KuCoin is a leading cryptocurrency exchange platform with over 18 million users in more than 207 countries and regions across the globe accessing KuCoin services such as Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending. The platform supports 700+ cryptoassets, and with a recent $150 million added from its pre-Series B funding round, bringing its valuation to $10 billion and deepening its march into Web 3.0 and the metaverse field.
The KuCoin team and their commitment to providing what’s best for customers is what has helped the community to gel into such a critical cog in the platform’s growth. And helping to fuel everything else is the KCS token.
Here we look at what KCS is, its relation to the KCC platform and how its use across the KuCoin ecosystem has opened up a whole new opportunity for customers.
What is KCS?
KCS is a utility token native to the KuCoin platform. Launched in 2017, KCS allows traders to pay trading fees with 20% discount and more as well as participate in the network’s growth. The token’s total supply is 200 million, but will reduce to 100 million over time via a robust buyback and burn schedule.
In the market, KCS reached its all-time high of $28.8 on 1 December, 2021. This also marked KCS is the best-performed exchange token in 2021.
Where has KCS been listed?
As well as Kucoin, KCS is listed on several other exchanges, including HitBTC, MXC, Poloniex, Probit, and AscendEX (formerly Bitmax).
Can you use KCS to pay online?
Yes. You can use KCS to purchase a wide variety of goods and services online and offline. Merchants and digital payment providers support this token for online payments including in online games and hotel reservations.
How is KCS related to KCC?
KCC is a decentralized public chain launched by the KuCoin community and KuCoin Fans Community in June 2021 It uses the Staked Authority (PoSA) consensus mechanism and offers high throughput, low transaction cost, and low latency among other key positives .
Well, KCS is KuCoin’s native token and as noted above, is used to pay gas fees and for network participation. And because the token is tied to the platform, its value strongly correlates to overall growth and performance of the KuCoin exchange.
If you are new to KuCoin, you might want to know that the exchange classifies its users depending on their KCS holdings. A user who holds more KCS enjoys a higher VIP level service – in other words; they reap more benefits and have access to greater opportunities.
What is KCS Bonus?
KCS Bonus refers to an incentive mechanism that’s designed to give KCS holders and KuCoin ecosystem builders the best experience. It also allows holders of at least 6 KCS to get daily bonuses.
Other than the number of KCSs that one holds, the trading volume of the KuCoin Exchange also determines the bonuses that the users are qualified to receive.
KCS holders have the right to make money by participating in the token sale on KuCoin Spotlight. Our research has shown that the exchange allows its qualified users to participate in the early investment of their projects through the platform and make passive income throughout the year.
KuCoin has launched at least 20 similar projects since its inception. After the launch of the LUKSO project, its value increased by 187x. At the same time, the VR increased by 240x (VR price is $0.468, and the token sale price is $0.00295). CLH achieved a 299x ATH ROI. This trend of increase shows how valuable Spotlight projects are to KCS holders.
How’s KCS related to Burningdrop?
KuCoin also allows KCS holders to join a fair token distribution platform known as BurningDrop. This innovative platform supports the token distribution of FTG, PBX, H3RO3S, XCAD, 1EARTH, and other blockchain start-ups.
Users can lock crypto assets or designate them to increase their computing power. The BurningDrop indicates that the average ROI of projects exceeds 8685%.
What is KCS Management Foundation?
The KCS Management Foundation comprises several investment institutions, angel investors, the KuCoin core team, the KCC GoDAO Foundation, and representatives of the KCS Holder Community.
The KCS ecosystem envisions establishing autonomous and community-based protocols and tools that will take over the role of the KCS management foundation. The objective of this plan is to give control to the GoDAO community gradually without any issues.
What is KCS Burn?
KCS Burn refers to the amount of KCS that KuCoin destroys every month to put inflation under check. The platform uses 10% of its monthly revenue to purchase the tokens and burn them. In the last four years, it has burned 54,120,079 KCS.
The KCS ecosystem plans to introduce the EIP1559 and the KCC fee mechanism of base fee + priority fee into the KCS Deflation Mechanism. Since the objective is to have the developers and KCS holders benefit, the gas fee will proceed to the right miner node.
The future of KCS
Deflationary mechanisms on KCC and the overall demand from a growing community have the capacity to help push the token’s value higher with time. That means KCS has the potential to eventually surpass its ATH reached in December 2021.
Building around the next iteration of the internet, Web3.0 is also key to KuCoin’s expansion plans. It’s not just enough for the crypto platform to be the best centralized trading destination – the need to promote decentralized services and building of the community of shared interests is key.
That goal is already set and rolling for KuCoin as clearly shown through the $150 million (at a valuation of $10 billion) secured during the firm’s series B funding round in May.
The financing, led by venture fund Jump Crypto, and with participation from Circle Ventures, IDG Capital, and Matrix Partners, has allowed KuCoin to expand its services across Web 3.0. The firm’s investment arms KuCoin Ventures and KuCoin Labs are investing in projects such as crypto wallets, DeFi, NFTs and GameFi.
What’s more, KuCoin has dedicated resources towards KCC as it looks to promote its decentralized ecosystem.
KuCoin’s a top cryptocurrency exchange platform, ranked among the top five globally and is quickly expanding into a complete crypto ecosystem with a major presence in the Web 3.0 space. It was launched only five years ago, but its product offering and range of services has put it ahead of many others as the “people’s exchange.” In fact the exchange was among the first to earn recognition from Forbes Advisor.