- KuCoin continues to expand, closing the gap with the top exchanges such as Coinbase and Binance, as evidenced by the increased utility of KCS tokens
- KuCoin Token (KCS) is the native token of the KuCoin exchange, which allows holders to earn a daily passive income. Daily KCS bonuses are also available.
- By paying trading fees with KCS, users get a 20% discount on KuCoin. Other use cases of KCS also include participation in Spotlight (IEO), Burningdrop (a new launchpool product) and more.
KuCoin’s goal of chasing the big crypto brokers remains on track as the exchange, which launched just five years ago, continues to expand its product offering and range of services. This is made clear by the KCS token’s push into more and more areas, which opens up a whole new way for both the exchange and customers to generate revenue.
What is KCS?
KCS is a utility token that is native to the KuCoin platform. KCS was launched in 2017 and allows traders to pay gas fees and participate in the growth of the network. The total supply of the token is 200 million, but over time it will reduce to 100 million due to a robust repurchase and burning plan.
KCS is the native token of KuCoin and as such its value is highly correlated with the overall growth and performance of the KuCoin exchange. Having recently announced a $150m Series B funding round that brought its valuation to $10bn, this has been a solid choice so far.
What is KCS Burn?
KCS Burn refers to the amount of KCS that KuCoin destroys each month to bring inflation under control. The platform uses 10% of its monthly earnings to buy and “burn” the tokens. Over the past four years, 54,120,079 KCS have been burned.
The KCS ecosystem plans to introduce the EIP1559 and the KCC fee mechanism into the KCS deflation mechanism from basic fee + priority fee. Since the goal is for the developers and KCS holders to benefit, the gas fee will go to the right miner node.
KCS can also be used for purchasing a wide range of goods and services online and offline. Merchants and digital payment providers that support this token in this area, such as online shopping, hotel reservations, online games, etc.
Access to new launches
KCS holders have the right to participate in token sales on KuCoin Spotlight. KuCoin has launched at least 20 projects since its inception. For example, after the launch of the LUKSO project, its value increased by 187 times. Elsewhere, VR increased 240-fold and CLH achieved a 299-fold ATH ROI, underscoring the potential returns investors can earn on these early projects.
How is KCS related to BurningDrop?
KuCoin also allows KCS holders to join a fair token distribution platform called BurningDrop. This innovative platform supports the token distribution of FTG, PBX, H3RO3S, XCAD, 1EARTH and other blockchain startups.
Users can lock crypto assets or assign them to increase their computing power. The BurningDrop indicates that the average ROI of projects exceeds 8685%.
How is KCS related to KCC?
KCC is a decentralized public chain built by the KCS community and the KuCoin community in 2021. Users consider KCS to be the fuel and native token for this public chain.
The decision of this decentralized public chain to adopt the Staked Authority (PoSA) consensus mechanism has helped to reduce the block confirmation time to under 3 seconds. In addition, the decision to use KCS has helped to reduce the overall transaction costs.
KCS is also said to be working with KuCoin Exchange and KCC to develop a payment system that can serve its users around the world. The payment system should be able to connect all projects within the KCS ecosystem. It will also be involved in activities such as the transactions of the KuCoin ecosystem, the trading of derivatives, the introduction of new coins, stablecoins, loans, NFT transactions and the transactions of the KCC ecosystem.
The payment system also minimizes the payment threshold, serves users more conveniently and efficiently, and increases the user base of the ecosystem.
Through these initiatives, new features and continuous expansion, KuCoin hopes to bridge the gap with the two exchanges like Coinbase and Binance. As the cryptocurrency gains more and more traction in mainstream circles despite the current negative market sentiment, it will be interesting to see how the exchange continues to grow and compete against Binance and Coinbase.