Smart Deposit&Withdraw

Updated 1st June

1. Why use Smart Deposit&Withdraw ?

  • With Smart Deposit&Withdraw, user will have more flexibility between cost and efficiency by adjusting gas fee themselves for each deposit and withdraw. When timing is critical, pay more gas to fasten the transaction and pay less gas when not.

  • For well-trained DEFI users, Smart Deposit&Withdraw is more intuitive to them comparing to normal centralized experience.

  • With Smart Deposit&Withdraw, all the user assets are naturally managed in one single address, thus greatly reduced Kine's effort on liquidity management. Ultimately brings more platform transparency and asset safety.

2. The main differences in using Smart Deposit&Withdraw ?

Smart Deposit&Withdraw only allows Metamask users to use when connected to BSC/ETH network, and both the from address when deposit and the destination address when withdraw will have to be user's login address.

3. How to move assets across chains ?

To move assets from chain A to chain B, simply select chain A when depositing, and chain B when withdrawing.

4. Deposit and Withdraw on Tron

Users can choose Tron (TRC20) for USDT Deposit&Withdraw, which is cheaper and faster than ETH (initially the fee is set at 1 USDT).

5) Different Status of Smart Deposit&Withdraw Records

After user submits the smart Smart Deposit request, the record status will be set to "in progress", if system cannot detect the transaction within the validity period, the status will be set to "cancelled". While if the system detected the transaction on chain, the status will be updated to "success" after confirmation of 12 blocks, meantime wallet account balance will increase by the same amount. For withdrawal requests, the corresponding amount asset will be frozen after the user submits while the status is set to "in progress". If the system cannot detect the transaction within the validity period, the withdrawal status will be set to "canceled", and the corresponding amount of asset will be unfrozen. When the transaction is detected on the chain, the status will be updated to "success" after 12 blocks confirmed on chain.