The decentralized finance (DeFi) boom shows no sign of slowing, with Kyber Network (KNC) recording 29% growth leading into Thursday, July 2. The renewed surge by the Ethereum-based token comes just days ahead of the next major upgrade for Kyber Network—dubbed Katalyst.
The Katalyst upgrade, scheduled for July 7, promises to bring a host of technical improvements to the decentralized liquidity protocol, and will also introduce the KyberDAO (decentralized autonomous organization).
This will enable KNC holders to stake their tokens and vote on governance proposals, while receiving Ethereum (ETH) payouts in return, according to an official Kyber blog post.
What is Kyber Network?
Kyber Network began development in 2017 as a decentralized liquidity protocol built for the Ethereum blockchain. By holding ERC20 tokens in reserve in special smart contracts, Kyber enables users to trade any Ethereum token quickly, without the need for a centralized exchange.
In the crypto world, most communities and projects have their own token. Many times these tokens are required to use their own protocol. If you don’t already hold that token, you must go to an exchange and exchange your token for the required token–a cumbersome step. This is where Kyber Network comes in. The project wants to enable any token holder to easily convert one token to another with a minimum of fuss.
In this article, we explore how Kyber got started and its mission to provide seamles...
It has already been implemented in numerous popular mobile wallet apps, including Trust and Enjin—as well as in web browsers such as Brave and Opera.
In the 24 hours leading up to Thursday, July 2, the dollar value of the KNC token increased by 29%—climbing from $1.19 to $1.54. It marks a two-year high for KNC, returning it to a valuation not witnessed since June 2018.
Kyber Network's recent surge returned it to a price point not witnessed since June 2018. Image: Coinmarketcap
Given the current “yield farming” trend in DeFi, Kyber’s current surge could be seen as the result of “farmers” getting in early ahead of the staking launch.
Yield farmers are earning as much as 100% APR on popular stablecoins on a good day in the field. On a bad day, losses can be steep, but the potential for big profits has drawn hundreds of millions into DeFi in the past week.
While depositing capital into a smart contract to earn a return is nothing new to DeFi, yield farming has become more attractive in the recent weeks as protocol teams are increasingly incentivizing liquidity providers (LPs) by distributing their native token. That means tra...
Yet Kyber Network’s value has been on the rise since the turn of the year, when one token was priced at a mere $0.18. The token price had already more than doubled by the time it received the boon of a Coinbase listing on February 27. In June, Kyber protocol adopted Chainlink’s (LINK) blockchain oracle technology for use in updating its on-chain price feeds. Ultimately, Kyber Network’s 755% growth since January marks it out as one of the best performing digital assets of 2020.
After the Katalyst upgrade is implemented on July 7, users can begin staking KNC tokens immediately, and can expect to receive their first batch of ETH payouts two weeks later. No minimum or maximum stake is required.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Top college football prospect Matai Tagoa’i is set to join football stars like Russell Okung, Odell Beckham Jr., and Trevor Lawrence by receiving his compensation in Bitcoin.
The linebacker will be paid part of his earnings via the Strike app after signing a “name, image, and likeness” (NIL) deal with the University of Southern California (USC).
The exact details of his package are not known, but some college football players, such as Shedeur Sanders, have received estimated payouts of up to $4....
The world’s largest asset manager BlackRock just debuted a new advertisement proselytizing the virtues of Bitcoin, but rather than cheer on the Bitcoin ETF issuer for its efforts, Bitcoiners aren’t happy.
The video, which is housed on the iShares Bitcoin Trust (IBIT) ETF page on BlackRock’s website, spends three minutes walking viewers through the evolution of money and key fundamentals of Bitcoin.
One of those fundamentals is Bitcoin’s 21 million fixed token supply.
While the video explains t...
El Salvador may have reached a deal with the International Monetary Fund that will see the tiny country scale back its Bitcoin law—but it’s still going to “HODL.” And it might even step up its BTC buys.
That’s according to Stacy Herbert, the head of El Salvador’s National Bitcoin Office, who wrote on X (formerly known as Twitter) Thursday that the country may even continue buying the cryptocurrency at an “accelerated pace” going forward.
El Salvador in 2021 made Bitcoin legal tender along with...
