Singapore-headquartered cryptocurrency exchange, KuCoin, has recently witnessed an impressive Q3 2021 performance, as indicated in a report published by the exchange today.
KuCoin has experienced massive growth in various aspects of its ecosystem, from trading volumes to its product offerings, and the exchange has emerged as one of the top three crypto exchanges on the crypto price tracking website, CoinMarketCap.
The exchange saw its total trading volume cross $258 billion, representing a 720% increase from the figures recorded in Q3 2020, owing to some adjustments made on KuCoin’s spot and futures trading services.
Additionally, the average daily volume for the quarter has surpassed $2.9 billion, even reaching peaks of $8.4 billion earlier this September, representing a 299% increase from Q1 records.
KCS’ Impressive Growth
KuCoin native token, KCS, had also played a vital role in the exchange’s overall performance for Q3, with the digital asset topping exchange tokens.
The number of addresses holding the KCS token has grown significantly with a 12% quarter-on-quarter (QoQ) increment. KuCoin noted that this impressive growth had been largely influenced by the launch of the KuCoin Community Chain (KCC) earlier in June.
The influx of new KCS holders on the KCC platform had contributed a whopping 45% to KuCoin’s overall Q3 performance.
To maintain the token’s scarcity, the KuCoin team has continued to accelerate its burn, as Q3 saw over $6.68 million worth of KCS being burnt, resulting in a 14x QoQ surge.
Other Significant Areas of Growth
KuCoin went on to list several other aspects of its ecosystem that have also witnessed tremendous growth.
The exchange has increased its asset offerings to include numerous new crypto assets with a lot of potential, even venturing into the metaverse trend that is currently taking the crypto industry by storm.
KuCoin has also rolled out a Chrome extension for its platform to allow users to access the exchange directly from their browsers.
It has made strategic investments and partnerships across various aspects of the crypto industry and also keeps up with the latest trends in the industry via its investment and research arm, KuCoin Labs.
Overall, KuCoin’s third-quarter result has been nothing short of impressive, which is a relief to the exchange since its Q3 2020 had ended on a bad note as the exchange suffered a $280 million hack.
