Place/Date: Tallinn, Estonia - November 17th, 2020 at 5:44 pm UTC · 3 min read
Contact: KickEX Exchange, Source: Kick Ecosystem
In December 2019, the Kick Ecosystem team 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.
The Kick Ecosystem team is happy to present the magic mechanism for unfreezing frozen KickTokens!
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.
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.
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.
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.