BrandHistories
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KuCoin
The May 2022 Series B fundraise at a $10 billion valuation was completed just as the market cycle was turning. While the capital raised was valuable, the valuation reflected bull market revenue multiples that were not sustainable at post-peak trading volumes. A more conservative fundraising approach timed to a market cycle that was showing early stress indicators would have provided capital on terms less likely to create overhang in subsequent market cycles.
The KuCoin Community Chain, despite early momentum, has not achieved the developer adoption or Total Value Locked (TVL) levels of competitor exchange chains such as BNB Chain. Insufficient developer incentive programs, limited marketing of the chain to DeFi protocol developers, and competition from better-resourced chains resulted in KCC remaining a relatively small ecosystem, limiting the strategic diversification value that blockchain infrastructure was intended to provide.