Anna KeyTue, Oct 6, 2020 8:18 PM
Kyber Network: A Promising Cryptocurrency Protocol
Every year, new platforms appear on the virtual money market where users can trade and exchange cryptocurrencies. Among the new interesting solutions, Kyber Network seems to be one of the most promising projects as it is an independent platform for secure crypto exchange.
What is Kyber Network?
Kyber Network is a decentralized cryptocurrency protocol with HQ located in Singapore. It was founded in 2017 with the sole purpose of creating a decentralized environment where users can instantly exchange and convert their digital assets with minimal effort. Kyber Network is a network liquidity protocol that connects token-ecosystems for instant, seamless, and secure transactions.
Here are some significant features of this protocol:
- The financial basis of the platform is its own KNC token. It is used in conversion processes and as an incentive for users;
- All transactions with this protocol are completely explicit;
- This protocol is totally on the blockchain. That’s why it’s possible to simply use it in a combination with lots of blockchain applications;
- Kyber Network protocol provides the most competitive rates for all users. In this case, its developers have collected liquidity from almost 50 liquidity sources.
Kyber Network partners with such organizations as ICON, Wanchain, and CoinManager, which attracts a lot of community attention. On July 7, Kyber Network launched its Katalyst Protocol Upgrade and KyberDAO. The aims of developing Katalyst were to decrease friction in liquidity contributions and to let decentralized applications integrate with the Kyber Network. This update also included some improvements to the Kyber Network Crystal (KNC) cryptocurrency.
In the first 24 hours after the availability of stacking, supply in smart contracts of Kyber Network jumped from 16% to more than 20%. This was reported by an on-chain market analysis service Glassnode on Twitter.
24 hours after the update, the volume of tokens locked in a smart contract reached 10,42 million KNC (~$16.7 million). During the week, the market value of Kyber Network Coin increased by 25.5%, and during the year the token increased in price by 578%.
Analysts consider Kyber Network to have good prospects in terms of future development. According to TradingView's technical analysis for the last month, it’s recommended to buy KNC.
On October 6, KNC is traded for $0.891130 USD. Its price continues falling after stacking on July 7. As Lorenzo Stroe, a technical analyst expects, it can even go below 1 USD due to the lack of support. However, according to the TradingBeasts experts, KNC will rise in price gradually, and in March 2021, it is forecasted to reach 1.6 USD. Experts of CoinDedia also believe in this coin and include KNC in the Top DeFi projects for the last half of the year.
Overall, the Kyber Network protocol is one of the most well-known projects in decentralized finance. Although it was launched in 2017, its total volume is already more than a billion USD. Financial analysts often include it in their reviews of promising currencies, predicting over time the growth of its rate.
Disclaimer: Our team is not responsible for your choice of purchasing/selling assets according to our content. This article is aimed to inform users and doesn't call for any actions.