One of the most popular blockchain-based liquidity protocols, Kyber Network Crystal (KNC Coin), is now available to buy, sell, and store from your buyucoin.com wallet. Along with USDC and Chainlink, this is one of three new coins we’re bringing to our platform.
But before you start using KNC, here’s all you need to know about the buyucoin.com acquisition.
What Is Kyber Network Crystal (KNC)?
Kyber Network is a hub of liquidity protocols that gathers liquidity, or cash, for various trades to allow secure and instant transactions on any decentralized applications or dapps. Kyber Network’s primary purpose is easy access to liquidity pools that provide the best prices to DeFi DApps, decentralized exchanges (DEXs), and other users. It also assists traders in having instant exchanges for any ether or ERC-20 tokens!
Kyber Network’s KNC coin serves as a utility and governance token, i.e., the glue that binds Kyber’s ecosystem’s various players.
The goal of KNC is to solve the liquidity problem in the decentralized finance (DeFi) industry. It intends to achieve so by allowing developers to focus on developing products and services rather than worrying about liquidity.
Who Are The Founders Of KNC Coin?
The development of KNC began in 2017 on the Ethereum blockchain. Loi Luu, a blockchain researcher and advisor to several blockchain initiatives, Victor Tran, a senior backend engineer and Linux system administrator, and Yaron Velner, the current CEO of B.Protocol and a postdoctoral researcher, established the project.
Several executive advisers, engineers, and designers make up the Kyber team. According to the company’s official LinkedIn page, Kyber Network employs approximately 50 people, most of whom are situated in Vietnam or Singapore.
Working Principle Of Kyber Network Crystal (KNC)?
The Kyber Network allows traders to instantly exchange ETH and other ERC-20 tokens by utilizing liquidity pools, which are pools of various cryptocurrencies that any project can access. Traders are not required to register or create an account, as they are with centralized exchanges.
For example, using the Kyber Network, a vendor can accept consumer payments in their preferred cryptocurrency while still receiving payment in the seller’s preferred cryptocurrency.
How Does Kyber Power Defi (Decentralized Finance)?
Corporations, significant banks, and insurance companies now control traditional Finance, which is highly centralized. Cryptography, on the other hand, is based on decentralized technologies. Decentralized Finance, or DeFi for short, is a new financial system based on public blockchains like Ethereum. DeFi enables average individuals to access a wide range of financial products and conduct standard financial transactions like borrowing, lending, and trading without using time-consuming and costly intermediaries. Many DeFi apps use Kyber since it helps decentralize Finance by allowing liquidity across different ERC-20 tokens.
KNC’s Key Characteristics
KNC is a dynamic currency that can be upgraded, issued, or burned by KyberDAO to improve liquidity and growth. Investing in KNC gives you a piece of all the essential DeFi innovation and liquidity standards.
Participation Rewards: KNC holders can stake their currency in KyberDAO and vote on critical issues. On Kyber, voters gain from ecosystem collaborations by receiving trading fees and other perks.
Dynamic Token Model: KyberDAO may define token behavior and upgrades with the Dynamic Token Model, making KNC more versatile and offering stronger support for innovation and growth.
Liquidity Incentives: KyberDAO can offer multiple KNC incentives in addition to conventional trading fees to provide additional value to liquidity providers.
Should You Invest In KNC Coin ?
WalletInvestor’s Kyber Network price projection is bullish, predicting that the KNC currency would climb to roughly $15.06 in a year and just under $57.52 in May 2027.
Meanwhile, according to DigitalCoinPrice’s Kyber Network price forecast for 2022, the cryptocurrency will average $3.63 this year. According to the same website, the coin will hit $3.99 in 2023, then drop to $3.83 in 2024 before rising to $5.28 in 2025. In 2026, KNC will fall to $4.83 before rising to $6.08 in 2027.
By 2028, it should be selling at roughly $9.00, with a decade-end price of $11.32. The Kyber Network price forecast for 2030 is an optimistic $12.59. KNC coin should be worth roughly $14.47 in 2031.
Finally, according to Gov. capital’s KNC price forecast, the KNC price will rise to roughly $5.08 by the end of the year before rising to just under $5.96 on 14 April 2023. It should have climbed to roughly $8.11 in a year.