promo is the easiest one to join. As such, it is the best one for crypto newbies and new members of the LUNC community. To be eligible for the airdrop within the LUNC trading campaign by KuCoin, users should just generate trading volume by deals in all LUNC-based trading pairs.

Between Sept. 7 and Sept. 14, spot traders on KuCoin should complete a LUNC trading task to share the 10,000 USDT prize pool equally to the trading volume generated by each other in the Rewards Hub:

Qualified users will share the prize pool equally once the task ends.

Bonus: KuCoin supports crucial tax proposal of Terra Classic (LUNC) community

Last but not least, the KuCoin team decided to support a crucial economic update for the Terra Classic (LUNC) ecosystem. As per the proposal by Terra (LUNC) enthusiasts, every on-chain transaction on Terra Classic (LUNC) will be charged with a 1.2 % fee.

Should this proposal pass, KuCoin exchange would immediately support this sensitive change. However, to protect the deposits from unpredictable losses, KuCoin strongly recommends its customers to deposit/withdraw LUNC assets before Sept. 12, which is an estimated date of "burning tax" activation.

Wrapping up

KuCoin, one of the largest CEXes, launches a LUNC trading competition. To get lucrative bonuses and fee discounts, crypto users are invited to deposit and exchange their LUNC tokens.

Users of trading bots can get bonuses for 10,000 USDT+ trading volume, while all LUNC enthusiasts with 100,000,000 LUNC deposits and larger can enjoy VIP1-VIP4 status.

Also, KuCoin is ready to support a 1.2% tax proposal on all LUNC on-chain transactions.

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