The Kyber Network Crystal v2 (KNC) token is a utility token of the Kyber Network. KNC is often referred to as the glue that connects Kyber Network – a multichain cryptocurrency trading and liquidity hub that aims to offer users the best trading rates.
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, Kyber Network has rallied, and here’s why.
The Kyber Network has rallied 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, BNB Smart Chain, Aurora, Arbitrum, Fantom, Oasis, Velas, and Cronos.
On April 7, Kyber Network announced that KyberSwap integrated with Uniswap v3 on the Ethereum and Polygon Network. The integration brings Uniswap, the biggest decentralized exchange, into the KyberSwap ecosystem.
Although a rather new project, Kyber Network has grabbed the attention of investors, especially from the DeFi sector. Kyber Network recently announced partnerships with Bondex Professional Network and Pegacx, a popular NFT racing game.
These developments have compounded the growth of the Kyber ecosystem. In a recent announcement, Kyber Network revealed that the project has 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, which led to the creation of the Kyber Network Crystal v2 (KNC). However, the token migration on Coinbase has been unsuccessful.
Victor Tran, the founder and CEO of Kyber, has announced that the Kyber team is working closely with Coinbase to fix this issue.
Calling it a top priority, Tran explains that the team is preparing a suitable Kyber Improvement Proposal (KIP) to ensure that KNC token migration takes place on Coinbase.
In a market where Bitcoin (BTC), Ethereum (ETH), and other altcoins have struggled to keep gains, Kyber Network Crystal v2 (KNC) has been the shining light. While the market bled last week, KNC soared by more than 20% and 50% in the last 30 days.
The 30 days price chart of Kyber Network Crystal v2 (KNC). Source: Tradingview
KNC continues its strong performance, gaining 32% over the last seven days. The inspiring rally from Kyber Network Crystal v2 has seen the KNC token set a new all-time high of $4.80 on April 14.
The 30 days price chart of Kyber Network Crystal v2 (KNC). Source: Tradingview
Over the 24 hours, KNC remains a top performer, gaining 11% to remain at $4.416 from a low of $1.13 in December. Kyber Network Crystal v2 is now ranked as the 94th largest cryptocurrency, with a market cap of $780 million.
As a project that helps users make better decisions in the defi space, Kyber Network has been endeared by its community. The Kyber community is extremely bullish about the future of its token, Kyber Network Crystal v2 (KNC).
One user, @greymatter762, wrote about the KNC;
Caught on the prospect of KNC, popular crypto investor @amonbuy wrote;
Predicting a bullish run for KNC days before it hit its all-time high, investor @BartuPoyraz1 shared;
Kyber Network solves the liquidity issue in the defi space with full transparency and ease of integration. As defi grows and more chains come online, Kyber Network looks to become the backbone of decentralized finance by giving investors the ability to access them through one protocol
