KEX is a semi-stable token of the KickEX exchange that is backed with proof-of trading and a fixed price within the Kick Ecosystem. The KEX token is rewarded to traders for their trading volumes on the KickEX exchange. A trader receives 1 KEX for every 2 USDT of the trading fee paid.
In the KickEcosystem, KEX is accepted at a price of $1 and is used as a means of payment or as a means of mutual settlements between parties participating in the ecosystem. That is why the KEX token is a half stablecoin, or semi-stablecoin. On the one hand, it is not yet backed by dollar reserves, like USDT. On the other hand, it will be unprofitable for users and all ecosystem partners to sell it below the $1 price point and buy it for more than the $1 price point.
Currently, KEX tokens are only available on the KickEX exchange but, in the near future, KEX will become an ERC-20 token on the Ethereum blockchain. On the KickEX exchange, the KEX token will be traded in pairs with all other cryptocurrencies and tokens, thus becoming a main cryptocurrency as BTC, ETH and USDT.
Users and contractors will be able to use KEX in the following scenarios:
- KEX lowers the trading fees for those traders who keep a token in their wallet on KickEX. You can read more about the KickEX fee structure and coverage with KEX tokens here.
- KEX will allow KickRef referrers who have not made $5 in trading fees to withdraw their referral earnings. To do this, they will have to pay 50% of the withdrawal amount in KEX (for example, 50 KEX is required to withdraw $100). Read more about withdrawing referral earnings in KickRef here.
- KEX will allow over a million users to unfreeze the previously received Frozendrop of 888,888 frozen KickTokens. A detailed description of the defrost mechanics will be announced very soon.
In the future, KEX will be used as the main unit of accounting between counterparties of the exchange, KickEX brokers, marketplaces, the fundraising platform, and other partners, since it is a semi-stable token with a fixed price of $1.
There will be a 1 billion token KEX pool on the KickEX exchange. From this pool, KEX will be credited for trading volume on the exchange. This is a limited emission, which we do not plan to increase. However, if KEX ever becomes as liquid as USDT, then additional issues can appear, similar to issues with USDT, with the aim to cover more markets and become stronger.