The first liquid staking protocol, sKCS.io, has officially launched on KuCoin Community Chain (KCC). On the first day of launch, it revealed a strategic investment from KuCoin Ventures, the venture capital arm of KuCoin, the world’s leading digital currency trading platform.
SKCS.io is an underlying asset protocol on KCC, which is based on the staking function of KCC and takes KuCoin Token (KCS) as the asset beacon.
Staked KuCoin Token (SKCS) can be used in various decentralized finance (DeFi) products to obtain additional benefits. In other words, sKCS.io will allow users to free their liquidity while obtaining staking rewards. Security-wise, the official contract of sKCS.io has been audited by BlockSec.
SKCS.io is expected to become the next underlying DeFi protocol of KCC and promote the flow of asset value by linking the entire on-chain ecosystem. SKCS.io has been in contact with other projects in the KCC ecosystem. In the future, sKCS may be adopted by various DeFi products, such as decentralized exchanges and lending platforms. This will enable more KCS tokenholders to participate in the construction of the KCS and KCC ecosystems and further enhance the use and existence value of KCS.
Duke, CEO of sKCS.io, said, “KCS [had] a very prominent market performance in 2021. It is hard not to notice that, after coming up with the idea and product design of sKCS.io, we got in touch with KuCoin Ventures. We have reached a consensus on many key issues. Accepting investment from KuCoin Ventures and [the] KCS Management Foundation also allows us to reach a future long-term cooperation with DeFi protocol[s] on KCC [more quickly].”
As the native token of KuCoin and the core fuel of KCC, KCS itself is extremely valuable. With the launch of sKCS.io, the liquidity rate of KCS on-chain assets may further increase. Improving the composability of DeFi overall on KCC promotes the flow of assets for various protocols. At the same time, after the launch of sKCS.io, sKCS will also conduct joint activities with other protocols on KCC to bring more and more benefits to users on KCC. Stay tuned.
SKCS.io is a liquidity staking protocol for KCS on KCC. Users can stake KCS into sKCS.io and receive sKCS, which can be used to participate in other DeFi products to obtain higher returns or unstaked back to KCS at any time.