KCS · small steady burns, one quiet treasury question.
KCS is the exchange token of KuCoin — 200M genesis, ~142.2M total after burns, ~134.7M circulating.
Sell pressure. No mint, vesting long expired — every sell row is zero. About ~7.5M KCS of treasury sits outside circulation, monitored.
Buy pressure. 10% of quarterly profit buys back and burns — recent rounds are small, ~0.16M KCS / 90D at the observed pace.
Net. Mildly deflationary on live flows — ~−0.1% over 90 days — though the upstream supply count rose this window (see the note on the card).
No mint function. Supply can only shrink through burns toward the 100M long-term target.
The 2017-era founder and angel lockups expired years ago; no published vesting schedule remains.
Tracked overhang: ~7.5M KCS sits outside circulation (total ~142.2M vs ~134.7M circulating) under corporate treasury control with no published release schedule. No public evidence of release in window — monitored.
No bankruptcy estate distributes KCS.
10% of quarterly exchange profit buys back KCS and burns it. Recent rounds run monthly and small — the 65th round destroyed 53,595 KCS in Dec 2025; about 0.16M / 90D at the observed pace. Burn size tracks exchange profitability.
No continuous protocol-level fee burn; destruction happens through the rounds in row #1. The daily holder bonus is a fee-share, not a supply mechanism.
No separate accumulation programme beyond the buyback-burn.
No new long-term lockup programme with an announced quantum.
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