KuCoin Spotlight Revamped with Pro-Rata Allocation for Gno.land's GNOT Token
KuCoin has announced its revamped Spotlight program, featuring Gno.land's GNOT token as the latest pre-listing offering. The updated program aims to provide eligible users with a more predictable way to participate in the token sale, especially when demand exceeds the available supply.
The GNOT token is used for various purposes on the Gno.land network, including paying gas for storage deposits, contract execution, and cross-chain interactions. KuCoin will offer approximately 7.75 million GNOT tokens at a fixed subscription price of $0.0645 per token.
In a departure from its previous Spotlight model, KuCoin will use a pro-rata allocation system to distribute tokens based on the amount customers commit, rather than distributing them on a first-come, first-served basis. This change aims to reduce the impact of oversubscribed orders and provide a more equitable distribution of tokens.
Eligible users can participate in the GNOT Spotlight subscription via the KuCoin Spotlight Centre, where they can select GNOT as their token of interest and choose between KCS, USDT, or USDG as their payment option. Additionally, participants may opt-in to a conditional buyback program, which could provide an additional benefit if specified conditions are met during the seven days following listing.