The leading global KuCoin exchange released its annual performance report amid increased trader activity and immense liquidity inflows.
KuCoin has been experiencing immense growth over the past year, showcasing over 3,100% increases in native KCS prices. Such traction was made possible by a number of factors, among which is the listing of over 300 new assets and the achievement of the 10 million users milestone.
According to the report, one of the key metrics of the exchange – trading volumes – has seen a staggering soar above the $1 trillion mark across futures and spot trading, with average daily volumes surpassing $3 billion and the all-time record being achieved on December 4th, 2021, at $13 billion. The figures show 11-fold trading volume growth year-on-year.
Spot trading market shares of KuCoin have risen from 1.42% since the start of the year to 6.79%, while futures have made the jump from 0.48% to 3.09% during the same period.
The influx of retail and institutional investors onto the crypto market has best been highlighted by user figures on the KuCoin exchange, which recorded a 1,100% year-on-year increase in new registrations. Most newcomers are from Asia and Europe, rising 21.5% and 16.8% respectively. The convenience, functionality and global cryptocurrency asset accessibility that KuCoin offers its users are being singled out as the main factors for such figures.
The native token of the KuCoin exchange – the KCS – has performed strongly over the year, reaching an all-time high of $28.77 per unit on December 1st. Such growth was spurred by the rapid development of the KuCoin ecosystem, resulting in a 31x price increase over the year. The growth of value of the KCS token was driven by the accelerated burn processes, which have been adjusted by the exchange’s development team to be conducted on a monthly basis starting from January of 2021, instead of the quarterly approach applied previously. On-chain metrics indicate that over 3,113,482 KCS worth a total of $37 billion has been burnt since the beginning of the year.
The development of fan communities on the KuCoin network’s own decentralized ecosystem, dubbed the KCS, has led to the addition of such features as mining and staking in projects like MojitoSwap. The new KCS ecosystem currently contains over $200 million worth of KCS tokens, according to exchange data.
The development team has also been scaled to adjust to the performance of the exchange, growing from 570 employees to over 700 globally. Compared to the beginning of the year, the exchange’s staff has almost doubled, and the core team is expecting new vacancies to be opened throughout 2022. As a reminder, KuCoin started with a 7-member team of founders in 2017.
On the assets listings side, the exchange added 348 new projects for trading in 2021, including 80 world premieres. The KuCoin exchange currently offers 630 tradable assets with over 1,100 trading pairs, making it one of the most diverse platforms on the market.
With investor sentiment towards cryptocurrencies continuing to rise, in spite of the price slump experienced by some of the leading digital assets, the KuCoin exchange development team is confident that its focus on altcoins is certain to allow it to surpass in 2022 the metrics of the previous year.