Join Camnang24h to learn about the project “What Is Kyber Network (KNC)? How does KyberSwap work? What makes KyberSwap unique? What is the Kyber Network Crystal (KNC) token? ” through the article below. Kyber Network is a decentralized protocol built on Ethereum. It’s deployed on multiple Ethereum Virtual Machine (EVM) compatible chains, such as Polygon, BNB Chain, and Avalanche.
Founded by Loi Luu and Victor Tran, Kyber Network is a liquidity hub that aims to make DeFi trading more efficient and cost-effective. Kyber Network’s main product is KyberSwap, a decentralized exchange (DEX) that allows users to trade tokens and earn rewards by providing liquidity.
The protocol is governed by KyberDAO, and proposals are voted on by holders of the Kyber Network’s native token, KNC.
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What is KyberSwap?
KyberSwap is the flagship product powered by the Kyber Network. Built on Ethereum, KyberSwap is a multi-chain decentralized exchange (DEX) that allows users to conduct transactions on any of its 12 supported networks, including Ethereum, Polygon, BNB, Avalanche, and Optimism.
KyberSwap is also an aggregator, meaning it sources liquidity not only from its own pools but also from over 67 DEXs across its supported networks. Similar to other DEXs, KyberSwap is a trustless trading platform, which means users have complete control over their orders and funds. KyberSwap aims to solve the liquidity challenges that many DeFi traders encounter every day, while also providing adequate rewards for liquidity providers (LPs).
KyberSwap enables users to swap, earn and seamlessly participate in DeFi in each of the supported chains. KyberSwap is a decentralized and permissionless trading platform. This means users have complete control over their orders and funds.
KyberSwap aims to solve the daily liquidity challenges that many DeFi Traders encounter while also maximizing rewards for liquidity providers with superior capital-efficient pools.
What is the price of Kyber Network (KNC) today?
In this section one can follow the price and chart of Kyber Network (KNC) traded today via the chart below. If you want to know where to buy Kyber Network (KNC) at current rates, the top crypto exchanges to trade Kyber Network (KNC) currently Binance, CoinW, MEXC, Bitrue, and OKX.
Who Are the Founders of Kyber Network?
Kyber Network began its development in 2017 and is built on top of the Ethereum blockchain. The project was founded by Loi Luu, Victor Tran and Yaron Velner, with Vitalik Buterin as an advisor. Kyber Network currently has its headquarters in Singapore while having a large presence in Vietnam.
Victor Tran is the current CEO of Kyber Network. He is an experienced backend engineer and Linux system administrator. He was the CTO at Clixy and 24/7 Digital Group as well as a developer for several projects in Vietnam.
Loi Luu is the current Chairman of Kyber Group. He is a blockchain researcher and an advisor for various blockchain projects. He developed Oyente, the first open-source security analyzer for Ethereum smart contracts, and co-founded SmartPool, among other decentralized projects. He also worked on a scaling research project called Elastico, which inspired the design of Zilliqa, a promising scalable blockchain project.
Yaron Velner is the current CEO of B.Protocol, a decentralized backstop liquidity protocol, and was a postdoctoral researcher. Velner stepped down from his CTO position at Kyber in October 2019 but remains as an advisor.
The Kyber team comprises employees from engineering, product, marketing, strategy, and business development, as well as several advisors. According to the official Kyber Network LinkedIn page, the company has over 50 employees globally.
What Makes Kyber Network Unique?
Its multi-chain DEX aggregator and liquidity platform KyberSwap.com gives traders access to the best prices from multiple sources on different blockchains, while allowing liquidity providers to deposit tokens and earn fees with the best capital efficiency and returns.
In 2021, KyberSwap launched the world’s first dynamic market maker (DMM) protocol, which reacts to market conditions to provide better capital efficiency and earnings for liquidity providers.
In 2022, their next-gen AMM Elastic protocol was launched with concentrated liquidity pools, customizable price ranges, auto-compounding fees, as well as an anti-sniping feature that protects liquidity providers. Together, these protocols help KyberSwap liquidity providers maximize their capital as they can mimic much higher levels of liquidity, achieving better capital efficiency, slippage, and volume. Liquidity providers can earn much more fees relative to their contribution size, while takers can enjoy extremely low slippage on their trades. Liquidity providers can also earn more with yield farming.
For developers, KyberSwap is designed to be developer-friendly. Its protocols can be easily integrated with apps and other blockchain-based protocols for any DeFi use case and possibility. Since no single liquidity protocol can fit the needs of all liquidity providers, takers, and other market participants, KyberSwap’s flexibility allows developers to rapidly innovate and integrate new protocols to cater to different liquidity needs. KyberSwap has been integrated by Dapps such as Coin98 Wallet, Krystal, DEXTools, Kattana Trade, Rome Terminal, Pegaxy, as well as other Aggregators such as 1inch, Paraswap, 0x API, Matcha and Slingshot.
KyberSwap’s ‘Discover’ feature also uses AI and on-chain metrics to identify tokens that are currently trending or may trend in the near future, helping traders make smarter and more informed trading decisions.
In the Kyber ecosystem, KNC token holders play an important role in deciding new growth and value-capture opportunities and incentive mechanisms. Through KyberDAO, KNC holders can participate in governance by voting on important proposals. Kyber’s community is sizable and made up of a wide range of developers, in addition to other members of the blossoming DeFi industry.
How Many Kyber Network (KNC) Coins Are There in Circulation?
As of Oct 2022, Kyber Network has a total supply of 223.36 Million KNC tokens. Out of this, just over 160 million tokens are in circulation. The KNC token is dynamic, with the KyberDAO having the ability to vote to increase or decrease the supply in order to drive innovation, bootstrap liquidity, and reward early adopters of KyberSwap.
Kyber concluded its initial coin offering (ICO) on September 15, 2017, raising $52 million by selling each KNC token at a price of 0.00166 ETH. According to the official token distribution paper, 61.06% of tokens were sold in the ICO, 19.47% were saved for the founders, advisors and seed investors, and the remaining 19.47% was reserved for the company.
How Is the Kyber Network Secured?
As an ERC-20 token, KNC is built on top of and secured by the Ethereum blockchain. In addition, Kyber uses an extensive trust and security model that protects users from misbehaving administrators or exchanges, thanks to security measures built in both at the protocol and smart contract level.
The KyberSwap and KyberDAO platforms, as well as KNC, have been audited by several third-party security firms and researchers, including Chainsecurity and Hacken, which helped to determine that these various Kyber components are secure.
How does KyberSwap work?
KyberSwap is split into two main protocols: Classic and Elastic.
KyberSwap Classic’s Dynamic Market Maker (DMM) protocol is a modified version of the traditional Automated Market Maker (AMM) model used by UniSwap and other DEXs. It is DeFi’s first market maker protocol that dynamically adjusts LP fees based on market conditions. When the market is too volatile, fees increase to better reflect the risks involved in each trade. When the market is stable and volatility drops, fees decrease. The DMM automatically recalculates fees by analyzing on-chain volume data for each liquidity pool.
KyberSwap Classic’s second feature is a “programmable price curve” called Amplification (AMP). This allows a liquidity pool to mimic higher levels of liquidity without requiring more tokens. LPs can set their own AMP according to the type of token pair in the pool. Pairs with lower deviations, like stablecoins, will have higher AMP. On the other hand, more volatile pairs will have lower AMP. Liquidity pools with AMP equal to 1 are pools that still work according to the dynamic fee model but with no amplification.
KyberSwap’s newest protocol, dubbed KyberSwap Elastic, is a tick-based AMM with concentrated liquidity. Users can add liquidity to a specific price range of their choice and receive an NFT that represents their liquidity position and their share of the pool.
With concentrated liquidity, LPs can specify the price range to which they want to add liquidity. The price range selected represents the degree to which an LP thinks the current price will fluctuate in the future. The liquidity provided will then be evenly distributed over this price range. LPs get a fee for any swap to be processed at a specific price ( in other words, at a specific active tick) in the selected range, proportional to the liquidity provided at that price (or at that active tick).
A full price range allows tokens to be traded at any price but may come with lower fees than a concentrated price range, due to the liquidity allocation on inactive price ticks.
KyberSwap Elastic also auto-compounds fees for LPs using a Reinvestment Curve. Not only does this make things more convenient for LPs as they don’t have to add liquidity manually back into the pool, but separately compounding fees allows LPs to earn more as fees are accumulated on top of the compounded fees.
In addition, KyberSwap Elastic comes with multiple fee tiers and JIT (Just In Time) Protection to give LPs the flexibility and tools to tailor earning strategies without compromising on security.
LPs can also earn rewards through KyberSwap’s liquidity mining farms. This is where KyberSwap works with blockchain foundations and projects to provide offers for lLPs.
Beyond liquidity services, KyberSwap has features and pro trader tools designed to help DeFi traders, such as DiscoverDynamic Trade Routing and Pro Live Chart. Discover is an intuitive DeFi tool that helps users find potentially trending tokens using a combination of on-chain data, trading volume, and technical indicators. Dynamic Trade Routing scans different DEXs and splits trades to find the most suitable trading route for any token swap on supported networks.
Pro Live Chart, on the other hand, is integrated with TradingView to help traders map and conduct a complete technical analysis.
What is the Kyber Network Crystal (KNC) token?
Kyber Network Crystal (KNC) is KyberSwap’s native token that fuels the Kyber Network ecosystem. Working on a proof-of-stake (PoS) consensus mechanism, KNC holders can participate in the DAO and vote on all governance proposals related to the future of the network by staking their KNC assets or delegating their vote to a third-party platform.
KNC holders can also stake their tokens in eligible Rainmaker farming pools for liquidity-mining rewards. For other activities such as Trading Contest, Gleam Giveaway, and AMAs, participants are also rewarded with KNC tokens.
How to buy KNC on Binance
You can buy KNC on cryptocurrency exchanges like Binance.
1. Log in to your Binance account and go to [Trade] -> [Spot].
2. Type “KNC” in the search bar to view the available trading pairs. We will use KNC/BUSD as an example.
3. Go to the [Spot] box and enter the amount of KNC you want to buy. In this example, we will use a Market order. Click [Buy KNC] to confirm your order, and the purchased KNC will be credited to your Spot Wallet.
How to use KyberSwap
If you’re looking to swap your tokens on KyberSwap, follow the steps below to get started.
1. Visit KyberSwap.
2. Connect your DeFi wallet. KyberSwap supports MetaMask, Coin98, WalletConnect, Coinbase Wallet, and Ledger.
3. Select your desired token pair. You can check the details of your transaction under “More Information”.
4. Proceed with the swap and confirm the transaction on your crypto wallet.
Swaps aren’t the only type of transaction that can be made on the platform. Users can choose to provide liquidity by using one of KyberSwap’s pools or by creating new pools. They can also stake their LP tokens on one of the eligible farms.
Kyber Network is a liquidity hub that powers KyberSwap, a DEX built on Ethereum. It’s a hub for decentralized services and a place where DeFi enthusiasts can build, exchange, and improve the crypto space. KyberSwap is focused on improving the experience for LPs and traders in the DeFi space.
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