Nice, thanks for sharing, I m holding some KuCoin shares, and exploring this project, so this is my opinion:

1. I agree with the vol droping. Last 3-4 days it was around 50 mln, USD/day. But overall volumes in the whole crypto space has been droipping since the peak time on last year's December. So I am not that worried about vol currently. Ofc more volume, more fees and more dividends we would get.

2. The exchanges are being created almost on a weekly basis. So the competition is fierce in that field. But I trust the KuCoin team, looks like they have tons of experience, and hope they will keep using it.

3. Taking into account that total max KuCoin supply is 200 mln shares, and in the future they will start share buyback (from the profit they collect on fees), this will bring the supply down to 100 mln, which is very very low, comparing to similar projects. Or even comparing to other projects in total. So the current price 4-5 USD, is very very cheap. Mainly must be influenced by overall crypto market moods.

4. Very important point: I see the KuCoin team is working very hard, they are adding new coins almost on a daily basis. This gives more exposure to the exchange, as some people interested in particular cryptos, so if that is listed on KuCoin, they are opening account there, and exploring all the possibilities there. So I think KuCoin is in rapid expansion right now. And this will take some time to make things right (increased number of members, coins, volume, etc etc..)

Overall I am positive about this project, and I will invest some more money into KuCoin, soon very soon!