April 28, 2021, KuCoin, an IDG-backed exchange, announced the launch of its native token KuCoin Token (KCS) on Poloniex with the trading pair KCS/USDT on April 28 at 10:00 AM (UTC).
Poloniex was founded in 2014. Known as the “legendary crypto exchange”, Poloniex has an influential user base around the world. Getting listed on Poloniex will facilitate KCS’s expansion into the global market. KCS has been listed on 3 major exchanges this month including AscendEX, MXC and Poloniex, which will boost the overall development of the KCS ecosystem.
KuCoin Token (KCS) is the native token of KuCoin. Its initial supply was set at 200 million, with a monthly burning mechanism that will continue until just 100 million KCS remain. The most recent burning occurred on April 14, with 160,723 KCS (worth 1,983,246 USDT) burnt. The current total supply is around 169 million KCS, with 79.28 million currently in circulation.
KCS has numerous use cases as a utility token. Holders of at least 6 KCS are eligible for a daily bonus, which originates from 50% of KuCoin's daily trading fee revenue. KCS also can be used to pay for trading fees on KuCoin with a 20% discount. In addition, KCS holders can join token sales on KuCoin Spotlight, as well as LockDrop/BurningDrop on the Pool-X platform. KuCoin will further explore additional use cases of KCS, including O2O shopping, hotel booking, and virtual in-game item purchases.
KuCoin Global CEO Johnny Lyu stated, “KuCoin and Poloniex have a long-term partnership. The listing will further strengthen the cooperation. As the core of the KuCoin ecosystem, KCS will be further listed on more exchanges to boost the KCS ecosystem. In the future, KCS will be used as the gas fee of the upcoming KuCoin Community Chain (KCC), stimulating the overall value of KCS further.”
Known as People’s Exchange, KuCoin has over 8 million global users with various tradable assets and a friendly user experience. It raised $20 million in round-A funding from IDG Capital and Matrix Partners in November 2018. KuCoin is currently ranked as the 5th top crypto exchange on CoinMarketCap with over $3 billion trading volume in 24 hours.