Kyber Network (KNC) Continues to Grow
The Kyber Network has seen a skyrocket in price of over 210 percent in the last month, proving strength in the market after making some major announcements. Coinbase, as an example, announced that it will be listing the Kyber Network (KNC) on its retail cryptocurrency exchange and mobile application. The move provides market access to Kyber for many retail investors and allows for mainstream adoption.
February was a crucial month for the Kyber Network thanks to a variety of milestones achieved recently that have allowed it to outperform a number of the best cryptocurrencies in the market. Additionally, the team behind the on-chain liquidity protocol revealed that they will be launching the KyberDAO – a decentralized autonomous organization that will empower the Kyber community to play major role within the growth of the network by allowing KNC coin holders to actively take part in the Kyber story. Investors will be able to participate in Kyber’s governance by choosing “key parameters” and earning staking rewards in Ether. The decentralized autonomous organization aims to empower its community.
March is no different for Kyber (KNC) as things continue to get better for the network. The recent rise in price correlates with the perpetual positive news and announcements in regards to the Kyber Network. For those in the cryptocurrency community, it is hard to go on any blog or exchange in 2020 and not here something about KNC. Kyber has managed to facilitate over 100,000 trades in 2020 alone; facilitating over $138 million in February 2020 alone. Kyber’s protocol has successfully facilitated over $500 million USD and 600,000 trades entirely on- chain (Ethereum).
Kyber (KNC) has been bullish on the 24 hour chart, up over 16% in price since yesterdays trade of $.65. Kyber (KNC) is currently trading at $.76 and doesn’t show much signs go holding back. However, correctional pressure could certainly be in play. While the short them prediction on KNC is bullish, it would need to drop beneath support at $.45 before being in danger of turning neutral.
As DeFi becomes a market necessity, KNC is no stranger to the concept as it is the most used DeFi protocol in the world, with the highest number of users and integrations. The Kyber APR (Automated Price Reserve) permits better liquidity with similar inventory size and is highly suited for those that wish to utilize their large token holdings. Kyber’s APR provides more liquidity, better slippage, and has the ability to serve more volume than its opponents.
This continued growth of the Kyber Network shows that decentralized exchanges are becoming true contenders moving forward and that they are becoming more liquid, providing a simpler user experience and therefore gaining meaningful traction. KNC is also in a good position to become a key component in the decentralized economy. Because Kyber Network allows for any individual to contribute to an aggregated liquidity pool inside each blockchain, this allows it to provide a single endpoint for traders with the best rates they can find. Kyber plans to go even further and provide rebates for liquidity providers who have high reserves and incentives for dApps integrated with Kyber. By liquidity contribution easier, Kyber hopes to be the “single on-chain liquidity endpoint for all takers and makers…”