Криптобиржа KuCoin will lock 90 million KCS and burn 20 million of them. This is stated in the white paper, which the trading platform published on March 29 in conjunction with the KCS Management Foundation and KuCoin Community Chain.
KCS is the native token of the KuCoin ecosystem. The exchange issued 200 million KCS on the Ethereum blockchain in 2017, and in 2021 moved the tokens to its own network. Since then the price of KCS has risen by 2000%: from $1 to $21.58, with a peak of $28.77.
In 2019, KuCoin published an ecosystem development plan in which it undertook to buy back and burn half of the KCS supply. The exchange allocated:
- 100 million — among early community participants;
- 90 million — among investors and founders;
- 10 million — among users as rewards.
In an updated version of the white paper the exchange announced the redistribution and freezing of investors’ and founders’ tokens:
- 32 million KCS will be transferred to the KCS Management Fund;
- 18 million KCS will remain at the disposal of early investors;
- 20 million KCS will go to rewards for token holders and active participants in the ecosystem;
- 20 million KCS KuCoin plans to burn.
The exchange will gradually unlock the tokens over five years.
KuCoin is a Seychelles-registered cryptocurrency exchange that has been operating since 2017 and serves 10 million users. Traders have access to more than 600 assets in spot, margin, futures and p2p trading. Clients of KuCoin can also earn through staking and crypto lending.
Earlier KuCoin management told how not to become a victim of extortionists.