Why is Kyber Network Crystal v2 (KNC) crypto rising?

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 Why is Kyber Network Crystal v2 (KNC) crypto rising?
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Highlights:
  • Kyber Network is the liquidity protocols' hub with a collection of liquidity from several sources for providing secure and instant transactions on any DApps.
  • All the transactions on the platform are on-chain, meaning they can be verified without any challenges using any Ethereum block explorer.
  • The utility token of the Kyber Network is KNC.

The Kyber Network Crystal v2 (KNC) crypto has gained traction in the market, evident by the recent rally in its prices. The KNC token was priced at US$2.97 at 7:15 am ET on March 15, up 10.11%, while its one-day volume was up over 120.86% to US$245.40 million.

What is Kyber Network (KNC) crypto?

Kyber Network, built on top of Ethereum blockchain, can be described as the liquidity protocols' hub with a collection of liquidity from several sources for providing secure and instant transactions on any decentralized applications (DApps).

It primarily aims to enable decentralized finance (DeFi), decentralized applications (DApps), decentralized exchanges (DEXs), and other related accesses to liquidity protocols for the users' best interests.

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All the transactions on the platform are on-chain, meaning they can be verified without any challenges using any Ethereum block explorer.

On the Kyber network, various projects can be built using the solutions provided by the protocol.

It intends to solve the liquidity issues in the DeFi sector by enabling the developers to build products and solutions without worrying about liquidity for different requirements.

The KNC token is the utility token of the Kyber network that the holders can stake in the KyberDAO for governing the platform and voting on essential aspects of the project. In addition, it can also be used to earn staking rewards in Ethereum (ETH) obtained through trading fees.

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Why is it rising?

The token has increased significantly in recent days for various latest developments in the Kyber network.

Meanwhile, they have recently announced a new KyberSwap feature, TrueSight, through which users can view the trending tokens on the discovery page of its website.

Investors have lauded the announcement and piled around the token, pushing its prices higher.

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Kyber Network (KNC) crypto price and performance                                                   Source: *Data provided by CoinMarketCap.com

Bottom line:

The KNC token price surged 59.49% in the last 30 days and 111.14% in a year. The Kyber Network is based in Singapore and co-founded by Victor Tran, Loi Luu and Yaron Velner.

However, despite the robust returns of the KNC token, investors should carefully evaluate the asset before considering an investment, as the crypto market is highly volatile.

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