KuCoin Will Support the KCS Smart Contract Upgrade

[Ferki]

Not bad news, looks like "comeback" in my eyes




Dear KCS Holders,

To better develop and optimize the existing smart contract and to empower KCS to engage in the blockchain ecosystem in a more multi-dimensional way such as through DeFi, DEX, etc, we are glad to announce that KuCoin is going to support the upgrade of the KCS smart contract.

KuCoin will also support the KCS team in rebranding by renaming “KuCoin Shares” to “KuCoin Token”. The brand logo will also be renewed, though the token ticker will remain unchanged as “KCS”. KuCoin and the KCS Team will soon announce the strategic plans for the next 2-3 years, so stay tuned with us.

The upgrade of the KCS smart contract will start on January 14, 2021 (UTC). KuCoin will convert the KuCoin Shares into KuCoin Token at a ratio of 1:1.

Details are as follows:

1. KuCoin will suspend the services of KCS deposit and withdrawal at 10:00:00 am on January 12, 2021 (UTC).

2. KuCoin will take snapshots of all users’ KCS holdings on the blockchain at 00:00:00 on January 13, 2021 (UTC).

3. The snapshots will be completed on January 14, 2021 (UTC). After the snapshot, KuCoin will convert KuCoin Shares into KuCoin Token at a ratio of 1:1.

4. KuCoin will notify when the KCS deposit and withdrawal services will be restored via a separate announcement, so please look out for that.

How do KCS holders prepare for the upgrade?

1. If you are a KCS holder on KuCoin, then there is nothing you need to do. KuCoin will upgrade the KCS smart contract for you.

2. If you are a KCS holder on other platforms, then you need to make sure that the platform or wallet supports the upgrade of the KCS smart contract. You can also transfer your KCS from other platforms to KuCoin before 10:00:00 on January 12, 2021 (UTC).

How do other platforms that listed KCS prepare for the upgrade?

KuCoin supports and encourages other platforms that list KCS to upgrade the KCS smart contract.

Note:

1. KuCoin will only snapshot and distribute new tokens to those whose KCS holdings on blockchain are >=1. However, KCS holders on KuCoin are not affected.

2. Address

Current KCS Smart Contract: 0x039b5649a59967e3e936d7471f9c3700100ee1ab

New KCS Smart Contract: 0xf34960d9d60be18cc1d5afc1a6f012a723a28811

About KCS

KCS performs as the key to the entire KuCoin ecosystem, and it will also be the native asset on KuCoin’s decentralized financial services as well as the governance token of KuCoin Community.

Total KCS Supply: 200,000,000 KCS

Current KCS Circulating Supply: 80,118,638 KCS

Current KCS Total Supply: 170,118,638 KCS

Thank you for your support!

The KCS Team


source: https://www.kucoin.com/news/en-kcs-smart-contract-upgrade