KuCoin is one of the largest and most reputable cryptocurrency exchanges today. Therefore, information related to this electronic floor always receives a lot of attention. And one of the things that are making many investors wonder is what is KuCoin Token (KCS)? Who is the development team? Roadmap, how to update, and how to own? These issues will be answered by CoinCu in this article.
What is KuCoin Token (KCS)?
KuCoin Token (KCS) is known as a native token of the KuCoin crypto exchange. This token was officially introduced in 2017 as a utility token. With this token, investors will be shared by KuCoin in growth profits when participating.
To help you better understand what KuCoin Token is, we will provide some more overview information about this token.
KCS includes 2 products, that is KCC – KuCoin Community Chain and Kucoin centralized exchange. Since its launch in 2017, KuCoin has continuously been in the top 10 crypto exchanges with the largest trading volume in 24 hours. According to statistics, in January 2022, KuCoin recorded more than 10 million users and the transaction volume reached hundreds of billions of dollars.
KCC can be understood as an ecosystem on blockchain. There are also many products in KCC, but mainly products are about decentralized exchanges, DAOs, NFTs, healthcare, wallets, etc.
Basic information about KCS
- Token name: KuCoin
- Ticker: KCS
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract: 0xf34960d9d60be18cc1d5afc1a6f012a723a28811
- Token Type: Utility
- Total Supply: 200 000 000 Kcs
- Circulating Supply: 98 379 860 KCS
Although the initial supply of KCS is 200 million KCS, the KuCoin exchange has planned to stabilize at 100 million KCS through a buyback and burn mechanism. The proof is that the current supply of KCS is 145,879,861 instead of 200 million KCS as shown in the white paper provided by KuCoin earlier. The amount of KCS burned is calculated based on the total monthly income of KuCoin.
The reason KuCoin Token is as successful as it is today is thanks to the great contribution from the young but talented and passionate development team. To know the development team of this token, you can refer to the image below:
Roadmaps and updates
According to the sharing from KCS developers, this token will go through the following 3 stages of development:
Phase 1: Launching blockchain
- Increase gas limit up to 500M
- Deploying and developing a number of important technologies such as LightningADS, Storming EVM, RainingDB
- Infrastructure development
- Deploying Layer-2 construction
- KCS SDK development
In particular, KuCoin Token also develops the payment segment with the aim of providing the best support for users and the Web3 ecosystem.
Benefits of holding KCS tokens
When holding KuCoin token, investors will receive many benefits such as:
- Based on the number of KCS available to upgrade VIPs. The more KCS, the higher the VIP rank upgrade and the lower the transaction fee
- Receive rewards based on contributions to KuCoin. The more you contribute, the higher the reward. KCS is paid back for redemption from a part of the trading fees collected by the KuCoin exchange
- Used to pay fees on KCC
How to own KCS tokens & exchange to trade KCS
If you want to own KCS tokens, there are 2 ways:
- Buy at a cryptocurrency exchange. Of course, the KuCoin exchange has always been the one with the most KCS trading volume, accounting for 45.74% of the total trading volume.
- Hold KCS tokens to be able to receive KCS distribution when the KuCoin exchange buys from KCS to burn.
KCS token storage wallet
Since KCS is an ERC-20 token, it can be stored on the following wallets: Metamask, Myetherwallet, Trezor, Trust wallet…
For traders who own a large amount of KCS tokens, they should prioritize storing them in cold wallets.
Above is the answer to what is Kucoin Token and overview information about this token. Currently, KCS is receiving a lot of attention, which is clearly reflected in the increasing trading volume at exchanges. Hopefully, the above information of CoinCu will help you better understand the native token of the KuCoin exchange.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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