Kyber Network (KNC) crypto: Why is its volume surging today?

Highlights

• Founded by Loi Luu, Victor Tran, and Yaron Velner in 2017, the Kyber Network Crystal (KNC) is a multichain liquidity protocol that provides secure and instant transactions on various decentralised applications (DApp).  
• The transactions on the Kyber crypto are verified by the Ethereum block explorer, thereby making it a genuinely on-chain protocol. 
• The 117th ranked KNC token was trading at US $2.87 with a trading volume of US$635,221,769 over the day, as per CoinMarketCap.  

Founded by Loi Luu, Victor Tran, and Yaron Velner in 2017, the Kyber Network Crystal (KNC) is a multichain protocol that provides safer and faster transactions on various decentralised applications (DApp). One of the main goals of the Kyber crypto is to ensure that the users have access to liquidity pools along with other DeFi, DApps, and DEXs. 

The transactions that take place on the Kyber crypto are verified by the Ethereum block explorer, thereby making it a genuinely on-chain protocol. This allows various projects to build their ecosystem on the Kyber Network and maximise their potential by harnessing its services. Kyber crypto is a multichain protocol that enables developers to create products and offerings without worrying about liquidity issues. 

Also read: Will Bain Capital’s US$560 mn fund see increased participation?

On 8 March, Kyber was listed on the hybrid liquidity DEX, IDEX platform, which saw it pull decent traction on its platform. But it seems that the listing had little effect as its governing token KNC was trailing on 9 March and was down by over 5%. 

All about Kyber crypto 

Kyber Network allows its users to swap the tokens without any requirement of an intermediary instantly. The user-friendly protocol allows easy integration of apps and other blockchain-based ecosystems. The Kyber Network also allows the users to earn farm rewards by depositing tokens and providing liquidity to the protocol.

Recently, the Kyber Network collaborated with one of the leading DeFi launchpads, Poolz Finance, which intends to help it to accelerate the growth of all other projects. Besides, the partnership allows Kyber to launch further projects on Poolz Finance.

Besides, another unique feature of the Kyber crypto is that it is perhaps one of the world's first dynamic market maker protocols (DMM). Kyber DMM is dubbed as a unique AMM, which has been designed to react to market conditions to optimise fees, maximise earnings, and provide good returns to the liquidity providers. 

Also read: 5 popular and frequently used Layer 1 cryptos 

How is Kyber Network crypto faring?

The 117th ranked KNC token was trading at US$2.87 with a trading volume of US$635,221,769 over the day, as per CoinMarketCap. At the time of drafting, it was down by 5.45%, with a fully diluted market cap of US $512,356,994 and 177,809,350 KNC coins in circulation.

Today's downtrend comes after registering gains of over 60.7% over the past 14 days. The price may be down, but it seems Kyber crypto is seeing a surge in its volume t as it was up 5.38% in the past 24 hours.

Conclusion

The Kyber Network project will hope that it can get back to the green zone in the coming days. Though the Kyber Network was expecting a turnaround in events after partnerships and listing on various other exchanges, it will take heart from the continued volume gains in the last one day. 

Today's dip also shows how volatile the crypto market can be. Last week, the token was up by 13%, giving hope to many. Therefore, all market participants should look into the possible investments, do proper research and then take a call.

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