What is Kyber Network? Kyber Network Crystal v2 (KNC) Coin Overview

• Kyber Network Overview
• What is Kyber Network?
• How does Kyber Network work?
• Outstanding benefits when using Kyber Network's products and services
• KyberSwap
• KyberDAO
• Kyber Network project development roadmap
• Kyber Network developers, advisors, investors and partners
• Kyber Network Crystal v2 (KNC) Coin Overview
• Kyber Network Crystal v2 (KNC) Token Basics
• Kyber Network Crystal v2 (KNC) Token Distribution
• The best place to store and buy Kyber Network Crystal v2 (KNC) tokens today
• Should you invest in Kyber Network and Kyber Network Crystal v2 (KNC)?
• summary

Kyber Network Overview

What is Kyber Network?

Kyber Network is a center of liquidity and cryptocurrency trading on various platforms such as Ethereum, Polygon, BNB Chain, Avalanche… The project's goal is towards building and developing new solutions, creating favorable conditions. value exchange on DeFi applications and NFT marketplaces , allowing users to trade at the best rates. 

How does Kyber Network work?

Key components of Kyber Network

To understand how the Kyber Network works, we need to look at the main components of the project to provide exchange services. Key components of Kyber Network include: 

• Smart contracts : Provide infrastructure that allows swapping and trading from one token to another.
• Reserves : Provides liquidity to the network
• Takers: Executing transactions and taking liquidity out of the network (Dapps, exchange providers and crypto wallets)

Kyber Network's Reserve Model

Liquidity on the Kyber network relies entirely on reserves. When a user initiates a transaction, the network conducts a search of the available reserves to select the best available rate offered by the taker currently. 

There are three main types of reserves that provide takers with the ability to instantly convert tokens at unbeatable prices: 

• Price Feed Reserves : PFR serves as an alternative protocol for market makers, using price feeds to calculate conversion rates and store this data. in smart contracts. The reserves are then introduced to the smart contract participants to calculate the token conversion rate.
• Automated Price Reserves : The APR serves liquidity to the network and relies on smart contracts to provide rates for available tokens. All APR transactions are performed on the Kyber Network blockchain and smart contracts are used to store tokens and exchange them with other users.
• Bridge Reserves : Bridge Reserves is responsible for enhancing the liquidity of the network by accessing other decentralized exchanges such as Uniswap, SushiSwap, etc. 

For example

You want to exchange ETH for KNC:

1. You deposit your ETH into the Kyber Network smart contract
2. The contract then queries all the data in the Kyber Network liquidity pool to find out where the ETH to KNC exchange rate is the best.
3. The contract then sends ETH to the liquidity pool at the best rate just received in exchange for KNC
4. Finally, the liquidity team will deposit your KNC

Although the above transaction is done through many steps, they are all completed in a single blockchain transaction. If something goes wrong, your transaction will be canceled and rolled back to the beginning. In addition, all exchange rates provided by the protocol are publicly verifiable and verifiable if you query smart contracts.

Outstanding benefits when using Kyber Network 's products and services

Simple integration

Unlike off-chain systems, Kyber allows blockchain applications to easily integrate with its various protocols, thereby saving time and operational resources.

Optimizing the exchange rate

Kyber guarantees the best rates for traders, Dapps… by sourcing liquidity from various liquidity protocols.

High transparency and safety

All activity in the Kyber Network takes place and is verifiable on the blockchain. Anyone can monitor this information and activities of Kyber Network.

High liquidity

Currently, Kyber has announced that it will reserve a large amount of tokens to provide high liquidity to users. As a result, you will likely receive the token immediately upon making your transaction.

KyberSwap

DeFi's first multi-chain Dynamic Market Maker and the main protocol in the Kyber liquidity hub. KyberSwap is both an exchange (DEX) and an effective source of liquidity for liquidity providers, using technologies developed by Kyber Network.

KyberSwap owns a dynamic trade router (Dynamic Trade Routing) with the ability to aggregate liquidity and allows users to generate liquidity on various decentralized exchanges. This helps the platform always get the best exchange rate for any order, on any supported blockchain network. Additionally, users can still trade tokens that are not listed on KyberSwap but are available on other DEXs.

KyberSwap is audited by ChainSecurity and insured up to US$20 million by Unslashed Finance.

KyberDAO

In July 2020, Kyber Network kicked off the Katalyst network upgrade and introduced KyberDAO, a decentralized autonomous organization (DAO) that allows KNC holders to participate in the management of the Kyber Network.

KNC holders can now stake their tokens for KyberDAO. This will allow them to participate in voting on various proposals related to the development and operation of the Kyber Network. Investors only receive the full staking reward if they vote on all proposals in each epoch (each proposal lasts about two weeks).

Kyber Network project development roadmap

In August 2017, Kyber successfully launched its beta testnet. By Q1 of 2018, Kyber had released the mainnet. For the rest of 2018, the team added, focused support, developed KyberSwap, and created a set of developer-specific APIs. The next major milestone for Kyber Network is the implementation of Gormos, a scaling solution that uses Plasma and supports KNC staking.

At the moment, May 2022, the Kyber team has not yet given a specific roadmap for the future project. Here are some recent Kyber Network updates.

December 2021:

• Renamed Kyber Dynamic Market Maker (DMM) to KyberSwap
• Set up a campaign with Sipher to increase the Ethereum liquidity of this token to US$50 million
• New DEX trading experience based on ZK-Rollups

In the year 2022:

• Scaling and deploying across multiple networks, including Near and Aurora
• Better liquidity and more tokens listed
• Develop Ethereum L2 scaling solutions like ZKyber

Kyber Network developers, advisors, investors and partners

Development team

Kyber Network was created and founded by Loi Luu, Victor Tran and Yaron Velner. All three are computer scientists with a remarkable breadth of knowledge and experience:

• Loi Luu (Co-Founder and CEO) : Loi graduated from Vietnam National University, Hanoi, majoring in Computer Science and studied for a doctorate in physics and computer science at the National University of Singapore. He is the only Vietnamese with a PhD in blockchain security technology so far as well as one of the 10 most prominent innovators under the age of 35 in the technology field in the Asia Pacific region (Innovators). Under 35 Asia Pacific) – list published by MIT Technology Review magazine in 2018. Currently, he is also a blockchain consultant for Kambria in Silicon Valley, California and Sygnum in Switzerland.
• Victor Tran (Co-Founder and Chief Engineer) : Victor graduated from University of Technology, Vietnam National University, majoring in Computer Science. Victor Tran is also a technical advisor for Bigbom ICO, Midas Protocol, Smart Pool…
• Yaron Velner (Co-Founder and Chief Technology Officer) : He holds a PhD in Computer Science from Tel Aviv University. Yaron Velner was a security expert at Google and Cyota. He used to teach computer science courses at the Herzliya Interdisciplinary Center, Israel. Velner is also the co-founder of SmartPool, which is an open source, decentralized mining pool for Ethereum-based tokens.

Adviser

Besides, Kyber Network also has an extremely powerful team of consultants with famous names in the blockchain field such as Vitalik Buterin (Ethereum Co-Founder), Leng Hoe Lon (Financial Market Manager). in Singapore, Brunei and Australia of Standard Chartered Bank), Simon Seojoon Kim (CEO and Partner Development at Hashed)….

Investors and partners

In September 2017, Kyber Network's ICO took place and raised US$60 million in funding (equivalent to 200,000 ETH). After that, the project continued to receive investment from many famous investment funds such as IOSG Ventures, 8 Decimal Capital, Fenbushi Capital, Chain Capital, Hashed, Fund Basic Labs, Amino Capital, Plasma Capital...

Currently, Kyber Network has cooperated with more than 100 different projects on many platforms such as Ethereum, BNB Chain, Avalanche… Some partners in specific fields such as:

• Storage wallets: Trust Wallet, imToken, MyEtherWallet, Enjin, Matcha, ParaSwap…
• NFT: Decentraland, Multis, Sapien, StablePay, Axie Infinity, Bullionix, Blockimmo, EthCC…
• DeFi: Zapper, AAVE, CoTrader, Fulcrum, DeFi Saver, Instadapp..
• DEX: Uniswap, Oasis, Curve, SushiSwap, Bancor…

Kyber Network Crystal v2 (KNC) Coin Overview

Kyber Network Crystal v2 (KNC) is the utility and governance token of Kyber Network. KNC holders can participate in staking, vote at KyberDAO for upgrade proposals, receive transaction fees from Kyber Network.

Kyber Network Crystal v2 ( KNC) token basics

• Token name: Kyber Network Crystal
• Ticker: KNC
• Blockchain: Ethereum
• Token Standard: ERC-20
• Token Type: Utility, Governance
• Contract: 0xdefa4e…e97202
• Total Supply: 226,000,000 KNC
• Circulating Supply: 198.281,381 KNC

Kyber Network Crystal v2 ( KNC) Token Distribution

• Developers and Mentors: 19.47%
• Reserve: 19.47%
• Airdrop: 0.81%
• Public Sale: 26.7%
• Private Sale: 33.55%

Released in 2017, almost all KNC tokens have been distributed and circulated on the market.

The best place to store and buy Kyber Network Crystal v2 ( KNC) tokens today

You can buy and sell KNC on many major cryptocurrency exchanges such as Binance, OKX, Huobi, Coinbase, KyberSwap…

KNC is a token issued according to ERC-20 standard and compatible with e-wallets that support Ethereum tokens such as MetaMask, Ledger, Trezor, etc.

Should you invest in Kyber Network and Kyber Network Crystal v2 (KNC)?

On April 28, 2022, KNC peaked at $5.7, up nearly 400% from 2021 low before correcting. According to CoinMarketCap, with more than 200 million KNC circulating on the market, the market capitalization of this cryptocurrency has risen to the 80th position in terms of market capitalization. With this success, Kyber Network is the third Vietnamese blockchain project with a token reaching a billion dollar market cap after Axie Infinity and Coin98 from 2021.

According to many experts, the main driver behind this growth of KNC comes from KyberSwap expanding access to 11 different blockchain networks and integrating with Uniswap v3. Not long after that, KNC also suffered a strong correction according to the general trend of the market.

Kyber Network's goal in the future is to continue to refine the product and strengthen its position as an open solution that powers the liquidity and swapping power of the entire DeFi ecosystem. As DeFi becomes more and more popular and growing, Kyber Network and KNC can grow even more strongly.

summary

Above is the basic information about the Kyber Network project and the Kyber Network Crystal v2 (KNC) coin. Kyber Network is an open source protocol that aggregates liquidity and enables decentralized token exchange. This technology of Kyber Network can be integrated into decentralized applications (Dapps), cryptocurrency wallets and decentralized exchanges to optimize exchange rates and transaction fees that users pay. In addition, the project also self-developed KyberSwap exchange which is the first Dynamic Market Maker with many attractive features and KyberDAO for users who own KNC. 

For more details about the project, readers can view information at the media channels:

Website | Telegram | Twitter | Facebook | Discord | Medium | _ _ Youtube | Github

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