KCS peaked at $ 10.88 on Sunday after the launch of the KCC Bridge on Friday. The bridge enables cross-chain swaps with Ethereum
After much of the crypto market formed red candles after significant losses last week, most coins stagnated over the weekend. KCS, however, had a better weekend than most other tokens.
The utility token of the exchange KuCoin fell to $ 9,20 on Friday, but made gains of 5,5% on Saturday, before gaining another 6% on Sunday, climbing to a peak of $ 10,88. During the day, a decline began, and at the time of writing this article, KCS is trading at $ 10.28.
The weekend rally followed news on Friday that the KuCoin Community Chain (KCC) has introduced a cross-chain bridge.
The KCC mainnet launched a month ago as a powerful, decentralized public chain based on Ethereum. It was created by KuCoin and the KCS community to provide KuCoin users with fast and inexpensive transactions.
Johnny Lyu, CEO of KuCoin Global, commented at the time: “We believe blockchain technology will accelerate the flow of value around the globe. We see this as our mission and will continue to do so in the future. KCC also represents an important step towards decentralization beyond the integration of open source blockchain communities.”
Last month, the KCC mainnet ran smoothly with an average block time of less than three seconds. It now has about 25,000 addresses of currency holders and the amount of KCC blocks exceeds 1.2 million.
On Friday, the starting signal for the KCC Bridge fell. It is intended to be interoperable and solve the problem of the silo system, which prevents the free migration of crypto assets based on independent chains.
Now networks with different protocols, governance models and rules can easily transfer their assets and data to the KCC blockchain thanks to the connectivity solutions of the KCC Bridge. There is no gas charge when transferring assets to the KCC, although other chains charge one.
First, the bridge supports cross-chain token swaps between KCC and Ethereum for stablecoins such as USDC and USDT. To promote the growth of the ecosystem, the KCC is currently recruiting expert ambassadors and introducing grants for developers of tools and decentralized applications.