Since the meltdown in the second week of May, the global cryptocurrency market has been erratic. However, despite the tremendous volatility, traders maintained their pace despite stringent global scenarios and plummeting prices.
Meanwhile, KuCoin may be on the verge of upheaval, and this might ultimately pose a challenge to top exchanges such as Binance or Coinbase. But what’s precisely triggering this spark?
Buyback aimed at deflationary supply
Initially capped at 200 million tokens, KuCoin’s (KCS) total supply will be reduced to 100 million through a vigorous buyback offer by the protocol. Deflationary supply invariably results in increased valuations.
Now, let’s pause to analyse this further. What prompted KuCoin to persist with this buyback proposal despite the recent market decline?
According to a recent report, KuCoin’s total trading volume for spot and futures trading topped $1 trillion, with an average daily volume of over $11 billion. Meanwhile, KuCoin Spot hit $9 billion in daily peak trading volume, while Futures reached over $15 billion.
In addition, the exchange gained approximately 6 million new registered users in the first quarter of 2022, a 491% growth year-over-year. And now, KuCoin is serving 18 million global users in 200+ countries and regions, a significant data to show its reputation as “People’s Exchange.
What does this represent? It is pretty apparent that a buyback can further solidify KuCoin’s operations and market position. Hence, KuCoin may be on the brink of rewriting history because of its extraordinary trading spin-offs and expanding user base.
Guaranteed daily bonus
KuCoin developed the KCS Bonus as a novel incentive for KCS holders and KuCoin ecosystem builders to earn passive income.
Simply stated, users that hold at least
