3 Altcoins To Explore — 82.9% surge! "Dodo" you want to share the "CAKE" in the KCS season

2021/07/13 11:10:03

Bitcoin ultimately maintained a steady price this week, but is still trending upwards. Meanwhile, Ethereum seems to have gone on a bit of an adventure. It jumped up to $2,409 on Wednesday before ending the week at $2,140 - lower than where it started.

Things were much better for KCS though, as well as a number of other exchange tokens. It reached up to $14.49 - increasing over 50% in the space of a day. In fact, this has been a trend amongst numerous CEX/DEX-based governance tokens this week. That’s why today, the KuCoin blog is here to introduce you to them.

CEX, centralized exchanges, and DEX, decentralized exchanges are platforms that allow users to trade and exchange cryptocurrencies. As the names suggest, they can either be centralized (i.e. run from a central provider of sorts) or decentralized.

These exchanges offer their own tokens, often as ways to get discounts when using the platform, receiving a daily bonus (as is the case with KCS) and for governance. Exchanges are essential to the crypto ecosystem, providing the ability to trade and even on-ramp new users. As such, many see their tokens as a great way to get involved in that and leverage the growth of the market.

With all that said, here are the 3 tokens we’ll be looking at this week: KCS, CAKE and DODO.

Notice: KuCoin does not provide financial advice. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology.

KuCoin Token (KCS)

KuCoin Token is the native token of the KuCoin ecosystem, as well as KCC, the high-performance and decentralized public chain built by KCS and KuCoin’s fan communities. In terms of uses, KCS can be used to get discounts when paying for trading fees and holders with more than 6 KCS enjoy a daily bonus from 50% of KuCoin’s daily trading fee revenue.

The exchange is growing, and so KCS is following. KuCoin has been called the best crypto exchange by Forbes Advisor, and has recently seen many new listings and activities. The exchange now has over 400 altcoins to trade. Between its many global communities and local language options, KuCoin is also serving users around the world, hence the name as the ‘People’s Exchange’.

Trade KCS and 400+ other altcoins on KuCoin.

PancakeSwap (CAKE)

PancakeSwap is a leading DEX that runs on the Binance Smart Chain. It operates as an automated market maker, allowing users to exchange tokens, as well as earn CAKE through yield farms and staking.

CAKE, in turn, is used for governance and rewards. It can be used for staking in SYRUP pools, where users can earn more CAKE and other tokens too. In general, it is used to incentivize liquidity provision on the platform.

In the DEX market, and the crypto market in general, Pancake Swap is highly regarded. It offers some of the best DeFi functionality, with NFT, yield farming and staking all baked in. Users of the platform are able to get a lot back in return (like with the lottery activity where they frequently give away millions of dollars worth of tokens), which has helped it grow as much as it did.

It is frequently adding new functionality as well, like the farm auction and further SYRUP pools for new tokens. This adds even more value to the platform. All of this has helped it grow and reach over 2 million active wallets in the last 30 day period.

Trade CAKE and 400+ other altcoins on KuCoin.

DODO (DODO)

DODO is a decentralized exchange platform powered by the Proactive Market Maker (PMM) algorithm. It features highly capital-efficient liquidity pools that support single-token provision, reduce impermanent loss, and minimize slippage for traders.

The DODO token has the main purpose of governance. Holders of DODO have control over the direction of the platform by creating and voting on proposals. On top of this, it will have two further uses, which are crowdpooling and IDO (Initial DODO Offerings) allocations, and trading fee discounts.

What makes DODO worth mentioning this week is the recent news of its collaboration with THORchain. It will bring liquidity to the cross-chain DEX THORSwap, which is a major development and milestone for the project.

Trade DODO and 400+ other altcoins on KuCoin.

Three DEX Gems to Look Forward to This Week

The DEX space has always been popular with the believers of decentralization. Their lower fees and increased security also help draw in traders. Following the latest KuCoin World Premiere for OOE on 12th July, this, along with other DEX tokens, have great growth potential and so are worth looking forward to this week: OOE, SNX and TOMO.