KuCoin – the fifth-largest crypto exchange in the world by trading volume – has enabled its users to deposit tether tokens (USDt) on Tezos.
KuCoin said the move is responding to demand from its users who’re looking to invest in challengers of major cryptocurrencies by adding the Tezos to their portfolio. Tezos has developed a reputation as a blockchain platform used for the execution of smart contracts, cross-border payments, and decentralized apps.
Adding support for Tezos USDT on KuCoin, which is said to have over 20 million users in 200 countries, allows for the creation of more assets relating to DeFi, NFTs, DAOs, amongst others.
KuCoin, established in September 2017, is one of the popular cryptocurrency exchanges, having handled almost $2.1 billion worth of cryptocurrency transactions over the last 24 hours, according to Coinmarketcap.com.
Tezos has gained considerable popularity for its energy-efficiency, low transaction fees, and institutional-grade security. Active addresses on the network are at an all-time high while active smart contract addresses have tripled over the past 12 months. Tezos, well known for its ability to seamlessly and forklessly upgrade, is expected to incorporate in its future upgrades features such as enshrined optimistic rollups, which allow for dedicated higher throughput Layer 2 solutions for EVM and WASM virtual machines with all computation made verifiable, enshrined on the Tezos blockchain.
“The ability to upgrade and scale, all while being an industry leader of energy-efficiency, makes Tezos an appealing choice for leading brands and institutions Manchester United, McLaren Racing, Team Vitality, The Gap, and more, that are seeking to expand their reach into Web3 and decentralized finance. The announcement is also a testament to the rapidly-growing Tezos NFT and DeFi community, including leading NFT marketplace Objkt.com, generative art platform fx(hash), yield farming protocol Youves and decentralized exchange and EVM bridge Plenty,” the statement further reads.
Tezos is a highly-scalable platform that supports smart contract functionality and the development of decentralised applications (Dapps). It uses a variant of the proof-of-stake protocol which offers token holders the opportunity to delegate their assets to a validator and earn staking rewards.
With a market capitalization of close to $1.24 billion, Tezos is currently the 41st-largest cryptocurrency, according to industry data aggregator CoinMarketCap.
Tezos also applies a governance model that automatically evolves and upgrades itself to ensure stability. Among blockchain projects, Tezos’s consensus mechanism is touted to be one of the most energy-efficient and technically sound platforms.
As covered by FinanceFeeds recently, Tezos released in April the most significant upgrade of its Proof-of-Stake protocol to date. Codenamed “Ithaca 2,” the major ninth upgrade introduces a new consensus mechanism, Tenderbake, which brings several improvements. This includes so-called “near-instant finality,” which offers the absolute certainty that transactions cannot be reversed after two blocks.