KuCoin Token (KCS) is the native token of the KuCoin Community Chain (KCC) KCS offers holders trading discounts, the opportunity for daily passive income and other bonuses KuCoin buy back and burn KCS monthly with 10% of its revenue There is almost $50 million TVL on KCC, with many DApps popping up
What is KCS?
KCS is a utility token native to the KuCoin platform. Released in 2017, KCS loads several utilities for hodlers. Firstly, a trader who uses the token to pay gas fees will get a 20% discount. A user who owns more KCS will also receive more benefits as bonuses are available, anchored to the holdings and trading volume of the wider KuCoin exchange. KCS is essentially a bet on the KuCoin exchange. If the KuCoin exchange grows, then KCS is likely to grow as well. KuCoin is the third largest exchange according to CoinMarketCap. More than 8 million users in 207 countries and jurisdictions worldwide access KuCoin services, including hundreds of digital assets and cryptocurrencies. The range of products offered is vast, including spot trading, margin trading, P2P fiat trading, futures trading, Staking and Lending. KuCoin also introduced $20 million Round A funding in November 2018, with participation from IDG Capital and Matrix Partners. KuCoin also buys back KCS monthly from the secondary market with 10% of the platform’s revenue. This acquired KCS will be burned, depleting the supply. KuCoin has already completed 27 burns. Finally, to provide better support for KCS ecosystem development, EIP-1559 and base rate + priority rate KCC rate mechanism will be introduced in the KCS Deflation Mechanism. This will cause the base fuel rate to dynamically adjust according to KCC network congestion. KCS is listed in several places including Kucoin, MXC, Poloniex, Probit, AscendEX (formerly Bitmax). Spotlight and Burningdrop By holding KCS, investors earn the right to participate in token sales on KuCoin Spotlight, which is the launch platform for tokens on KuCoin. KuCoin Spotlight has released over 20 projects, with highlights including CWAR and HOTCROSS.
Overview of ATH ROI of #Spotlight Projects on KuCoin The 20th Spotlight project – @melos_studio $MELOS ROI: 10.60x 🔥🔥🔥#KuCoin $KCS @kucoincom pic.twitter.com/iniH5jdyfg
— HappyBlock (@RealHappyBlock) April 12, 2022
Second, BurningDrop is a fair token distribution platform that supports the distribution of tokens from a wide variety of blockchain startups, which KCS holders can participate in.
ATH ROI of Top12 #BurningDrop projects on @kucoincom #KuCoin $FTG $PBX #H3RO3S $XCAD #1EARTH $HORD $ARKER $CPOOL $MNET $FLAME $LAVAX $ILA pic.twitter.com/Bg1HFQp8WC
— HappyBlock (@RealHappyBlock) April 6, 2022
KuCoin Community Chain The KCS token is the fuel on which the KuCoin Community Chain runs. KCC runs through a Staked Authority (PoSA) consensus engine, exhibiting robust performance, high throughput, low transaction costs, low latency, and strong security and stability. In addition, PoSA helps keep lock confirmation duration to 3 seconds. Currently, TVL on-chain amounts to around $50 million and the number of wallet addresses is over 300,000. KCC focuses on the following areas: Building a basic blockchain toolchain Connecting the centralized and the decentralized Building an open global platform for developers Building a decentralized autonomous community Building interoperability protocols between chains Expanding the ability to manage the DeFi added load , NFTs, Web3 projects and games are also target areas for the KuCoin ecosystem.
KCS Management Foundation
The KCS Management Foundation is responsible for the development, decision making, investment and application of KCS and is currently working on the research and development of various centralized and decentralized applications. Going forward, the KCS ecosystem – comprised of the KuCoin core team, the KCC GoDAO Foundation, investment institutions, angel investors and representatives from the KCS Holder Community – will establish more efficient, autonomous and community-based protocols and tools and gradually remove power from the KCS Management Foundation. Eventually, the GoDAO community will take over management completely.
Other KCS use cases and the future
KCS can also be used to purchase a wide variety of goods and services online and offline. Fields that contain marketplaces and digital payment providers that support this token include online shopping, hotel reservations, and online gaming. For KCS to achieve its goal, it needs to work together with KuCoin Exchange and KCC to develop a payment system that can serve its users all over the world. This payment system must connect all projects with the KCS ecosystem. It must also be involved in numerous transactions such as derivatives trading, new coin launches, stablecoins, lending, NFT transactions and KCC ecosystem transactions. https://twitter.com/RealHappyBlock/status/1513824833951641602