Kyber Network KNC
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.
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.
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.
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.
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