Kinetiq has ended its kPoints rewards mechanism and moved to a paid claim model, according to The Defiant. Users holding points now have a 10-day window to take part in a token allocation of 50 million KNTQ at a set price of $0.26 per token. Based on that pricing, the full allocation would generate about $13 million for the project. The change marks a sharp shift from the earlier structure, under which users could obtain token allocations through point accumulation alone. Following the announcement, the market price of KNTQ fell 23%, reflecting the market reaction to the new requirement that users pay cash to receive allocations that were previously tied to points.
Kinetiq has scrapped its kPoints mechanism and shifted to a paid claim model, according to The Defiant.
Users who hold points have 10 days to participate in a 50 million KNTQ token allocation at a fixed price of $0.26 per token. At that price, if the full allotment is taken up, the sale would bring in about $13 million for the project.
KNTQ fell 23% in the market after the change was announced. Token allocations that had previously been available through point accumulation now require direct payment.
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