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About Kyber Network (KNC)
Ethereum-based Kyber Network says it is "a multi-chain crypto trading and liquidity hub that connects liquidity from different sources to enable trades at the best rates."
Aggregating liquidity from a range of sources is aimed at facilitating speedier transactions, and across an array of decentralized applications (dApps).
Kyber’s focus is on speed, or what Messari calls "rapid on-chain execution of transactions."
How rapid? The Singapore-based team behind the network said in a 2017 white paper that their goal was to design an on-chain protocol which allows "instant" exchange and conversion of digital assets.
KNC acts as the Kyber Network’s utility token. It enables users to stake within the KyberDAO to assist in governance processes across the platform. Staking rewards derived from transactions occurring on the Ethereum network are also used to incentivize staking of KNC.
The Kyber Network strives to streamline the world of decentralized finance (DeFi). This burgeoning sector is notorious for congestion and high fees, particularly in the context of dApps built upon Ethereum. The Kyber Network seeks to change this. How? The network says it provides open access to a suite of security, liquidity aggregators, and instant settlement periods across the network.
Boasting “the best rates in DeFi,” per their website, the Kyber Network has become somewhat synonymous with the lofty goal of unifying liquidity across disparate blockchains.
Built upon the Ethereum network in 2017, blockchain prodigies Loi Luu and Yaron Velner, alongside engineering expert Victor Tran, founded the Kyber Network as a means of further decentralizing the process of swapping tokens. As the first trading platform where users can swap without the intervention of a third party, the inherently decentralized architecture of the Kyber Network is emblematic of DeFi.
The Kyber Network is also credited with the development of the world's first dynamic market maker protocol (DMM), the Kyber DMM. In tune with market condition changes, the Kyber DMM helps optimize fees and general promote efficiency for liquidity providers.
Additionally, the KyberDAO acts as a comprehensive hub of governance, in which users can vote on proposals and perform tasks.
The current price of KNC
As of mid-March 2022, KNC was trading just below $3, having shed 6% over the prior seven days. Prior to that, however, the 194th-largest digital asset (per CoinGecko) had been rallying over 30 days. Between mid-February and mid-March of 2022, KNC rose 53%. It was during this period that KNC reached its all-time high of $3.32.
Since hitting an all-time low of $1.11 in June of 2021, KNC has risen 168%, according to CoinGecko.
How the price of KNC is determined
The total supply of KNC is estimated to be about 210 million, yet this figure is a work in progress, and dynamic. With the integration of KyberDAO, users can vote on initiatives to either burn or mint more tokens as a means of driving innovation, bootstrap liquidity, and reward communities. As a result, the total supply of KNC is likely to fluctuate based on market conditions and project direction, but the goal is for it to decrease over time, making it more valuable.
What the bulls are saying about Kyber Network (KNC)
- A bullish outlook for KNC was spotted early in 2022, per CoinTelegraph.
- Using technical signals, TheNewsCrypto has a forecast for KNC as of mid-March and it bullish, with the price possibly going to as high as $5 "soon."
- KNC is "an outstanding one-year investment," WalletInvestor said.
What the bears are saying about Kyber Network (KNC)
- The MACD indicator continues to draw a bearish divergence on the daily chart. Similarly, the RSI of Kyber Network token is also inclined towards the major support at 38.05 with a strong inclination towards the support due to a lack of price-led demand, stated Mehak Punjabi on the behalf of Crypto Newsz.
- A $100 investment in KNC will be down to $65 in a few years, said Gov.Capital in March 2022.
- If the bears have their way, the price of KNC might plummet to $1.088, the bearish price signal for 2022, CoinQuora said.
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