KuCoin is now an established cryptocurrency exchange that many crypto investors have used or at least heard about. Less well known is the KuCoin Community Chain, but for intrepid yield farming enthusiasts, such new opportunities are often the most exciting.
The KuCoin Community Chain was developed by KuCoin fans as an alternative to underperforming and expensive public chains. It launched its mainnet in 2021 and has since expanded its ecosystem of projects, wallets, and bridges.
In this guide you will find everything you need to know about these areas and more, including the features, benefits and architecture of the KuCoin Community Chain, as well as the uses and yield farming opportunities that exist.
KuCoin Community Chain (KCC) claims to be a high performance decentralized public chain.
KCC was founded by fans of KuCoin, a centralized cryptocurrency exchange with a long-term goal of full decentralization, and its token KCS. It was designed to solve the low-performance, high-cost issues that fan bases saw with other public chains, so they could access a faster, more convenient, and cheaper alternative.
KCC has the following main features:
- Compatible with Ethereum and ERC-20 smart contracts, with low migration costs
- KCS is the only nuclear fuel and native token for KCC, making it attractive to KCS holders
- 3 second blocks with faster transaction confirmation and higher chain performance
- Proof-of-Stakes-Authority (PoSA) consensus for high efficiency, security and stability
KCC’s mission is to limitlessly accelerate the flow of value around the world.
“KCC represents an important step towards decentralization that goes beyond integrating open source blockchain communities.” β Johnny Lyu, CEO of KuCoin Global
KCC implemented PoSA consensus mechanism to achieve low transaction cost, low transaction delay and high transaction concurrency.
As the name suggests, PoSA is a combination of Proof-of-Stake (PoS) and Proof-of-Authority (PoA). KCC claims this consensus algorithm is more efficient, more secure and more robust.
It supports up to 29 validators. To become a validator, you must submit a proposal and wait for other active validators to vote on it. If more than half of the active validators have voted, you are eligible to become a validator. Any address can be pledged to a validator address, and once the validator’s staking volume is below the top 29, it becomes an active validator in the next epoch.
Active validators take turns mining blocks. If a validator doesn’t clear a block in time during their turn, other active validators who weren’t involved in the previous blocks will randomly perform the blockout.
Blocks are generated every three seconds to speed up transaction confirmation and increase chain performance.
The KCS token is the native token for KCC. This can be used to pay the gas fees.
As of December 22, 2021, KCS has a maximum supply of 166,729,977, a price of $21.49, and a current market cap of $1,662,060,764 (according to CoinGecko data).
The KuCoin Community Chain ecosystem includes exchanges, wallets, community, NFT, and revenue generation projects, and much more.
According to the KCC ecosystem dashboard, there is over $47 million of value locked in the ecosystem. The top projects in the ecosystem are MojitoSwap, KuSwap, Alpha DAO, Vixen Punks and KuKitty.
A few wallet options are available for KCC, including well-known wallets that can be configured for this purpose.
MetaMask
MetaMask is the most popular web and mobile cryptocurrency wallet originally designed to use the Ethereum blockchain. It can also be configured to work with KCC.
To add Kucoin Community Chain to Metamask, click Add Network and enter these details:
chain name: KCC MAINNET
Chain ID: 321
Symbol: KCS
RPC URL: https://rpc-mainnet.kcc.network
Explorer URL: https://explorer.kcc.io/en
MathWallet
MathWallet is a cross-platform crypto wallet with mobile, desktop, hardware and extension capabilities that can be used to send and receive tokens on KCC.
Coin98
Coin98 is a multichain non-custodial wallet that can be used to manage everything from DeFi to NFTs. It can also be used to set up a KCC wallet.
There are already some bridges for transferring assets from well-known EVM-based blockchains.
KCC Bridge (Ethereum)
The KCC Bridge is the main bridge between KCC and Ethereum, used to transfer a number of popular assets, such as: B. stablecoins, can be used between chains.
KCC Pad Bridge (Binance Smart Chain)
KCC Pad is an IDO launchpad for the KCC network, which has also developed a bridge to the Binance Smart Chain for asset transfers.
De.Fi announces Kucoin community chain integration π¦Ύπ€©
Track your wins and losses, balances, prices and more on the KuCoin Community Chain! We’ve improved our dashboard to provide the most comprehensive experience possible.
Just connect your wallet and experience the magic – https://www.fi/π¦Ύ
Before you start yield farming, you need to bridge your assets.
KCC Bridge provides you with some KCS for a fee.
After connecting to KCC, you can choose a farm to invest in and get the tokens you need.
There are many different yield farming dApps that you can use. Today we will choose Mojitoswap.
Let’s choose the ETH/KCS pool.
- Exchange the tokens
2. Choose the farm and get LP tokens.
3. Add liquidity
4. Go back to the farms and click on “Deploy LPs”.
5. Confirm the transaction
6. Now you are a yield builder at KCC.
For all KuCoin exchange users, and especially KCS holders, the KuCoin Community Chain certainly seems like an opportunity for research.
With the goal of achieving high performance and low transaction costs, anyone holding the KCS token can start deploying their digital assets across its growing ecosystem. It is also fully compatible with Ethereum and has a growing number of bridges to major EVM-compatible chains, so the range of yield farming opportunities is likely to continue to grow over time.
However, as always, this is not investment advice and you should always do your own research first.
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