The KuCoin Token (KCS), a prominent player in the thriving field of cryptocurrency exchanges, is KuCoin’s own native token. This article attempts to give you a comprehensive overview of the KuCoin Token and its intended purpose if you are new to the world of cryptocurrencies or are just starting to explore KuCoin and its features.
What is the KCS token for KuCoin?
An ERC-20 token that is exclusive to the KuCoin exchange is the KuCoin Token (KCS). KCS was created on the Ethereum network and released in 2017. KuCoin uses KCS as its own unique token, similar to how Binance uses BNB and Crypto.com uses CRO.
KCS was first available in 200 million units. However, the overall supply gradually declines over time, aiming finally at 100 million tokens thanks to its buy-back and burn mechanism (which we’ll cover later).
The main goal of the KuCoin Token KCS is to encourage and compensate users for selecting and utilizing the KuCoin exchange. Here is a list of its primary utilities:
savings on Trading Fees: KCS holders on the KuCoin platform are qualified for savings on trading fees. The amount of the discount increases with the number of KCS you possess. Users are encouraged to keep KCS in their accounts and use KuCoin for their crypto transactions as a result.
Dividends (KuCoin Bonus): For KCS holders, KuCoin offers a special incentive known as the KuCoin Bonus. In essence, KCS holders receive up to 50% of KuCoin’s daily transaction fee income. The bonus is inversely correlated with KCS holdings, therefore the more KCS you have in your account, the higher your daily bonus will be.
Access to Exclusive Services: KuCoin occasionally grants KCS holders access to special services including airdrops, marketing campaigns, and early access to new features.
Participate in Decision-Making: From time to time, KuCoin grants KCS holders the right to vote on significant matters like the addition of new tokens to the market.
Policy of Buy-Back and Burn
The buy-back and burn program for KuCoin is a distinctive feature of KCS. A percentage of the exchange’s profits are used to purchase KCS on the open market, which is afterwards “burned” or permanently taken out of circulation. With time, this policy reduces the overall supply of KCS, potentially increasing the token’s price due to scarcity.
How to Purchase KCS
KCS tokens are directly available for purchase on the KuCoin exchange. Popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), among others, can be used to buy them.
Final Reflections
The KuCoin Token is essentially a potent tool that improves the user experience on the KuCoin exchange. Its goals are to reward, encourage, and strengthen the sense of community among KuCoin users. Due to the many advantages it provides, owning and using KCS is a no-brainer for anyone who frequently uses the KuCoin platform.
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