sKCS.io AMA on KuSwap Transcript and Answers to Questions
sKCS.io had an AMA on KuSwap telegram last August 24, 2022, 2 PM UTC where they talked about the protocol itself and its advantages and features. Here is a summary of the transcript.
Goodjuj: Hey everyone! Good day, I am goodjuj, Kuswap CM and host of today’s AMA with sKCS! Hope ya’ll are ready! Let’s start with welcoming our guest, @DukeSmith24 to our Kuswap family! Welcome to Kuswap, mate!
Duke: Hello everyone, I’m Duke. I am the CEO of sKCS.io. Nice to meet you here.
Goodjuj: Hello Duke!! Nice to have you here! :) Now without further ado, let’s move on to some questions:)
Goodjuj: Q1: What is sKCS.io?
Duke: Glad to be here and share some details of the sKCS product with you.
Before starting the introduction, I can show you our video.
I suppose almost everyone here owns cryptocurrencies, so we are all experiencing the bear market. In such circumstances, more and more investors, especially the long-term investors, or we can call them the diamond hands, are seeking some simple and secure way to earn income with their digital assets without needing to sell them. And sKCS.io is designed to serve the goal.
sKCS.io is a liquidity staking protocol for KCS on KCC. Users can stake KCS into sKCS.io and receive sKCS. sKCS can be used to participate in other DeFi products to obtain higher returns or unstake back to KCS at any time.
More importantly, we have accepted investment from KCS Management Foundation. With the support of Kucoin, we will work to build the KCC ecosystem and facilitate the free flow of asset values.
In a way, I would like to say; that crypto staking is one of the easiest ways to grow your crypto assets and become an active participant in the blockchain network without doing any extra work.
Staking is the basic feature of sKCS.io. Yes, we’ve come to the sKCS part. Users can get sKCS when they stake KCS to the sKCS.io platform. sKCS tokens are minted upon deposit and burned upon redemption.
sKCS represents staked KCS and acts as proof of receiving the staking rewards. But sKCS is more than that. It can be used as KCS in the DeFi products on KCC to obtain higher returns.
Roughly, sKCS can provide an APY of 7% based on the staking rewards and can hit 10% or even higher after sKCS tokens have a massive adoption on KCC.
Goodjuj: That was very informative and really, really interesting!! Moving on to the next question. What are the advantages of sKCS.io?
Duke: As an underlying asset protocol on KCC, sKCS.io would like to help users experience the composability of DeFi protocols in one click. Apart from the juicy yields that sKCS.io can offer, it is also expected to become the next highly-recognized asset on KCC to build the whole ecosystem on-chain and promote the flow of asset value. sKCS.io outperforms others mainly in 3 aspects.
Our cutting-edge technology makes sKCS.io the most reliable staking platform on KCC. The smart contracts of our platform have been audited by BlockSec.
Participants can keep full custody of their assets when they stake with sKCS.io, unlike with crypto exchanges, which means the assets are in total control by the owners.
In return for staking KCS, sKCS will continually accrue staking rewards, which means the participants can get compound interests. Additionally, sKCS can also be used to earn extra income across the DeFi ecosystem on KCC.
Goodjuj: Secured and rewarding at the same time? Really juicy news for our diamonds hands and hodlers out there.
Goodjuj: Next question: How does sKCS.io work?
Duke: Now you may already have a rough picture of sKCS. I want to move forward with the introduction of how to participate.
Actually, getting started with sKCS.io is quite easy. Any KCS holder can participate in the staking and earn passive income. KYC is not needed. There’s no requirement for the minimum staking amount and no need to be an integer. sKCS can be unstaked to KCS at any time.
Users stake KCS and get sKCS. The staking rate depends on the prevailing rate.
The system burns sKCS, and users get KCS back. The sKCS contract will complete this operation within 3–6 days after the unstaking request.
1. Any KCS holder can participate in the staking and get sKCS staking rewards.
2. No minimum amount is required.
3. The amount of KCS is higher than 0. No need to be an integer.
4. You can stake and unstake KCS at any time.
If you are still unclear about the procedures, please check the guides on our official website: https://skcs.io/home
Goodjuj: Very easy indeed. Take note of the staking requirements guys and check out their website for more guides.
Goodjuj: Next question: How to earn additional income with sKCS.io？
You may be curious about how to earn additional income besides the staking rewards with sKCS. Here I will take DEX and lending protocol as examples to explain how it works.
It is worth mentioning that sKCS.io has reached strategic cooperation with KuSwap, and KuSwap has already added a KUS-sKCS pool to the KuSwap farms with a juicy APR.
More details about this new partnership and the exciting events may be announced in the following days. Go check them out at our socials.
Example One: Combine sKCS.io and KuSwap to earn a Juicy APY.
Take sKCS/KUS as an example. It’s also very easy.
Visit KuSwap https://app.kuswap.finance/#/farms/inactive and go to the [Liquidity] section. Click ‘Add liquidity’ and make sKCS and KUS as LP tokens with a ratio of 1:1.
Goodjuj: Yeah, I’ve already seen some people checking out the KUS-sKCS pool!
Duke: Staking LP tokens can earn KUS as a reward. The rewarded KUS can be subsequently staked in the KUS staking pools to earn more KUS.
A quick summary: The APY can hit 100%+ after the above steps with low risk.
Example Two: Combine sKCS.io and Torches finance to earn an APY of 20.11%.
Supply sKCS to Torches finance, and you will earn an APY of 14.59%.
A quick summary: The APY can hit 34.5% after the above steps with low risk.
Total Ratio = Ratio 1 + Ratio 2 = 5.52% + 14.59% = 20.11%
Goodjuj: Sure sure. I’ve already put some of my bags there and it makes me even more excited knowing these things. Do you have something more to share with our community?
Duke: SKCS is honored to receive a co-investment from Kucoin Ventures and the KCS Management Foundation. With the support of both parties, we will work to build the KCC ecosystem and facilitate the free flow of asset values.
It is worth mentioning that we have plans to launch the exchange within this year. Buy and hold sKCS now is a great opportunity.
Please stay tuned. Feel free to contact us for any protocol that wants to integrate with sKCS.
Here are our official social media accounts so you can find us easily.
Goodjuj: Something more to look forward too. And be sure to check out their socials for updates! Alright. Thank you for answering our questions, Duke.
Duke: Thank you all.
Goodjuj: And now for the last part of our AMA and I believe to help the community understand more about sKCS we will do a form filling questionnaire right, Duke? :D
Alright. So are you guys ready?
Here is the form: https://forms.gle/Afpk6bWqycUTWZQr6
In the form, you will need to fill out your TG Username, your question about sKCS and your KCC address because sKCS will be giving away 10USDT for 5 winnners if your question will be picked to be answered tomorrow, Aug 25th by the sKCS team.
We will give you some time to fill it out and we’ll wait for Duke to announce the winners.
Duke: very nice time,thank you
Goodjuj: Alright. We will give the sKCS team some time to screen the questions and the picked questions will be announced tomorrow instead. Thank you again for being here and giving information about sKCS. We wish you the best and to sKCS!
Alright, that marks the end of our AMA with sKCS.
Thank you all for participating. We will now unmute the chat. See you in our next AMA!
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Answers to Questions
- SLEEP002: Does sKCS have the smart contracts audits?
Answer: sKCS.io is the most reliable liquid staking protocol built on KCC, and our smart contracts have been audited by BlockSec.
2. Marepage: Any roadmap？Where can I find it?
Answer: Yes, we have roadmap, please visit our website.https://docs.skcs.io/welcome-to-skcs.io/roadmap
3. Lee202202: How do I get my staking rewards?Are staking rewards staked automatically?
Answer: sKCS represents your staked KCS and your rewards from KCS.You do not need to claim your rewards, sKCS you holds enables you to withdraw more KCS when you unstake sKCS.Staking rewards are compounded automatically into the staked KCS.
4. jeel615: Do you have any introduction video about sKCS so that users can understand your concept in more easy Way !!
5. Dlighty: Are there any plans to ever allow for sKCS rewards from staking a token other than $KCS?
Answer:Nope , now, we don’t have this plan.
Congratulations to the winners. The rewards will be sent by sKCS.io team to the KCC address you used in the google form for questions. Thanks again to sKCS.io for doing this AMA and thanks to All KuSwappers for participating! You can follow sKCS on their Socials Below.