KuCoin AMA Recap
CryptoDiffer team
Hello, everyone!
We are glad to meet here
CEO of KuCoin, Johnny Lyu
СEO of KuCoin, Johnny Lyu
Hi guys!!
CryptoDiffer team
Q1: What do you think is the biggest achievement of KuCoin in the past three years？
СEO of KuCoin, Johnny Lyu
In the last 3 years, KuCoin started from a crypto-to-crypto platform and grew into a comprehensive crypto financial service platform. We currently provide fiat trading, spot trading, margin trading, futures, staking, lending and other services for users. The biggest achievement is that we have improved the trading experience of users via innovation products and technologies, as well as reliable services. This has allowed us to reach over 6 million users worldwide, with close to 400,000 followers on social media, and close to 200,000 users in KuCoin Communities.
In addition, we have built a professional team. From the initial team of 7 co-founders to the global team of more than 300 crypto experts, we have attracted a large number of programmers, engineers, and marketers who have a passion for technology and blockchain. These talents will help KuCoin outperform the market for the long term.
CryptoDiffer team
Q2: DeFi is one of the hottest topics in the crypto industry right now. Can you share your opinions on DeFi?
СEO of KuCoin, Johnny Lyu
Yep, everyone is talking about DeFi now. I think DeFi is a financial innovation that makes up for the shortcomings of the traditional financial system. It doesn’t only improve transparency, and break through the geographical restrictions of traditional finance, but also provide equal and free access to financial services for everyone. Therefore, I am very optimistic about the future of DeFi.
Actually, KuCoin has been very supportive of the development of DeFi projects. We have not only listed some technical DeFi projects, but also launched the KuCoin Choice Community Vote, DeFi Trading Board, etc to empower the development of DeFi. We will list more DeFi projects in the future. Actually there are already some projects on the list. Right at today we announced KuCoin’s DeFi Project Assessment Process. Up to now, 10 DeFi projects are included in the assessment list: $YFI, $ANT, $LRC, $CRV, $REN, $NXM, $SRM, $BAND, $NMR, and $KAVA. Qualified projects will be listed on KuCoin after the accessement.
CryptoDiffer team
Q3: KuCoin will launch the 8th Spotlight project during the 3rd celebration. Can you tell us a little bit about this project?
СEO of KuCoin, Johnny Lyu
KuCoin Spotlight aims to assist blockchain projects in raising the needed funds, attracting market attention and improving industrial influence. We have listed more technology projects through Spotlight to provide more investment options for users. With the explosive growth of DeFi recently, spotlight is also focusing on DeFi projects. The one that will be launched on the KuCoin Spotlight on September 17 is Velo, which is a DeFi project.
Velo aims to build a decentralized settlement network that allows partners to safely and securely transfer value between each other in a timely and transparent way. It is supported by dozens of leading Asian corporate groups, like Lightnet, UOB Ventures, Seven Bank, and HashKey Capital. It has strong commercial resources and rich application scenarios. Although DeFi is currently very popular, few people actually use its services, most of them are miners. So, Velo is expected to become the first blockchain project that brings DeFi to the masses.
This Spotlight token sale will be taken in a lottery format. Users can obtain tickets in various ways, including holding KCS and participating in Kratos (KTS) Lockdrop and 3rd anniversary campaigns. The lottery results will be announced on September 17 and then Velo will get listed on KuCoin. You can get more info about the 8th Spotlight project here: https://land.kucoin.com/spotlight_r5/116?lang=en_US
CryptoDiffer team
Q4: You just mentioned the KTS LockDrop event, and can you tell us more details about it?
СEO of KuCoin, Johnny Lyu
KTS is a native token of Kratos, so let me introduce Kratos to you first. Kratos is KuChian’s test network. Maybe you are confused about the relationship between Kratos and Kuchan, and their relationship is similar to that between Kusama and Polkadot. Both of them are financial public chains and provide a more stable underlying technology environment for decentralized applications such as DeFi and DEX.
KTS is the fuel for the Kratos ecosystem, motivating more users to contribute to Kratos and facilitate its healthy operation. So, its initial distribution is very important to the Kratos ecosystem. The distribution of KTS is similar to yield farming. On September 10, users will be able to lock tokens like KCS, BTC and others into Pool-X, farming KTS test token KTSt, t is for test here. Unlike other yield farming where the token you are farming will be distributed gradually, all KTSt tokens will be given to participants on Sep 18.
In addition, Kratos is about to launch the Betanet Events Phase II by the end of this September. Users who have KTSt tokens can directly join the Betanet Events Phase II of Kratos to experience and test the operation of the Kratos economic model. For more info about Kratos you can visit: https://kratos.network/
CryptoDiffer team
Q5: In KuCoin 3rd anniversary celebration, KuCoin launched the Global Affiliate Program, what’s your plan?
СEO of KuCoin, Johnny Lyu
We launched the KuCoin Global Affiliate program as it is an important step in KuCoin’s globalized strategy. The “Global Affiliate Program” undertakes the in-depth operation of localized affairs including business relations, public relations, ecosystem construction, etc., and serve as the operating entity officially certified by KuCoin in the country or region in which they are located. We welcome senior crypto practitioners, individuals and institutions across all countries and regions with quality local resources and influence to join us and use your ability to further consolidate our global expansion.
We launched the KuCoin Global Affiliate program as it is an important step in KuCoin’s globalized strategy. The “Global Affiliate Program” undertakes the in-depth operation of localized affairs including business relations, public relations, ecosystem construction, etc., and serve as the operating entity officially certified by KuCoin in the country or region in which they are located. We welcome senior crypto practitioners, individuals and institutions across all countries and regions with quality local resources and influence to join us and use your ability to further consolidate our global expansion.
CryptoDiffer team
Awesome, a lot of updates to come out!
Thank you for great answers!
I think it is time to start community questions round!
Cryptodiffer Community
I’m sure you’re aware of the recent Bithumb scenario. Do you fear that government crypto regulations will be a threat or barrier to the growth of Kucoin?
СEO of KuCoin, Johnny Lyu
I think compliance is one of the signs of the maturity of crypto market. KuCoin has always been embracing regulatory policies. I believe in the long run, compliance will bring further development of the cryptocurrency market.
Cryptodiffer Community
Many exchanges have been hacked, even though they have a high level of security. so how safe are the funds of Kucoin users ? What form of mechanism do you employ to prevent such attacks and do you have any insurance to compensate users if such unexpectedly happens ?
СEO of KuCoin, Johnny Lyu
With our self-developed WAF protection system, KuCoin has intercepted malicious attacks over 10 billion times, with 0 major security accidents since our launch. We will always protect your crypto assets as security is our top concern.
Cryptodiffer Community
Congrats on your 3rd anniversary. Do you plan to introduce launchpool? What other assets can I farm by staking $KCS?
СEO of KuCoin, Johnny Lyu
The KTS lockdrop I mentioned in the above Q&A is similar with launchpool. If you lock tokens like KCS, BTC and others into Pool-X, you will be able to farm KTS test token KTSt. Unlike other yield farming where the token you are farming will be distributed gradually, all KTSt tokens will be given to you on at once.
Cryptodiffer Community
Many DEFI projects are controversial today. How is Kucoin participating in the development of the DEFI space and what innovations has Kucoin brought to the DEFI space?
СEO of KuCoin, Johnny Lyu
We are very supportive of the development of DeFi, we have listed many high-quality DeFi projects. And we have launched innovative products exclusive for DeFi such as DeFi projects community vote section, DeFi trading board to make it easier for users to participate in DeFi investments.
Cryptodiffer Community
New protocols such as Uniswap will soon replace the completely traditional exchange ordering model. Do you think that Kucoin services will be in demand for a long time?
СEO of KuCoin, Johnny Lyu
In my opinion, the relationship between DEX and CEX is complementary rather than competitive, and the current trading volume of DEX is still too small compared with CEX, so I think CEX will remain the dominance for some time in the future. However, in the longer term, DEX has greater potential, which is also the reason why we will launch KuDEX.
Cryptodiffer Community
How will Kratos interact with KuChain? Will they work in parallel, like parachains in Polkadot?
СEO of KuCoin, Johnny Lyu
Yes, Kratos is KuChain’s test network, and their relationship is similar to that between Kusama and Polkadot. In the future, Kratos and KuChain will be two parallel public chains.
Cryptodiffer Community
What are the role of KCS in Kucoin exchange?What are the benefits when I hold it in long-time?
СEO of KuCoin, Johnny Lyu
KCS is the fuel for the KuCoin ecosystem. In the future, KCS will migrate to the mainnet of KuChain after its launch. Moreover, KCS will play an important role in the governance of Kuchain in the future.
Cryptodiffer Community
Do you plan to add more use-cases to the KCS token on top of the current one’s?
СEO of KuCoin, Johnny Lyu
We have been expanding the applications of KCS, such KCS bonus, KuCoin Spotlight, VIP program, etc. Recently, KTS LockDrop as well, has added the use case of KCS. In the future, we will continue to empower KCS. Stay tuned.
Cryptodiffer TEAM
Thank you @johnlkj for your time! Great insights;)
Always happy when KuCoin representatives come to our chat!!
Thank you everyone who took part today!
СEO of KuCoin, Johnny Lyu
Thank you Maks, and all participants of the session today
