sKCS: The First Liquid Staking Protocol on KCC

[Adams-Richard]

Image from Businesswire

KuCoin, the world’s leading digital currency trading platform, announced that its venture capital arm – KuCoin Ventures had made a strategic investment in sKCS.io. the first liquidity-staking protocol based on the KuCoin Community Chain (KCC). 

This exciting announcement was made on August 4, 2022, the same day sKCS.io was launched on KCC. In addition, The KCS Management Foundation, a governing structure responsible for developing the KCS ecosystem, joined the investment round.

According to Duke Smith, the CEO of sKCS.io, "Liquidity is critical for crypto assets. It is an honor to receive a co-investment from KuCoin Ventures and the KCS Management Foundation. With the support of both parties, we will work to build the KCC ecosystem and facilitate the free flow of asset values."

Defining sKCS.io


Image by CoinTelegraph

As was mentioned above, SKCS.io is a liquidity staking protocol for KCS on KCC and is an underlying asset protocol on KCC, which relies on the staking performance of KCC and takes KuCoin Token (KCS) because of the asset beacon. This means that users can stake KCS into sKCS.io, obtain sKCS, and can make use to take part in different DeFi merchandise to acquire greater returns or unstaked again to KCS at any time.

One of the main goals of sKCS.io is to help users experience the composability of DeFi protocols in a single click, considering that sKCS.io is an underlying asset protocol on KCC. What made these yields even more attractive is the fact that sKCS.io is committed to providing users with a convenient and simple product with stable returns, allowing users to stake KCS and get sKCS. Additionally, sKCS can be used to take part in other DeFi products to acquire higher returns or unstake to KCS at any time.
Staking the KCS that users interact with us into KCC validators is one of the important tasks of KCS.io. Therefore, how to choose a trustworthy validator is also a problem that we attach great importance to.


To Sum it Up

Although still in its infancy, sKCS has grown rapidly and received a lot of praise. At the time of writing, nearly 104,000 KCS are staked in the sKCS.io. with 158.684 rewards already paid out and an APY of 5.54%. No wonder why it abruptly climbed up to one of the most mentioned projects around the edge of various social interaction sites. With these impressive numbers, it is not possible that SKCS.io becomes. the next underlying DeFi protocol of KCC.

I’m fairly certain I'm not the only one who was astounded by the great progress that sKCS has made. Did the results exceed your expectations too? Let me know your thoughts!