The KuCoin Token (KCS) is the native token of the KuCoin cryptocurrency exchange. The KCS token was launched in 2017 as a utility token that allowed merchants to participate in the growth of the exchange. Therefore, the value of the KCS token is strongly correlated with the growth of the crypto exchange. The total supply of KCS is set at 200 million tokens and a buyback and burn of tokens is planned until there are 100 million KCS left.
On December 1, 2021, KCS reached its all-time high of $28.77. KCS also provides some benefits to users, including a 20% trading discount, daily passive income, and more. Since the beginning of 2021, KCS has seen an increase in value of more than 2,100%.
What is KuCoin?
KuCoin is one of the largest crypto exchanges in the world. You can buy, sell and trade many cryptocurrencies on the exchange. The KuCoin exchange was launched in September 2017 and has since grown to become one of the most popular crypto exchanges in the world. KuCoin has more than 8 million users in 207 countries and regions around the world.
According to CoinMarketCap, KuCoin is currently the third largest crypto exchange. In 2021, Forbes Advisor named KuCoin one of the best cryptocurrency exchanges.
KuCoin reveals 20 million KCS burned
In collaboration with the KCS Management Foundation and KCC, KuCoin has released the KCS white paper. KCC is the decentralized public blockchain created by the KuCoin fan communities and the holders of the native KuCoin token: KCS.
The KCS white paper focuses on scaling the KCS ecosystem and outlines key collaborations around KCS and the KCS Management Foundation.
Mechanisms that will increase the value of the KuCoin token are also described. For example, KuCoin has revealed that it will permanently burn (destroy) 20 million KCS tokens.
The KCS Whitepaper also highlights that KCS will develop a payment system and web3.0 ecosystem to strengthen KuCoin’s web 3.0 strategy. This by exploring and implementing the following areas: DID, NFT property rights, management and transaction, and building a Metaverse network platform.
The Whitepaper also describes the concept behind KCS’s initial block distribution of 90 million. Of the 25 million KCS held by early investors, 18 million will remain with early investors and will be released on a linear basis over 5 years. To further enrich the ecosystem, the KCS Management Foundation is donating another $7 million.
In addition, the founding team owns 65 million KCS, of which 20 million will be destroyed, to speed up the KCS deflationary process.
The mechanism is implemented to keep price dynamics stable in the long term. 20 million will be used as long-term incentives for KCS holders and contributors to the ecosystem, and 25 million will be donated to the Foundation and gradually released over 5 years.
The rapid rise of the KCS token
The KuCoin token has grown rapidly. The price is up 2,000% since the beginning of 2021.
KCS plans to develop a blockchain-based value self-circulation ecosystem, where all members of the KCS, KuCoin and KCC community will be able to access services and be powered by the existing extensive application scenarios in the built-in system.
KuCoin CEO Johnny Lyu says that the KCS token will unite the centralized and decentralized world by connecting KuCoin and the KCC community, leading the way to create a self-circulating ecosystem supported by the community and the blockchain. contributed by the geeks. to the masses.
Where can you buy KCS?
The largest market currently for KCS is the KuCoin platform, with an average daily volume of around 20 million. KCS liquidity also continues to improve as KCS is listed on various exchanges such as KuCoin, MXC, Poloniex, AscendEX and Probit.