KuCoin Lists SOON Token for NFT Trading with 80,000 Transactions Per Second

KuCoin, a prominent global cryptocurrency exchange, has announced the listing of the SOON token, effective from May 23. This move introduces a new trading pair, SOON/USDT, and facilitates deposits via both Solana and Binance Smart Chain (BSC). The SOON token is designed to enhance liquidity for non-fungible tokens (NFTs) by integrating an Automated Market Maker (AMM) and limit order functionalities. This development is expected to streamline the trading process for NFTs, making it more efficient and accessible for users.

The integration of the SOON token with KuCoin's platform is a strategic move that leverages the strengths of both Solana and BSC. Solana, known for its high-speed and low-cost transactions, provides a robust infrastructure for handling the high volume of NFT trades. Meanwhile, BSC offers a versatile and widely-used ecosystem that supports a variety of decentralized applications (dApps) and tokens. By supporting deposits via both networks, KuCoin ensures that users have flexibility and convenience in their trading activities.

Deposits for SOON are now open, with support for two blockchain networks: Solana (SPL) and BNB Smart Chain (BEP20). Trading for the SOON/USDT pair is set to begin at 11:00 UTC, May 23. Withdrawals will take off the following day, May 24, at 10:00 UTC. Before trading commences, the listing process includes a call auction between 10:00 and 11:00 UTC on May 23. This price discovery phase helps establish initial liquidity and fair market value. Immediately afterward, full trading will begin.

At launch, SOON/USDT will also be available for KuCoin’s trading bots. Supported services include Spot Grid, Infinity Grid, DCA, Smart Rebalance, Spot Martingale, Spot Grid AI Plus, and AI Spot Trend. SOON has a circulating supply of 25 million tokens and a maximum supply of 1 billion. The inclusion of an AMM and limit orders further enhances the liquidity and trading experience for NFTs. An AMM allows for automated and decentralized trading, ensuring that users can buy and sell NFTs without the need for traditional order books. Limit orders, on the other hand, provide users with the ability to set specific price points at which they are willing to buy or sell, adding a layer of control and precision to their trading strategies. This combination of features is expected to attract a broader range of users to the NFT market, including both novice and experienced traders.

SOON is a high-performance Layer 2 blockchain solution that fuses Solana’s speed with Ethereum’s security, achieving 80,000 transactions per second and 50ms block times. Featuring a Decoupled Solana Virtual Machine (SVM) and Horizontal Scaling, it ensures scalability, while InterSOON enables seamless cross-chain interactions. With gas fees under a cent, SOON supports DeFi, gaming, and NFT trading. As the utility token for SoonSwap, SOON drives instant NFT liquidity through a dual model of Automated Market Making (AMM) and limit orders, simplifying and accelerating NFT trading with flexibility and precision. Built on the SVM Rollup Stack, SOON extends Solana’s rapid performance across blockchains, delivering an accessible, affordable platform for developers and users venturing into Web3.

The listing of the SOON token on KuCoin is a testament to the growing importance of NFTs in the cryptocurrency ecosystem. NFTs have gained significant traction in recent years, with applications ranging from digital art and collectibles to virtual real estate and in-game items. The ability to trade NFTs with ease and efficiency is crucial for the continued growth and adoption of this asset class. By providing a seamless and user-friendly platform for NFT trading, KuCoin is positioning itself as a leader in the NFT market.

In summary, KuCoin's decision to list the SOON token with AMM and limit order functionalities is a significant development in the NFT space. It leverages the strengths of Solana and BSC to provide a robust and flexible trading environment, while also enhancing liquidity and user control through advanced trading features. This move is expected to attract more users to the NFT market and solidify KuCoin's position as a leading cryptocurrency exchange.