Launched in September 2017, KuCoin is currently ranked as the fifth-largest crypto exchange. KuCoin offers access to over 400 digital assets to its user base of 8 million, spread across 207 countries and regions. On KuCoin, users can trade spot, margin, fiat, futures, or stake, and even lend their portfolios.
To maintain its growing ecosystem, KuCoin launched a native token, the KuCoin Token (KCS). KCS was initially launched as a profit-sharing token to allow traders to draw value from the exchange.
KuCoin has a vast ecosystem filled with constant updates and developments that are almost impossible to keep track of. KuCoin aims at becoming the largest social trading platform in the crypto space. Being the native token of the ecosystem, the KuCoin Token (KCS) benefits from most of the updates.
To enhance the user experience and grow its market collaboration potential, the exchange has launched the KuCoin S Social Trading Platform. With this recent release, KuCoin is now the first major crypto trading platform to have launched social trading.
KuCoin S will grant users access to an up-to-date crypto news feed, helping them to discover crypto gems, view new listings, discuss trending crypto topics, and learn about investors and their strategies from community leaders.
In addition, the social elements will make it easier for crypto starters to make investment decisions by enabling options to fast buy, check portfolios, copy trade, and more.
When the KCS utility token was launched, its maximum supply was set at 200 million, with plans to buy back and burn until just 100 million KCS remained. Moving from a quarterly burn system, the KCS team has now decided to burn KCS coins monthly.
For September (the 22nd burn to date), the KCS team executed a burn of 347,620 KCS, or approximately $5.03 million USD. Following the burn, which was performed on October 21st, the current circulating supply of KCS stands at 77,325,477, while there is a total supply of 167,325,477 KCS.
KuCoin recently announced the launch of the KuCoin Community Chain (KCC), a project that allows members of the KCS community to participate as decision-makers.
KCC is a decentralized, public chain developed and based on the Ethereum blockchain to provide users with a high-speed, convenient, and low-cost experience.
Since the beginning of 2021, over 2.24 million KCS coins have been burnt. By reducing its supply via burning, the KCS team has created more use cases for KCS through centralized games on KuCoinWin, and decentralized apps on KCC.
With the recent update of its burn cycle, the KCS team will continue burning KCS every month. For example, the monthly burn for October should be performed on November 21st. Should they maintain this rate, KCS will reach the proposed limit of 100 million KCS much faster than initially projected.
Recent developments have sparked a price rally for the KuCoin Token (KCS). Over the last seven days, KCS has gained more than 13% in value, and In the last 30 days, KCS has gained more than 53%, making it one of the top-performing cryptos.
The 30 day price chart for the KuCoin Token (KCS). Source: Tradingview
The rally saw KCS trade as high as $1,5 before retracing back to under $14. At the time of this writing, KCS is trading at $14.53, with a gain of 1.14% over the last 24 hours. The KuCoin Token is therefore ranked as the 92nd largest crypto, with a market cap of $1.159 billion.
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KuCoin has a fast-growing community consisting of members who are particularly bullish about the potential of the KuCoin Token (KCS). NFT trader, @golfer319, wrote;
Just before its major rally, crypto analyst Kevin Svenson, tweeted;
@BoyW1thDreams, who is bullish about KCS, believes that;