Report: Kucoin Completes April (KCS) Burn using Ten percent of its monthly revenue
May 20, 2022 1:49 PM
Kucoin Team recently updated its members via website and twitter page that the 29th KCS quarterly burn is completed. To accelerate the process of KCS burn and adapt to the market development more efficiently, the KCS team decides to adjust the period of KCS buyback and burn from each quarter to each month.
The KCS team has executed the 157,537 KCS burn for April, 2022. The estimated burning amount is 2,398,117 USDT, which is 10% of the April income of KuCoin. This report also aid the analysis of the total KuCoin income for the month of April to approximately $23,981,770 which can be approximately calculated as an annual expected income of $288 million.
The burn transaction can be found here. the latest burn by the cryptocurrency exchange is the 29th which was recently accelerated from a quaterly buy back and burn program to every month. this is set to drastically reduce the supply of Kucoin native coin called kucoin shares (KCS).
However, according to live data from Coinmarketcap. the current KCS circulating supply is: 97,984,145 KCS and Current KCS Total Supply: 145,484,145 KCS. The Total supply of KCS is estimated to reduce by over 630, 000 KCS.