The 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 lavish incentives for some of those who deposit and trade.Can the new incentives help counter the “cheap rumors” that a KuCoin official complained about recently?
Kucoin is now listing TENET in a trading pair with USD. Trading became available on May 25, and withdrawals can take place from May 27.
Moreover, to mark the occasion, KuCoin has announced a campaign in which qualified users can vie for rewards from a prize pool worth 40,000 USDT.
What is TENET?
Tenet is an Ethereum Virtual Machine (EVM) Layer-1 protocol focusing on Decentralized Finance (DeFi). It brings liquidity and yield opportunities to Liquidity Staking Deposits (LSDs).
Tenet allows LSDs to stake their 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 LSDs, including stEth, to actively engage in the validation process.
DPoS achieves network consensus with validators who stake more than one type of asset.
By diversifying the assets required to maintain control, the risk of a single entity dominating the network is eliminated. This also helps lower the chances of a successful network attack.
KuCoin Has Faced FUD
Earlier this year, KuCoin was the subject of rumors of a potential insolvency. The fear, uncertainty, and doubt (FUD) entered new heights around the time of the banking crisis in March, just as many of crypto’s favorite banks were going under.
At the time of these heady events, BeInCrypto spoke exclusively to Mete Ulmet Elmas, the exchange’s head of business development, who said:
“KuCoin has been one of the exchanges that have been targeted by rumors most of the time in the past few months. But all those rumors are already proven wrong. I would say rumors are cheap, we take them seriously, but we are not afraid of them.”
Admittedly, the exchange is one of the big players in the industry, with just over four hundred million in trading volume over the past 24 hours. Hence KuCoin ranks as the fourth-largest cryptocurrency exchange, according to CoinMarketCap.
Time will tell how effective the new incentives prove to be and how the market reacts to the new offerings.