- Multichain trading and liquidity hub Kyber Network (KNC) has been on a meteoric rise, gaining more than 50% over the last 30 days to set a new ATH.
- A prominent factor in the sharp price rise of ‘Kyber Network Crystal v2’ (KNC) has been the strengthening of Kyber’s trading and liquidity hub.
- ‘KyberSwap’ now supports trading across 10 DeFi chains, including Ethereum, Avalanche, BNB Smart Chain, and Polygon.
- Kyber is also working on a KIP to ensure smooth token migration on Coinbase
The Kyber Network Crystal v2 (KNC) token is the utility token of the Kyber Network. KNC is often referred to as the glue that hold the Kyber Network together – a multichain cryptocurrency trading and liquidity hub that aims to offer users the best trading rates.
The Kyber Network was created to assist users of dApps, DeFi protocols, and decentralized exchanges (DEX) in easily finding liquidity pools that provide the best rates. As the DeFi sector gains prominence, so too has the Kyber Network rallied, and here’s why.
The Kyber Network has been rallying over the past few months as it strengthens its trading and liquidity hub. The project recently announced the integration of support for ten separate blockchain networks.
The decentralized exchange interface on the Kyber Network, dubbed ‘KyberSwap’, offers trading across ten separate networks, including Ethereum, Avalanche, Polygon, the BNB Smart Chain, Aurora, Arbitrum, Fantom, Oasis, Velas, and Cronos.
On April 7th, Kyber Network announced that KyberSwap had been integrated with Uniswap v3 on the Ethereum and Polygon Network. The move brings Uniswap, the biggest decentralized exchange, into the KyberSwap ecosystem.
Though it is a relatively new project, the Kyber Network has garnered attention from investors, especially in the DeFi sector, as the Kyber Network recently announced partnerships with Bondex Professional Network and ‘Pegaxy’, a popular NFT racing game.
These developments have compounded the growth of the Kyber ecosystem. In a recent announcement, the Kyber Network revealed that the project had achieved $3 Billion+ in trading volume over the last 4 months.
In April 2021, the Kyber team proposed an upgrade to the Kyber Network Crystal, resulting in the creation of the Kyber Network Crystal v2 (KNC). However, the token’s migration to Coinbase has been thus far unsuccessful.
Victor Tran, the founder and CEO of Kyber, announced that the Kyber team is working closely with Coinbase to fix this issue.
Naming it the network’s top priority, Tran explained that the team is preparing a suitable Kyber Improvement Proposal (KIP) to ensure that KNC token migration takes place on Coinbase.
In a market in which Bitcoin (BTC), Ethereum (ETH), and other Altcoins have struggled to retain their gains, Kyber Network Crystal v2 (KNC) has been a shining light. While the market bled last week, KNC soared by more than 20%, and by 50% over the wider 30 day period.
The 30 day price chart for Kyber Network Crystal v2 (KNC). Source: Tradingview
KNC continues its strong performance, having gained 32% over the last seven days. The inspiring rally of Kyber Network Crystal v2 even saw the KNC token set a new all-time high of $4.80 on April 14th.
The 7 day price chart for Kyber Network Crystal v2 (KNC). Source: Tradingview
Over the last 24 hours, KNC has remained a top performer, gaining 11% to remain at $4.416, marking massive improvement from its lows of $1.13 in December. Kyber Network Crystal v2 is now ranked as the 94th largest cryptocurrency, with a market cap of $780 million.
On the Flipside
- The Kyber CEO’s announcement was met with mixed reactions due to the delay in the token’s migration to Coinbase.
As a project that helps users make better decisions in the DeFi space, the Kyber Network ha endeared itself to its community, which holds extremely bullish sentiments about the future of the Kyber Network Crystal v2 (KNC) token.
One user, @greymatter762, wrote about the KNC:
Excited by the prospects of KNC, popular crypto investor @amonbuy wrote:
Predicting a bullish run for KNC days before it hit its all-time high, investor @BartuPoyraz1 shared:
Why You Should Care
The Kyber Network solves the liquidity issue in the DeFi space with its full transparency and ease of integration. As DeFi grows and more chains come online, the Kyber Network looks set to become the backbone of decentralized finance by giving investors the ability to access them all through a single protocol.