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In December 2019, we conducted the first-ever FrozenDrop of KickTokens. The Kick Ecosystem team was the first to create and implement the frozen mechanics of frozen tokens on the blockchain.
The magic algorithm dropped 888,888 frozen KickTokens to almost one million Ethereum addresses. Those lucky ones who received these free tokens on their wallets can now unlock them using $KEX tokens on the KickEX exchange.
We are happy to present the magic mechanism for unfreezing frozen KickTokens!
To celebrate the unfreezing event, we are going to launch a special trading competition this week with the Chainlink (LINK) DeFi token. Participate to win up to $2000 in $KEX tokens. There will be 100 winners and everyone will get some $KEX — so take your chance!
- What is a frozen token?
A frozen token is a token that is created but cannot be transferred to another address until certain unlocking conditions are met. There are certain mechanisms and methods to freeze and unlock the tokens. The unlocking of the tokens is carried out automatically, using a smart contract or by a command that the token creator (owner) can set.
- How do frozen tokens differ from ordinary tokens?
Unfreezing options exist in the frozen token smart contract in advance. Frozen tokens cannot be transferred anywhere, but they can be unlocked after certain FrozenDrop conditions are met.
- How to unfreeze frozen KickTokens?
To unfreeze your frozen KickTokens, you need to register on the KickEX exchange first. The KYC procedure is needed if you are from a high-risk country or if you want to have unlimited deposits and withdrawals. Meanwhile, if your country is not found in the list of high-risk countries, you are welcome to make deposits up to 15,000 euros and make withdrawals up to 1000 euros in crypto equivalents, per month, without passing KYC. Note that unfreezing your KickTokens is not considered as a withdrawal and the limit is not wasted.
- Are there any restrictions for users to unfreeze the tokens?
Unfortunately, some users from the list of prohibited countries will not be able to unfreeze their frozen KickTokens. The team is working on opening more countries on the exchange.
- I received the FrozenDrop on a few wallets. May I unlock the tokens from all of them?
You can only bind one wallet and it must have frozen KickTokens — only one wallet per user.
Remember that, after you confirm the wallet, there will be no chance to cancel or change it — so please check the wallet address twice.
- Are there any fees for the unfreezing procedure?
Yes, since the token has a smart contract on a blockchain, a certain fee is charged for each defrosting transaction. That is a dynamic fee charged in $KEX equivalent. For example, you want to unfreeze 888,888 frozen KickTokens at $0.000019 per KICK, which is $16.89, then you need to have $17 in $KEX on your account + fee = approximately $17.9 in $KEX.
- What is a KEX token?
To unfreeze the KICK tokens, you need to have KEX tokens. KEX is a semi-stable token on the KickEX exchange that is backed by 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 they paid. So the more you trade on KickEX, the more KEX you have, and the more frozen KickTokens you can unfreeze.
- How may I see the status of my transaction?
After unfreezing, a transaction will appear with a time indicator and details with a blockchain link.
- What happens with my frozen KickTokens after the transaction is completed?
The unfrozen KickTokens convert to normal tokens. This means you can now trade them, withdraw, or exchange.
We wish you a happy thaw!
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