In the recent past, specifically during the last bull run of 2017-2018, many Centralized Exchanges (CEXs) popped up, led by Binance. With such exchanges came the rise of exchange tokens. Every new CEX launched its token along with the new trading platform. Today, we talk about KuCoin Token (KCS), the native token of KuCoin Exchange.
What is a Cryptocurrency Exchange?
A cryptocurrency exchange is a platform that offers a variety of trading options for crypto assets. Binance was among the few leading exchanges back then. The allure for the millions of dollars in trading fees was too much to resist. Consequently, many CEXs were launched during that time. However, not many of them survived to date.
What is KuCoin Exchange
KuCoin Exchanged launched back in 2017 at the height of the bull run. Whereas many failed and died away, KuCoin is one of those CEXs that survived, earning itself the ‘Blue-Chip Exchange’ title. On KuCoin, there are nearly 400 different cryptocurrencies available for trading. The exchange normally lists cryptocurrencies with small market caps because such crypto-assets have the biggest growth potential.
The exchange has different features on it, bringing in over 6 million users daily. Like most CEXs, KuCoin has several features designed to attract traders. For example, it has spot, margin, P2P, and futures trading. They also added staking and lending functionalities on the platform.
What is KuCoin Token ($KCS)
The KuCoin Token ($KCS) is the native token of the KuCoin CEX. Initially, the total supply was 200 million $KCS tokens. However, due to a burn mechanism, the supply has been reduced to 168,068,031 $KCS tokens.
This has positively impacted the price, as it now stands at $13.29 per token. The price of KCS has risen by around 700% over the past year, piquing the interest of crypto traders and investors alike.
What is Unique about KuCoin and the KuCoin Exchange?
KuCoin exchange is unlike other exchanges tokens because of the staking functionality. When you stake KuCoin tokens on the exchange, you earn a daily bonus. This form of passive income has enticed many users to join the platform. Also, in the KuCoin exchange, 90% of the trading fees are given back to the users who hold KuCoin tokens on the platform. This provides a massive incentive to hold and not sell $KCS, steadily increasing the price.
The Road Ahead for KuCoin
$KCS has a market cap of less than $1B so far. For such a great platform with a small circulating supply, KuCoin is heavily undervalued. Binance ($BNB), with almost similar coin metrics, presently sits at a $76B market cap. KuCoin still has much room to grow, and there is no doubt it will be performing well moving forward.
Conclusion
In summary, KuCoin token ($KCS) and its exchange platform offer users a great experience when using the platform. Sleek design and fast performance make trading easy and enjoyable. Try KuCoin today for that sweet staking functionality.