Seychelles based exchange KuCoin has added another trading pair to its roster. Users are now able to trade TENET/USD. The exchange is also offering huge incentives for some of those who deposit and trade. Could the new incentives help combat the “cheap rumours” that a KuCoin executive recently complained about?
KuCoin is now listing TENET in a trading pair with the USD. Trading became available on 25 May, and withdrawals can be made from 27 May.
Furthermore, to mark the occasion, KuCoin has announced a campaign in which eligible users can compete for prizes from a prize pool of 40,000 USDT.
What is principle?
Tenet is an Ethereum Virtual Machine (EVM) layer-1 protocol focused on Decentralized Finance (DeFi). This brings liquidity and yield opportunities for Liquid Staking Deposits (LSDs).
Tenet allows LSD to stake its assets within 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 LSD, including stEth, to be actively involved in the verification process.
DPoS achieves network consensus with validators that stake 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. It also helps reduce the chances of a successful network attack.
KuCoin has encountered FUD
Earlier this year, KuCoin was the subject of rumors of possible bankruptcy. Fear, uncertainty, and doubt (FUD) hit new highs at the time of the banking crisis in March, as many of crypto’s favorite banks went under.
At the time of these major events, BeInCrypto spoke exclusively to the exchange’s head of business development, Mete Ulmet Elmas, who said:
KuCoin has been one of the exchanges that has been targeted by rumors most of the time in the past few months. But all these rumors have already been proved wrong. I would say that rumors are cheap, we take them seriously, but we are not scared of them.”
The exchange is, of course, one of the bigger players in the industry, with a trading volume of just over 400 million in the past 24 hours alone. Therefore, KuCoin ranks as the fourth largest cryptocurrency exchange according to CoinMarketCap.
Time will tell how effective the new incentives prove and how the market reacts to the new offerings.
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