Chapter 1: Kucoin's Current Standing

In my previous discussions, I’ve reiterated that Kucoin seems to remain a secondary player in the exchange market. As a long-time user since 2018, I can say that there hasn’t been much evolution in its user interface or the crypto opportunities it offers.

I've outlined seven reasons why Kucoin doesn’t rank among the elite exchanges. These include its subpar referral program, infrequent lending rewards that barely exceed 1%, the limited utility of KCS, and the chaotic nature of its Burning Drop feature.

Kucoin utilizes the Burning Drop feature to introduce new cryptocurrency projects. Users can mine these new tokens by staking $KCS, USDT, and ETH. However, each cryptocurrency comes with different distribution coefficients, and it's imperative to act quickly to stake before the hard cap is reached. Unfortunately, these caps are often hit within seconds, raising suspicions about the system's integrity. In 2023, I was only able to participate twice in these drops!

The situation hasn't improved in 2024; I've only successfully engaged in three out of more than 20 Burning Drop events. My experience with the ZeroLend drop was disappointing due to my small KCS stake, though I had a better outcome with Wisdomise AI and the $WSDM drop!

What frustrates me is that these Burning Drops are often crammed into a short time frame, making it tough to participate in all of them, especially since KCS is locked for 20 days. It’s hard to predict which drops will yield the best results, so the best strategy is to join the first one and hope for a favorable outcome.

I managed to stake 40.45 $KCS and received 663 $WSDM. I was prepared well before the staking period began and frantically pressed the button to secure my spot before it filled up. Fortunately, I staked just in time before the cap was reached. I sold 331 $WSDM for $6 a few days later, but I never received the rest. The same issue occurred with $NATIX, where I only obtained half of the 439 $NATIX I was supposed to receive. People say the tokens are distributed in batches over time, but the Wisdomise AI drop occurred at the start of May. Does anyone have more insights on this?

Do you recall the recent FUD surrounding Kucoin? There were rumors about potential SEC issues, causing a wave of panic that led to withdrawal suspensions. Thankfully, the decentralized exchange stayed operational, and it turned out the rumors were unfounded. In response, Kucoin pledged to distribute $2,000,000 worth of Bitcoin to affected users!

However, the compensation vouchers sent out were in USDT, which isn’t a significant concern unless you consider the absurdly short claim period! I was fortunate to see the email notification and act quickly. Sending a credit voucher with an expiry of less than two days is poor practice, especially since withdrawals had been blocked for a considerable time. I suspect many users didn’t claim their vouchers before they expired. Unfortunately, I couldn't find statistics to confirm this—definitely shady and misleading!

To wrap up my thoughts, here's another enticing offer: join the Kucoin P2P 2024 Gathering and potentially earn up to... 10 USDT? Just to clarify, this is an opportunity to earn "up to 10 USDT," meaning your actual earnings might be less, as the maximum prize is not guaranteed. Mic drop!

Residual Income:

Airdrop Hunting: Layer3 / Mode / Blast / Linea

50% discount on Scroll Canvas: use code TFNWC

Content: Publish0x/ Hive / GrillApp

Play2Earn: Upland / Splinterlands / Doctor Who

Cashback Cards: Plutus Card / Crypto.com

$ZEC: PipeFlare / GlobalHive

PVM The Author — My Amazon Books

Chapter 2: Video Insights on Kucoin

The first video, "Brutally Honest Kucoin Review (Real Pros and Cons)," delves into the strengths and weaknesses of Kucoin, providing an unfiltered perspective on its offerings.

The second video, "7+ Reasons To Use Kucoin (Kucoin 2022 Review)," explores various compelling reasons to consider Kucoin as a viable exchange option, despite the criticisms.