KuCoin Token (KCS), the native token to the fifth-largest crypto exchange, blazed past the 50 biggest cryptos this week.
KCS is up 28% in the past seven days at $15.64. It has also jumped over 8% in the past 24 hours.
The token began its rally just after KuCoin revealed a stellar first-quarter report earlier this week. A recent downturn in the market had also pushed the token to a near eight-month low, giving it an attractive entry price as well.
KuCoin reports huge user jump in Q1 2022
In a release earlier this week, KuCoin said it gained around 6 million new users in Q1, up nearly 500% from last year. Asia was by far the biggest source of new users, with registrations from the region jumping 1500%.
The exchange’s cumulative trading volumes also crossed $1 trillion, with an average daily volume of more than $11 billion.
The report indicates that KuCoin’s operations remained steady through Q1, despite broader weakness in the crypto market. In contrast, Coinbase recently said it plans to slow down hiring due to steep losses in Q1.
Fears over rising inflation and the Russia-Ukraine war had rattled crypto markets through Q1. Said fears have extended into Q2, so it remains to be seen whether the exchange can maintain its momentum.
Still, new users are greatly beneficial to the KCS token, given that it is primarily used to transact on KuCoin.
DeFi features in the works
KuCoin CEO Johnny Lyu on Friday confirmed a report from CoinDesk that the exchange plans to expand its DeFi offerings.
The exchange will deploy funds from its recent capital raise towards implementing DeFi features on its public blockchain, KuCoin Community Chain.
The Seychelles-based exchange had earlier this month raised $150 million in a mid-stage funding round led by Jump Crypto. The round values KuCoin at $10 billion.
According to data from Coinmarketcap, KuCoin is the fifth-largest crypto exchange by average liquidity and volumes.
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