KuCoin Introduces UNI And YFI Futures: Supports 1-50x Leverage At 0% Trading Fee

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KuCoin Futures, the cryptocurrency derivatives firm of KuCoin, has announced the launch of the USDT-Margined Uniswap (UNI) and yearn.finance (YFI) Perpetual Futures. Opened on September 28 at 16:00 UTC+8, users are now able to open both long and short positions with leverage of up to 50x and become miners of KuCoin Futures to win a share of the 3,700 USDT rewards at 0% trading commission.



KuCoin, the industry leader in terms of numerous digital assets and site traffic, announced via a blog published on September 28 that it will now support futures transactions with Uniswap (UNI) and yearn.finance (YFI). KuCoin users will be able to open UNI and YFI contracts with leverage of up to 50x where USDT will be used as collateral, and offer investors the opportunity to earn more profits aside from the usual trading.

In terms of value, YFI was arguably the best performing cryptocurrency of the past month. The Yearn Finance governance token was announced by Andre Cronje on July 17th and has since taken off in a manner that possibly no one anticipated. Currently trading at about $36,000, what began as a "0 value" token has been the first altcoin since 2016 to flip the monetary price of bitcoin. Since mid-July, Yearn Finance (YFI) has been one of most prominent coins. YFI, which most people use for yield farming, rapidly gained value as a result of this popularity.

The UNI craze is another stage in the DeFi euphoria. The airdrop that initiated the unprecedented distribution of UNI tokens among all traders who registered before Sept. 1 of this year on Uniswap has contributed to the hype of the token. 400 UNI, equal to $2,920 at the current price, was included in the initial airdrop amount. The UNI price skyrocketed 50x, from $.30 to $15, immediately after the airdrop. The inevitable correction took the price of UNI down to the sub-$3 line, but then it began to gather momentum again. Top-tier platforms have not given up hope of making the most out of the hype around UNI token. In other words – the demand for the contract is undeniably substantial.

Leveraging The Hype
The promotion to trade new Futures, which includes both UNI and YFI, and win rewards, started on September 30, 2020, at 16:00 and last until October 8, 2020, at 24:00 (UTC+8). Users can sign up to participate in the activity by becoming miners with KuCoin Futures and enjoy trading fees at a minimum of 0%. By completing this form to sign up, users might be the miners who'll receive KuCoin Futures at zero maker fees for UNI and YFI Futures throughout the entire activity. Users trading volume, combining both YFI and UNI Futures, must be at least 500 USDT to engage in this activity.

The USDT rewards each participant receives will be based on their ranking, allowing a total of 10 winners and an additional participation reward. With the reward being higher for users with the best ranks:

First place will gain a cumulative reward of USD 200, while the reward of other winners will correspond to their amount based on their volume of UNI and YFI futures trading. A 300 USDT reward prize will be shared from second to fifth place, but each winner alone will not earn an award above 150 USDT. Sixth to tenth places will share 200 USDT, and a reward cap will also be set, but with 80 USDT for each winner this time. Any following winners will be categorized within the participation reward, sharing a total prize pool of 3,000 USDT.

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