What is Kyber Network Crystal (KNC)?
The Kyber Network is essentially a hub filled with liquidity protocols that aid in aggregating cash or liquidity for a variety of trades to offer immediate and secure transactions on any dApps, i.e., decentralized applications. As for the Kyber Network Crystal, that is the native utility token of the protocol.
Historical Development and Purpose of KNC
Utilizing the Ethereum blockchain, the protocol’s development began in 2017. Loi Luu founded the project and is both a blockchain advisor and researcher for several blockchain projects. The next person on the list of founders is Victor Tran, who is a Linux system administrator and senior backend engineer. And finally, there is Yaron Velner, who is the existing CEO of B.Protocol and used to be a postdoctoral researcher.
The primary goal underlying the formation of this network was to allow DeFi applications, exchanges, and other users to easily access liquidity pools with some of the best rates.
The Unique Features of the KNC Token
The KNC token is the Kyber Network’s backbone. It serves to link liquidity providers or those who require liquidity, along with various other distinct purposes.
Kyber Network’s Blockchain Technology
Outlined below are some of the blockchain aspects found within the Kyber Network.
The Underlying Technology of Kyber Network
The blockchain underlying the Kyber Network is the Ethereum blockchain, and the functionality it derives from it is primarily the smart contracts that serve as the code underlying any transactional execution or liquidity pool within it.
Other technological underpinnings or network components are its reserve model, which is further split into three types, and an API for asset conversions, among other things.
How KNC Integrates with the Kyber Network
The KNC token is utilized within the primary operations of the Kyber Network’s exchange, such as providing liquidity, trading, paying fees, or even voting.
The Role and Utility of KNC in the Kyber Network
Let’s now delve more into the utility of the KNC token as a whole and what it has to offer its holders.
The Primary Uses of KNC Tokens
The KNC token plays a vital role in the operation and maintenance of the Kyber Network.
Thus, it has a range of uses, including the payment of fees, achieving consensus, allocating votes, serving as a medium of exchange, incentivization, etc.
KNC’s Involvement in Network Governance
KNC holders may stake their tokens within the KyberDAO, which is a community platform that offers KNC holders a voice in how things can be run or the future of the network. Moreover, the platform even incentivizes participation by allocating a part of the ETH produced from protocol fees.
KNC Tokenomics
Let’s now delve into the tokenomics of the KNC token along with the distribution model.
Supply, Demand, and Distribution of KNC
The token is currently priced at around $0.7 and has a market capitalization of more than $107 million, a fully diluted valuation of over $160 million, and a daily trading volume of more than $10 million.
As for supply, it has a burn mechanism in place, so its total and maximum supply may vary with time.
Currently, the maximum supply is over 252 million tokens, the total supply is over 228 million tokens, and the circulating supply is approximately 153 million tokens.
As far as initial token allocation is concerned, 26.7% of it was allocated to the public sale, 33.5% to the private sale, 19.47% to the team, early investors, and advisors, 19.47% again to reserves, and 0.86% to airdrop.
The Economic Model of KNC
The KNC token follows a deflationary model in that its supply is such that it seeks to increase the value of the token later on. Also, through KyberDAO, KNC holders can further shape the behavior of the token or decide on upgrades for it, implying that the token can also be dynamic and adaptable.
Acquiring and Trading KNC on Binance
If you’re looking to buy this token and are interested in what this platform has to offer, then Binance is one of the exchanges where you can do so. However, there will be several steps involved for that, and if you plan on trading with this token, then a bit more.
For instance, you will need to create your own account, complete KYC, amp up your account’s security, make that first deposit, engage with the many options Binance provides to trade or buy this token, and finally, once your order has been filled, withdraw the tokens to your wallet or exchange.
To set up an account on Binance, click on the link below, which will take you to the registration page using a special Coin-Labs referral code.
How to store KNC Tokens Safely
Once you have acquired those KNC tokens, you will need to withdraw them to a wallet that you know is secure. Currently, cold wallets, or hardware wallets, such as the ones that Ledger provides, tend to be the most secure choice for individuals, albeit a bit of a hassle to set them up or get used to.
Analyzing KNC’s Investment Potential
As an investment, the token has fallen significantly from its all-time high, which it hit early last year, i.e., in April 2022. Since then, the token has been unable to garner any significant value accruals or even recover from those bearish sentiments. Therefore, it is hard to say whether or not the token is due for a significant spike in its value later on.
Staking and Governance in Kyber Network
Here, we will be looking at what staking the KNC token entails within the Kyber Network.
The Staking Mechanism of KNC
The staking mechanism within the Kyber Network serves multiple functions. For one, it can serve as a means for governance or for providing liquidity, both of which can be rewarded.
Staking Rewards and Incentives for KNC Holders
It should be noted that the staking rewards or incentivization for the KNC holders come from the fees that are collected. As for the rewards themselves, they can vary based on the types of pools you allocate liquidity to.
Participating in Kyber Network’s Governance
Here, we will look at things from a governance angle and see what the process entails.
The Role of KNC Holders in Governance
Within governance, the KNC holders play a crucial role. In essence, it is the community of holders that is responsible for the direction that the project is supposed to go in, making important decisions that leave lasting impacts on the protocol’s future.
Key Governance Proposals and Decisions
The KyberDAO, or its governance infrastructure, seeks to serve three primary stakeholder groups, and these include the KyberSwap partners and liquidity providers, decentralized applications or traders who link to Kyber to utilize its liquidity, and finally, the KNC holders who comprise the core of Kyber.
Therefore, any decisions made within its DAO would likely have a direct effect on these three groups.
Kyber Network’s Integration in Decentralized Finance (DeFi)
Kyber Network has sought to provide liquidity solutions within a sector that is known to have problems providing sufficient liquidity. Therefore, if its attempts are successful in addressing such challenges, then the value of projects like it, especially within the DeFi space, simply cannot be overstated, as there will always be a need for such protocols, particularly in times of extreme volatility.
Community and Ecosystem of Kyber Network
Even though the project doesn’t seem to have that long a history, it has still been able to garner some type of community, which can be easily discerned from their followings on social media. On any of the outlets it has an account with, its community has remained active in proposing new features within its ecosystem and discussing what would be good for the project as a whole, which may be a good sign for any project, at least in terms of community engagement.
Security and Trust in Kyber Network
While the network has implemented a range of security features, such as various audits by respectable firms, it should be noted that just this year, in November 2023, the network’s KyberSwap got hacked and lost around $50 million. Its decentralized exchange has been urging its users to withdraw whatever assets they have stored within it.
After the breach, the TVL, or total value locked, of KyberSwap fell to approximately $20 million, when it was worth around $80 million before the attack. Therefore, it is vital that you maintain some degree of caution or conduct ample research before investing in this exchange, or any exchange for that matter.
Roadmap and Future Plans for Kyber Network
The network has several features within its roadmap that are on track to be completed or are planned. These include a new trading terminal, a liquid simulator, Auto-Invest (DCA), and additional features geared toward expanding KyberAI.
Conclusion
Kyber Network happens to be a liquidity hub powering KyberSwap, which is a decentralized exchange built above Ethereum. It is a hub centered around decentralized services and seeks to become a place allowing DeFi enthusiasts to exchange, build, and enhance the cryptocurrency landscape. KyberSwap, on the other hand, focuses on the improvement of both the trader and LP experience within the DeFi sector.
We Coin-Labs.com provides only objective information about Kyber Network.
Therefore, we are not responsible for the investment decision in Kyber Network and the resulting loss.
Kyber Network Basics
Here are some factors that investors should consider before investing in Kyber Network.
| Cryptocurrency Features | Kyber Network (KNC) |
|---|---|
| Publisher or Developers | Loi Luu, Victor Tran |
| Headquarters (Registration Number) | Singapore |
| Symbol | KNC |
| Platform | Ethereum |
| Published Date (CMC Registration) | 2024-02-23 |
| Max Supply | 252,301,550 KNC |
Reliability Score of Kyber Network in 2024
These are indexes mesuring the investment reliability of Kyber Network conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 10 Exchanges |
| Number of Available Pairs Worldwide | 402 Pairs |
| Market Cap of the Cryptocurrency | 98,691,686 USD (Rank #350) |
The table above shows the result of investment suitability evaluation for Kyber Network.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Kyber Network Price
Here are the price and recent trading volume of Kyber Network. (Data of 2024-02-23 15:24:00)
| Price Items | Price and Trading Volume of Kyber Network |
|---|---|
| Kyber Network Price | 0.656 USD |
| Price Change 24h | 1.06% |
| Price Change 7d | 0.53% |
| Trading Volume 24h | 13,236,663 USD |
| Trading Volume Change 24h | -3.77% |
Cryptocurrency Metadata
You can check the development status and social media information of Kyber Network through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | |
| 📖 White Paper | |
| 🛰️ Source Code (GitHub) | |
| 🎺 Message Board |
Where to Buy Kyber Network
Here are the top ten world crypto exchanges where traders can buy Kyber Network in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/KNC_BTC |
| Coinbase | Listed | https://pro.coinbase.com/trade/KNC-USD |
| Kraken | Listed | https://pro.kraken.com/app/trade/knc-usd |
| KuCoin | Listed | https://www.kucoin.com/trade/KNC-USDT |
| Bitfinex | Listed | https://trading.bitfinex.com/t/KNC:USD?type=exchange |
| OKX | Listed | https://www.okx.com/trade-spot/knc-usdt |
| Huobi | Listed | https://www.htx.com/en-us/trade/knc_usdt?type=spot |
| Bitstamp | Listed | https://www.bitstamp.net/markets/knc/usd/ |
| Bybit | Listed | https://www.bybit.com/trade/usdt/KNCUSDT |
| Gate.io | Listed | https://www.gate.io/trade/KNC_USDT |
Frequently Asked Questions
What is the current price of Kyber Network?
Kyber Network price today is 0.656 USD. Furthermore, the price of Kyber Network has fluctuated by 1.06% from 24 hours ago, and by 0.53% from a week ago.
Where is Kyber Network listed?
Currently, it is listed on a total of 10 among the world top 10 exchanges.
What is the market cap of Kyber Network now?
Currently, Kyber Network has a market cap of 98,691,686 USD, which is ranking 350 among cryptocurrencies worldwide.
How much is the trade volume of Kyber Network?
Currently, 179,631,934 KNC coins are circulating through 402 market pairs. As a result, in the last 24 hours, 13,236,663 USD of KNC coins were traded in the market.
