Bitkub Coin (KUB), the native digital currency of Bitkub Chain, opened at 30 baht in its debut on the exchange yesterday afternoon, garnering a substantial trading volume of about 30 million tokens within the first four hours.
The price moved in a range of 25-35 baht during the first four hours, before settling at 25-27 baht at 5pm.
Shanya Visessiri, public relations manager of Bitkub, said the price movements have so far been stable because the company intends to extensively distribute coins to traders, sustain liquidity in the market, and allow people to buy KUB at an average price that is not too high.
As a utility coin, KUB's key feature during its V1 phase is the ability to be redeemed for fee credits on the Bitkub exchange.
The coin can also be used for a gas fee or a transaction fee for generic transactions on blockchain, as well as to deploy smart contracts on Bitkub Chain.
It is the native utility coin of Bitkub blockchain, equivalent to ethereum (ETH) for the ethereum blockchain and binance coin (BNB) for the binance smartchain.
KUB is Thailand's first native blockchain. Thai traders usually make cryptocurrency transactions on foreign blockchains such as ethereum and binance, paying a transaction fee with native tokens such as ETH and BNB. Their prices are quite high, surging many times in recent months.
"We aim to help businesses develop their assets for fundraising, with transfers at the lowest price in a fast, efficient, safe, and transparent working system," said Sakolkoen Sakavee, chairman of Bitkub Capital Group Holdings Co.
Samret Wajanasathian, a tech director of Bitkub Online Co, said in the V1 phase, the transaction fee is about 0.03 baht per transaction based on a KUB price of 30 baht per token.
Mr Samret said Bitkub Chain can process 2,800 transactions per block and the company aims to achieve over 100,000 transactions per block in three years.
The more transactions it can process per block, the lower the gas fee, he said.
Bitkub has 11 companies as validators and plans to expand its validator nodes to increase creditability.
Fan Token is the first project on Bitkub Chain.
In the initial stage, this utility token allows five YouTubers to distribute them to their fans to join activities, allowing artists to raise funds for their entertainment projects.
If Fan Token becomes successful, the next step is a non-fungible token marketplace and providing a decentralised finance swap service that allows crypto traders to exchange between two currencies.