KuCoin Reviews for April 2024

KuCoin, Gate.io and MEXC Global were in the crosshairs of community members as they expressed their support for the upcoming on-chain LUNC transaction burn. As the upcoming Terra Classic (LUNC) — formerly Terra (LUNC) — burning mechanism gained more hype, some crypto exchanges thought it would be a good idea to express their support. However, the crypto community quickly responded, calling out the exchanges for what some believe to be public relations stunts. On Sept. 1, Terra community member Edward Kim submitted a proposal to implement a 1.2% tax burn for every on-chain LUNC transaction in an effort to revive the crypto. The transaction tax will be sent to a dead address, removing part of the circulating supply permanently. Following the proposal, the LUNC token soared by 250%, as the hype surrounding the project showed signs of life. Because of this, crypto exchanges KuCoin, Gate.io and MEXC Global decided to express their support for the token-burning efforts of the Terra community. However, some were unhappy with the announcements, calling out the exchanges. After posting an announcement that the exchange is supporting the token burn, KuCoin was called out by the pseudonymous Terra researcher FatMan, asking what they are doing to support it, given that the tax burn is implemented on-chain. The researcher described the announcement as a “nothingburger PR post” and suggested taxing actual trades instead.

Rumors linked KuCoin’s intent to stop withdrawals with the Terra and the 3AC collapse, which according to the warnings, led to “immense suffer” for the exchange. Crypto exchange KuCoin found itself at the center of discussion when a sub-community of Crypto Twitter started warning investors about an incoming ban on funds withdrawal. KuCoin CEO, Johnny Lyu, was, however, quick to dismiss the unvetted rumors before they picked up steam. Prominent crypto figures on Twitter, including trader @KongBTC and blockchain investigator @otteroooo, requested their followers to withdraw all of their funds from the KuCoin while claiming that the exchange may soon stop all users from withdrawing funds.

The native token for Bloktopia, BLOK, is set to launch on KuCoin, a leading cryptocurrency exchange. Trading will commence on Oct. 6, 2021, starting at 3:00 pm UTC. The listing will come after all initial DEX offering (IDO) events have been completed on Seedify, Red Kite, Oxbull and Trustpad. CEO Ross Tavakoli said: “We are delighted to be on such a prestigious exchange. The good news is that if people do miss out with one of our launchpad partners, the BLOK token will be immediately available afterwards for them to purchase. BLOK will be important, because it will hold several utilities in Bloktopia and will be required to purchase our revenue-generating NFTs, REBLOK and ADBLOK.” Bloktopia is also announcing today that BLOK will be available on the decentralized exchange (DEX) QuickSwap. Trading will commence on Oct. 6, 2021, starting at 3:00 pm UTC. The listings on QuickSwap and KuCoin come ahead of the launch of the Bloktopia nonfungible token (NFT) land sale portal where BLOK will be required to purchase all REBLOK and ADBLOK NFTs. More news on how to get involved in the NFT sale will be released in the coming days.

KCS's upside move, on the whole, appeared as a part of an overall price rebound across the exchange token markets. Nonetheless, KCS markets showed strikingly lesser volumes in the previous 24 hours compared to its exchange-token rivals. For instance, the second-to-worst volume logged by an exchange token was roughly $620,000 (see Unus Sed Leo in the chart above). On the other hand, KuCoin's 24-hour adjusted volume was $63,531. Thin volumes mean that there were fewer numbers of KCS tokens trading. In turn, there was a lower KCS liquidity across the markets. As a result, an asset's price volatility rises in a low volume market and makes it susceptible to the wilder upside and downside moves. The popular analogy serves as additional headwinds for KuCoin bulls as they attempt to claim the Falling Wedge's profit target. KuCoin Shares, or KCS, serves as a utility token on the KuCoin exchange. The platform uses KCS to reward users for using its services, similar to how Binance deploys BNB as a measure to offer users discounts on trading fees. Holders of KCS, meanwhile, also receive a daily dividend, i.e., a KuCoin bonus, which equals 50% of the trading fees on the exchange. As KuCoin moves to become a fully decentralized platform, it plans to use KCS for transaction fees. The exchange also intends to buy back and destroy half of KCS's 100 million supply cap. The funds to facilitate the buyback, again, comes from KuCoin's trading fees.

The KuCoin Exchange places an emphasis on the quality of the projects listed based on a research department that scours the blockchain industry for quality projects. KuCoin provides an exchange service for users to conduct digital asset transactions securely and efficiently.