- The KNC crypto is the governance and native utility token of Kyber Network. It acts as an integral part of the network.
- At the time of writing, KNC crypto's one-day volume was up 117.5 per cent to $86.5 million, and the market cap had increased by 16.4 per cent to $280.5 million.
- Apart from acting as a governance token for the Kyber Network, the KNC crypto has use cases like building a wide base for stakeholders.
The price of Kyber Network Crystal (KNC) cryptocurrency went up by 16.3 per cent in the last 24 hours, and it was trading at US$ 1.58 per token at the time of writing.
The price surge comes at a time when the overall cryptocurrency market seems to have entered a bearish zone, and the global market cap has dropped to US$ 1.6 trillion.
KNC crypto's one-day volume was up 117.5 per cent to $86.5 million, and the market cap had increased by 16.4 per cent to $280.5 million, according to CoinMarketCap data.
The sudden surge has left crypto market enthusiasts wondering about virtual currency, and in this article, we will explore Kyber Network Crystal.
What is Kyber Network Crystal (KNC) crypto?
The KNC crypto is the governance and native utility token of Kyber Network. It acts as an integral part of the network and helps connect various stakeholders in its ecosystem.
The platform's website says Kyber Network is the liquidity infrastructure for decentralized finance (DeFi). It is a multi-chain crypto trading platform and claims to enable transactions at the best rates.
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In addition, the platform aims to become a liquidity hub for a decentralized economy. Kyber Network is looking to build protocols that support convenient value exchange in markets for non-fungible tokens (NFTs) and DeFi.
Apart from acting as a governance token for the Kyber Network, the KNC crypto uses cases like building a wide base for stakeholders. Additionally, holders of the KNC crypto can stake vote to get trading fees from the network's protocols.
The surge in the KNC crypto prices could be due to an announcement that it is back on the list of top purchased tokens by 1000 Matic whale wallets.
Also, Kyber Network tweeted information in which it revealed that the $6 million LUSD/ETH trade was made through Kyber's integration on B.Protocol, a file transfer protocol.
If the KNC crypto has caught your attention, then you can visit top cryptocurrency exchanges like Huobi Global, CoinTiger, and Binance.