The token is also central to a multitude of Kyber operations , which include staking, delegation, and warranty.
A dollar invested in the KNC crypto token in early 2020 is now worth $ 6.
The rise in supersonic prices appeared in a growing enthusiasm around decentralized financing projects. KNC , a DeFi crypto itself, powers Kyber , one of the most active decentralized exchanges by volume.
Meanwhile, the token is also at the center of a multitude of Kyber operations , which include staking, delegation, and warranty.
KNC jumped 600% year on year against Bitcoin , the most popular cryptocurrency. Source: TradingView.com
Traders are optimistic about KNC for its impending demand that Kyber expand its network. The uplifting sentiment pushed the price of crypto to jump from $ 0.7 to $ 1.7 in less than a month. Market observers see growth continue in the third quarter. And they have plausible reasons.
KNC lists
The Kyber Network team managed to push KNC into popular crypto exchanges. On Tuesday, the U.S. stock exchange Kraken announced that it will list Fiat-compatible Kyber pairs on its platform, a move that will allow traders to sell and buy KNC directly for / via the U.S. dollar and the euro.
Before Kraken Binance Smart Valor and Bitcoin Switzerland Online has introduced spot trading KNC on their platforms. At the same time, Binance , alongside FTX and MXC, has also launched KNC derivatives .
It also helps to create a solid bullish case for the DeFi token.
Its spot quotes can attract new funds via fast fiat-onramps, thereby increasing its exposure to long-term investors. Meanwhile, margin trading promises to stimulate demand for KNC among speculators who are trying to shift its spot price in the direction of their buy / sell goals.
High level partnerships
KNC's explosive price hike in 2020 also appears as the Kyber network gets huge investments from some of the best blockchain companies.
ParaFi Capital, for example, purchased KNC tokens as part of a strategic partnership that would allow it to help the Kyber team attract new customers. The investment firm will also help Kyber modernize its decentralized exchange to provide banking-grade market making services.
The Kyber network has also concluded partnerships with Chainlink , Digifox wallet, Chicago DeFi Alliance, Origin Protocol and others.
KNC also acts as a guarantee for the issuance of DAI stable parts from MakerDAO.
Network upgrade
Kyber's decentralized exchange has recently gone online with a protocol upgrade called "Katalyst", a move that has changed KNC's economy for the benefit of its investors.
KNC holders can now implant or delegate their tokens via KyberDAO to make changes to the KNC network parameters . In exchange, the exchange expects to pay the so-called ETH stakeholders collected on its trading costs.
The announcement came at a time when volumes of Khyber have reached an important milestone of $ 1 billion, the highest in the ecosystem DeFi according DappRadar. Specifically, $ 600 million of these trading volumes came in 2020.
Monthly volume USD of the Kyber network . Source: Kyber Blog
Meanwhile, Kyber burns the KNC tokens used to vote on its network. It has burned around 2.4% of its net supply, making KNC more scarce in the face of potentially growing demand.
It also explains why KNC traders are bullish in the long run.
