Amidst falling user numbers, exchanges take matters into their own hands
Several leading crypto exchanges are dipping their toes into the highly competitive dapp onboarding and development world. Huobi and Binance launched respective ecosystem funds to aid dapp development this year. Now, KuCoin has become the latest exchange to devote part of its $150 million to help developers build on the KuCoin Community Chain (KCC).
KCC chain already has a diverse ecosystem of dapps and more than $61 million in total value locked (TVL). MojitoSwap is the king of the hill and holds more than 90% of the network’s TVL.
At writing, KuCoin has not provided any exact amount of money it would devote from the $150 million to encourage developer growth. However, KCC has said it will move to a cross-chain model that supports applications from multiple blockchains and build a Layer-2 system that allows for faster transactions at a lower fee. It sounds like part of KuCoin’s strategy will be to…