The Kyber Network Crystal v2 (KNC) crypto has gained traction in the market, which is evident from the recent rally in its prices. At 7:15 a.m. on March 15, the KNC token was priced at $2.97, up 10.11%, while its one-day volume was up 120.86% at $245.40 million.
What is Kyber Network (KNC) crypto?
The Kyber Network, built on top of the Ethereum blockchain, can be described as a liquidity protocol hub with the collection of liquidity from multiple sources to provide secure and instant transactions on any decentralized applications (DApps).
Its main purpose is to enable decentralized finance (DeFi), decentralized applications (DApps), decentralized exchanges (DEXs), and other related access to liquidity protocols for the best interests of users.
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All transactions on the platform are on-chain, which means they can be verified without any challenges using any Ethereum block explorer.
On the Kyber network, various projects can be built using the solutions provided by the protocol.
It intends to address the liquidity issues in the DeFi space by enabling developers to build products and solutions without worrying about liquidity for various requirements.
The KNC token is the utility token of the Kyber network that holders can stake in KyberDAO to control the platform and vote on essential aspects of the project. In addition, it can also be used to earn staking rewards in Ethereum (ETH) received through trading fees.
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Why is it increasing?
The token has seen a significant increase in recent days thanks to various latest developments in the Kyber network.
Meanwhile, they recently announced a new KyberSwap feature, TrueSight, through which users can view trending tokens on the search page of its website.
Investors applauded the announcement and piled up around the token, driving its price up.
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Source: *Data provided by CoinMarketCap.com
ground level:
The price of KNC token is up by 59.49% in the last 30 days and 111.14% in one year. Kyber Networks is based in Singapore and co-founded by Victor Tran, Loi Luu and Yaron Wellner.
However, despite the strong returns of the KNC token, investors should evaluate the asset carefully before considering an investment, as the crypto market is highly volatile.
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