Kyber Network KNC

Centralized exchanges are often criticized due to some security issues and slow transaction processing. In some cases, withdrawing funds can take several days. Decentralized exchanges also have some gaps associated mostly with insufficient liquidity to support high trading activity and placing orders, if the order book is located on the blockchain. The Kyber Network team presented a solution in the form of a decentralized blockchain exchange without the order book. The Kyber Network protocol ensures an instant swap of tokens. To do this, it offers a set of liquidity pools or pools of crypto assets (also known as reserves) which can be used or integrated by a decentralized exchange or any other project. This open-source protocol is governed by a decentralized community of KNC holders. Due to the fact that KNC is based on the Ethereum protocol, each transaction is clear. The Kyber Network team created a safe and reliable platform on which users can exchange or convert any token.

Uniqueness of Kyber

The Kyber Network protocol collects liquidity from many sources. Its major purpose is ensuring an instant swap of tokens using any DApp. The project was created to provide easy access to a liquidity loop showing the most favorable swap rates. Kyber was founded by Loi Luu, Victor Tran, and Yaron Velner. A co-founder of Ethereum, Vitalik Buterin, is also a member of the Kyber Network team as an advisor. He participated in the development of the project providing secure and instant token swap at the best price. Kyber is a secure and convenient tool to swap tokens between holders of crypto currencies without a third party. It is possible due to Ethereum's smart contracts that control the correctness of the prices of assets. Besides, the protocol can be easily integrated with any other blockchain-based protocols and apps. Kyber is a rapidly growing exchange project, and its KNC token, metaphorically speaking, is the glue to connect holders of various stakes in the network.

Kyber Network

About KNC

ERC-20 Token
Kyber Network has its ERC20 token called KNC (from Kyber Network Crystal) required by reserve managers to work with the liquidity network. Each swap takes a small commission in KNC transferring it to the reserve.
Decreasing Amount KNC
Portion of KNC is burned regularly in order to keep deflationary of KNC.
Smooth and reliable operation of the entire reserve system.
Referral System
The system creates a classic win-win solution since entities receive referral fees for engaging new users to the Kyber Network.
DAO Program
In July 2020, the Kyber Network team launched the DAO program enabling KNC token holders to vote on the network key parameters.
Diverse opportunities
KNC holders can use a fully verifiable, stable, and transparent protocol not only to swap tokens.

Brief History and Value of KNC

The Kyber Network Crystal token (KNC) was introduced in the second half of 2017. Initially, its price was at the level of nearly $1. The amount of KNC minted for the September ICO was 226,000,000. Only 61% of them became available to the public and 39% were divided equally among the advisors and founders of the crypto company with a lockup and vesting periods of one and two years respectively. The total amount of KNC was reduced to 210 million ones as the result of burning the 1st-millionth KNC token in May (2019) and then the company repeated the same operation three months later with its 2nd-millionth token. It is interesting that it took 15 months for the company to burn the first million KNC, but the second million was burned only 10 weeks later. That illustrates how rapid the adoption of Kyber is.

Kyber Network Crystal token (KNC)

Roles in Kyber Network

There are several important roles with own functions in the Kyber Network you should understand:

  • Users. An entity that takes advantage of using the Kyber Network to swap KNC tokens is meant by this role. Anyone can be a Kyber user, including individuals, merchants, and smart contract accounts.
  • Reserve entities bring liquidity to the platform and can be internal or registered as third parties.
  • Reserve contributors provide reserve funds to the described above entities. They are bound only with public ones and share the reserve profit.
  • The reserve manager. This role is required for maintaining the reserve, calculating exchange rates, and then entering them into the Kyber network.

Prospects of Kyber Network and KNC

In the summer of 2019, the Kyber trading volumes almost reached $60 million USD. This figure doesn't stop growing even despite the coronavirus hysteria. By the way, the highest daily trading activity was registered on the 13th of March 2020, when totally $33.7 million went through the Kyber Network within 24 hours.

Now KNC token is needed for reserve managers for operating on the network, thus a minimum amount of token demand is ensured. The Kyber team has already told about the future coin burning, so the KNC price is expected to go up. But we should not ignore how the global pandemic affected the whole crypto market in 2020. Currently, it is rather difficult to make accurate predictions, but Kyber seems to be a hard nut to crack.

Prospects of Kyber Network and KNC

Is KNC Worth Buying?

The cryptocurrency market may be surprising from time to time, but trading cryptocurrency is much more profitable than the national currency of any country. Now we are going to answer the question concerning how perspective inverting in KNC is.

In 2020, the token of Kyber Network protocol showed a price increase of 149% and officially entered the TOP-5 of the most profitable crypto projects of the year. Currently, it is one of the most promising tokens that is expected to enhance its price even more.

KNC is available for trading on such exchanges as Binance, Binance DEX, BitMax, FTX, P2B.

Investing KNC

P2B is an advanced cryptocurrency exchange where you can find everything for secure and convenient trading. We are officially registered in Tallinn (Estonia) and headquartered in London. P2B offers more than 700 trading pairs involving over 300 tokens and coins. Our exchange guarantees fast and secure transactions up to 10,000 trades per second, multilingual support ready to help your 24/7, and a clear user-friendly interface.

Besides, we have not an ordinary referral program — we offer you to play games every month. The rules are extremely simple: invite friends (at least 10 persons, but the more the better) and get a chance to take the prize pool in a cryptocurrency equal to several hundreds or even thousands of dollars.

Join our community of 300,00+ members and start trading at the best prices with great referral bonuses!