KuCoin supports such an update in order to optimize the existing contract and enable KCS to become more involved in the blockchain ecosystem.
In order to better develop and optimize the existing smart contract and enable the KCS to engage in the blockchain ecosystem in a more multidimensional way, such as through DeFi, DEX, etc., KuCoin is pleased to announce its support for updating the Smart Contract of KCS.
THE KuCoin will also support the KCS team in rebranding, renaming “KuCoin Shares” for “KuCoin Token”. The brand logo will also be renewed, although the token ticker remains unchanged as “KCS”. KuCoin and the KCS team will soon announce strategic plans for the next 2-3 years, so stay tuned!
Updating the Smart Contract KCS took place in January 14, 2021 (UTC). THE KuCoin will convert KuCoin Shares in KuCoin Token in proportion to 1: 1. Details follow:
1) KuCoin has suspended KCS deposit and withdrawal services at 10:00:00 (UTC) / 07:00:00 (GMT-3) in January 12, 2021.
2) The KuCoin will have taken a snapshot of all the holding’s KCS of users on the blockchain at 00:00:00 on January 13, 2021 (UTC) / 9:00 pm on January 12, 2021 (GMT-3).
3) The snapshots were completed in January 14, 2021 (UTC). After the snapshot, the KuCoin will convert KuCoin Shares in KuCoin Token in proportion to 1: 1.
4) The KuCoin notify you when deposit and withdrawal services KCS are restored via a separate ad, so be aware of this.
How can KCS holders prepare for the upgrade?
1) If you are a holder of KCS at KuCoin, so there is nothing you need to do. KuCoin will update the KCS smart contract for you.
2) If you are a holder of KCS on other platforms, you will need to make sure that the platform or wallet supports upgrading the smart KCS. You can also transfer your KCS from other platforms to the KuCoin before 10:00:00 (UTC) / 07:00:00 (GMT-3) in January 12, 2021.
How can other platforms that have listed KCS prepare for the upgrade?
KuCoin supports and encourages other platforms that have listed KCS to update their smart contract.
1) The KuCoin it will just take a snapshot and distribute new tokens to those whose KCS holdings on the blockchain are> = 1. However, KCS holders at KuCoin will not be affected.
Current KCS Smart Contract: 0x039b5649a59967e3e936d7471f9c3700100ee1ab
New KCS smart contract: to be implanted
O KCS acts as the key to the entire ecosystem KuCoin, and will also be the native asset of the decentralized financial services of the KuCoin, as well as the Community governance token KuCoin.
Total KCS supply: 200,000,000 KCS
Current outstanding supply of KCS: 80,118,638 KCS
Total KCS supply at the moment: 170,118,638 KCS
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