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KNC

Kyber Network (KNC) Price Index

$ 0.718844 Ƀ 0.00001143
  • MarketCap
    $ 122,548,747
  • Volume
    $ 32,115,504
  • Change
    1.38%
kyber-network-crystalKyber Network Crystal
$ 0.718844
$ 0.718844
1.38%
0,662741
KNC
Kyber Network (KNC)
$ 0.718844
KNC
Kyber Network (KNC)
author
author
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
By Marcel Deer
author
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
on January 08, 2023 | 4 min
Updated on Dec 27, 2023

What is the Kyber Network (KNC)?

The Kyber Network Crystal v2 (KNC) is the ERC-20 token of the Kyber Network. This blockchain protocol enables the exchange of tokens without an intermediary and provides crypto liquidity for DeFi applications. Kyber Network has integrations with over 100 DeFi applications and has its decentralized exchange, KyberSwap.

The Kyber network was founded in 2017 by Loi Luu, Victor Tran, and Yaron Velner. The project raised $50 million in funding in the KNC initial coin offering (ICO). The Ethereum-based protocol launched in February 2018.

 

What Makes the Kyber (KNC) Coin Unique?

The Kyber network focuses on building an alternative to exchanges where users can buy and sell cryptocurrencies. Instead of using an order book, like other exchanges, the Kyber network relies on liquidity pools, making trades instantaneous. Providers of liquidity to the Kyber Reserve earn rewards.

The Kyber network has three key components: a decentralized exchange protocol, an application programming interface (API) for asset conversions, and the Kyber Network Crystal (KNC) token, used for governance and to facilitate the network’s operation.

 

KyberSwap, the exchange, is powered by code, the network of users, and the Ethereum blockchain rather than being centrally operated. The Kyber network protocol is governed by its KyberDAO, a decentralized autonomous organization, and holders of KNC vote on proposals and changes. The Kyber network is built on Ethereum but deployed on 12 Ethereum Virtual Machine (EVM) compatible chains, including Polygon, BNB Chain, and Avalanche.

Users can trade crypto assets on the exchange without a central order book or exchange operator. Conversion rates for listed assets are built into the protocol. Users pay Ether (ETH) fees for trades settled on the Ethereum blockchain.

 

What Is the Kyber Network (KNC) Used for?

Kyber Network Crystal (KNC) is used to pay network fees and to enable voting on proposals, policies, and updates to the Kyber Network protocol. KNC holders can stake their coins to vote or delegate tokens to validators to earn rewards paid in ETH.

KNC can also be bought, sold, and traded as an asset on centralized and decentralized cryptocurrency exchanges.

 

How Does Kyber Network Work?

When a user wants to trade on the Kyber network, the protocol searches for available reserves and the best rate offered.

The network’s components are smart contracts, which enable operations; reserves that provide liquidity; and “takers” who execute trades such as dApps, vendors, and wallets. The protocol has three types of reserves that enable “takers” to convert tokens instantly at the most competitive price. These reserves are Price Feed Reserves (PFR), an alternative to market makers; automated Price Reserves (APR), which use smart contracts to serve liquidity; and Bridge Reserves, which access other decentralized exchanges for liquidity. By using other decentralized exchanges, KyberSwap is an aggregator.

Exchange fees, collected in ETH, go to the reserves based on the amount of liquidity provided. Liquidity providers can also earn rewards through KyberSwap’s liquidity mining farms.

 

How Is the Price of Kyber (KNC) Determined?

The KNC price is influenced by supply and demand, the use of the Kyber Network and KyberSwap, and wider market factors. The launch supply of KNC was 215 million tokens, but this will decrease because network fees, which are paid in KNC, are burned over time to reduce KNC supply by the network’s deflationary model.

 

What Is the Kyber Network Coin Price Prediction for 2030?

Although cryptocurrency prices are notoriously difficult to predict, many Kyber coin price predictions exist for 2030. CoinCodex believes this token can reach between $0.32 and $3.91 in 2030. Binance, in contrast, expects KNC price to reach over $1.00 by 2030.

 

How Is the Kyber Network (KNC)Network Secured?

Ultimately, the Ethereum blockchain secures Kyber network transactions with the ERC-20 token KNC. The Kyber network has security measures at protocol and smart contract levels.

 

Where Can You Buy Kyber Network?

Kyber Network Crystal v2 (KNC) can be bought, sold, and traded on major cryptocurrency exchanges, including Coinbase, Binance, Kraken, and HTX. It is also available on KyberSwap and other decentralized exchanges.

 

How Can You Store Kyber Network (KNC)?

KNC coins can be stored in an exchange wallet, a compatible hot wallet such as Trust Wallet, or a hardware wallet such as a Ledger or Trezor device.

 

FAQs

Is KNC coin a good investment?

Based on their research, investors will decide whether Kyber Network Crystal (KNC) is a good investment. Cryptocurrencies are unregulated and incredibly volatile, and the KyberSwap exchange has already been hacked. Yet, KNC  has shown strong potential, and many analysts are bullish about the project and the coin’s future. Even so, the volatility and unregulated nature of the market means no cryptocurrency’s future is a sure thing.

 

Who owns KNC crypto?

Kyber Network was founded in Singapore in 2017 by Loi Luu, Victor Tran, and Yaron Velner. The community governs the protocol and exchange through a DAO.

 

Which country made the Kyber Network?

The Kyber network is based in Singapore and governed by a decentralized autonomous organization (DAO) rather than being centrally controlled.

 

How much will Kyber Network cost in 2030?

Cryptocurrency prices are almost impossible to predict. However, there are plenty of Kyber coin price predictions for 2030. CoinCodex expects KNC price to be between $0.32 and $3.91 in 2030. Binance expects the token price to reach over $1.00.

 

What is the maximum supply of KNC coins?

The launch supply of KNC was 215 million tokens, but this will decrease because network fees, which are paid in KNC, are burned over time to reduce the KNC supply in the network’s deflationary model.

 

How many Kyber Network coins are there?

KNC was launched with 215 million tokens. The protocol has a deflationary model where network fees paid in KNC are burned over time to reduce supply.

 

Is KNC built on Ethereum?

Yes, the Kyber Network is built on Ethereum, and Kyber Network Crystal is an ERC-20 token.

 

Is Kyber Network a blockchain?

Yes, the Kyber Network is a blockchain protocol and decentralized exchange built on the Ethereum network. Ethereum Virtual Machine (EVM) makes Kyber Network compatible with other blockchains.

author
About Marcel Deer
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
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