Wrapped KuCoin Token

Halal Rating :
Comfortable
Contract: 0x4446fc4eb47f2f6586f9faab68b3498f86c07521
Last Price $10.7 Last updated:
Rank 9730
1D Change 4.78 %
Market Cap $1.02m
Circulating supply 95,591
Maximum supply None

Crypto Overview

Categories
  • Rehypothecated Crypto
  • KCC Ecosystem

Purpose and Utility

Wrapped KuCoin Token (WKCS) is an ERC-20 version of KuCoin Token (KCS) that operates on the Ethereum blockchain. Its primary purpose is to enable KCS holders to interact with Ethereum-based DeFi protocols and services while maintaining exposure to KCS.

Business Model

The token is backed 1:1 by KCS held in reserve. Users can wrap their KCS tokens to receive WKCS, and unwrap WKCS to receive back their KCS. This wrapping mechanism provides utility by expanding the usability of KCS to the Ethereum ecosystem.

Real-World Adoption

WKCS has seen limited adoption primarily among KCS holders who wish to utilize Ethereum-based services. The token maintains its core utility of providing KCS functionality on Ethereum.

Platform Activity

The wrapping and unwrapping mechanism is functional and maintained. As it's a wrapped version of KCS, its development activity is tied to the underlying KCS token and KuCoin exchange ecosystem.

Token Distribution

The token supply is directly correlated to the amount of KCS that users choose to wrap. There is no separate token distribution as WKCS is created only when KCS is deposited into the wrapping contract.

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