Kyber Network (KNC) weathers the recession with a 57% gain in January
Kyber Network (KNC) weathers the recession with a 57% gain in January.
Volatility continues to reign in the cryptocurrency market and fear, uncertainty and doubt (FUD) is rampant. Accordingly, most of the projects went into turbulence and it was difficult to raise prices positively. However, there are exceptions that are showing strength during the current downturn. Kyber Network (KNC) is a multi-chain aggregator and decentralized exchange (DEX) designed to provide decentralized finance applications and their users with access to payment pools. The account offers the best exchange rate.
Data from TradingView shows that KNC price is up 57% from its bottom of $1.18 on Jan. 6 to an intraday high of $1.87 on Jan. 27 despite open weakness.
KNC/USD 4 hour chart | Source: TradingView
There are 3 reasons for KNC’s active activities: release of Kyber 3.0 (including renaming to KyberSwap), expanded listing of DEXs integrated with Kyber ecosystem, and KNC available on many exchanges. Centralized, decentralized transactions.
The main development driver for Kyber Network was the release of Kyber 3.0. In it, the network decided to rename the platform’s trading interface to KyberSwap and integrate it with 6 blockchain networks, including Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom and Cronos.
“We are excited to announce Kyber 3.0, transforming Kyber from a single protocol into a hub of liquidity protocols, aiming to serve a variety of DeFi use cases. This is the biggest change to Kyber’s architecture, including the new DMM and the proposed KNC migration,” Kyber Network tweets.
In addition to integrating many popular blockchain networks, the Kyber 3.0 upgrade is also expected to fix some of DeFi’s biggest flaws, such as: B. high gas fees and limited access to some projects as it is only available on the internet.
Kyber has introduced new functionality by implementing dynamic market makers (DMMs) that allow adjustments to key parameters of the liquidity pool based on current fee data and trading volumes.
This approach helps address concerns about automated market makers (AMMs), including reducing capital requirements, preventing pre-runs, and minimizing transient losses.
Integration of new DEXs
Another bullish driver driving KNC higher is the continued integration of new decentralized exchange protocols into the Kyber Network ecosystem.
Lastly, KyberSwap integrates pools of multiple DEX protocols such as ShibaSwap, DefiSwap, MMF, EmpirDEX, PhotonSwap, Morpheus, BeethovenX, Gavity, Cometh, DinoSwap and PantherSwap.
The source: cyber network
According to them, the KyberSwap protocol currently supports more than 40 DEXs and 31,000 liquidity pools across 6 major blockchain networks notification officially.
The developers of KyberSwap have also pointed out that further support and integration of blockchain networks and decentralized exchanges is currently underway.
KNC work Above all over exchange
Users can trade KNC on many exchanges in the crypto ecosystem.
Top 11 DEX tokens by presence on exchanges | The source: cryptolaxia
As shown in the image above, KNC is the second ranked DEX token in terms of exchange presence and is currently available on 80 different exchanges.
First up is ZRX with 105 exchanges and Uniswap with 76.
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