Kyber Network is an on-chain liquidity protocol that aggregates liquidity from a wide range of reserves. Powering instant and secure token exchange in any decentralized application.
Key takeaways
- The trader count on Kyber grew by 118% in April compared to January 2020.
- After a huge spike in March caused by uncertainty surrounding COVID-19, April trading volumes returned to January/February 2020 levels.
- The TOP 6 trading pairs on Kyber hold 36% of total trading volume in the last 4 months of 2020. The majority are stablecoins.
- USDC trading volumes in March and April are at least twice as high as when compared to January and February.
- WBTC shows positive signs steadily increasing in both market cap and trading volumes.
One of the biggest DEX
Kyber has retained is position as the second most popular DEX. It can be observed that trader counts grew by around 118% during 2020. Trading volumes were lower in April if compared to March. The trend is still positive and the numbers on a par, or even higher than at the beginning of 2020.
Key Kyber trading pairs by volume
The most-traded coins on Kyber in 2020 are DAI, USDC, USDT, and KNC, the majority are stablecoins. The TOP 6 trading pairs on Kyber contribute 36% of the total trading volume.
DAI
Dai is a stable coin, launched by MakerDao and is pegged to the US dollar, built on the Ethereum network, and backed by Ether. Meaning that it is completely decentralized because its price stability is sustained through a system of smart contracts. DAI does not rely on any banks, governments, or other centralized third parties.
As of today, the DAI token holds around 33% of total trading volumes in Kyber. The most popular pairs are ETH/DAI, DAI/ETH. This pair dominates the number 1 position in the TOP 6 trading pairs.
USDC
USD Coin (USDC) is a relatively new stablecoin pegged to the US dollar. It was launched on September 26, 2018, in a collaboration between Circle and Coinbase. USDC is an alternative to other USD backed cryptocurrencies like Tether (USDT) or TrueUSD (TUSD).
USDC holds around 23% of the total trading volume in 2020. The most popular pairs are ETH/USDC and USDC/ETH.
The popularity of the pairs is obvious. The uses of USDC within centralized platforms have had a knock-on effect on the dapp ecosystem. Nevertheless, the biggest peak was most likely caused by MakerDao adding USDC as collateral in mid-March.
USDT
Tether (USDT) is issued by Tether Holdings, a subsidiary of iFinex (also the parent company of Bitfinex). Tether is the largest stablecoin by both market cap and trading volume.
USDT holds around 16% of the trading volume on Kyber and is the 3rd most trader pair. The most popular trading pair is ETH/USDT which is not surprising as the coins are widely used within other centralized platforms.
KNC
Kyber has its own ERC-20 token which is called KNC (Kyber Network Crystal). To power, the network’s performance KNC is used which is an Ethereum-based token.
As we are aware, Kyber is a decentralized protocol that allows the swapping of digital assets in an efficient and simple manner. To allow this simple swapping of digital assets the KNC token is used to pay the fees on the platform.
The price of KNC is four times higher than it was at the beginning of 2020 also showing a positive trend towards Kyber Network usage. Furthermore, the KNC token surged back in February due to Coinbase Pro Listing Announcement.
KNC token holds around 11% of total trading volumes on the Kyber Network and is the largest fourth token.
Conclusions
The most popular trading pairs on Kyber are still mostly stablecoins: ETH/DAI,/ETH, ETH/USDC/ETH, ETH/USDT, and ETH/KNC.
DAI is vital to the Ethereum DeFi ecosystem as volatility forces people to move in and out of their positions.
USDC pairs were mostly reflected by USDC being added as collateral to MakerDao in mid-March. USDT is no surprise as the coin is widely used within other centralized platforms.
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