The price Kyber Network today is 2.63 USD, and the trading volume in 24 hours - 75,240,695 USD. The crypto asset has grown by 0% over the day. Currently, the coin’s market capitalization is 538,453,128 USD, and has 205,045,092 coins in circulation with the max supply of 143,812,629 coins KNC.
What is the Cyber Network (KNC)?
Kyber Network is one of a number of DeFi cryptocurrencies seeking to create an alternative to traditional exchanges where users can buy and sell crypto assets. This means that the Kyber Network operates exclusively through code, a distributed network of software users, and the Ethereum blockchain. To achieve this goal, the Kyber team has created three tools designed to work on Ethereum:
- protocol for decentralized exchange,
- Application Programming Interface (API) for asset conversion
- KNC cryptocurrency, which helps users manage their maintenance and operation.
Together, these tools have already helped launch KyberSwap, a decentralized exchange application that allows users to exchange crypto assets without a central order book or operator.
Instead, the conversion rates for available assets are built directly into the protocol, and the commission is paid only in Ethereum. The KNC cryptocurrency is used as payment for key operations outside the exchange, including voting on software rule updates.
Who created the Kyber Network?
The crypto project was created by Loi Luu, Victor Tran and Yaron Welner in 2017. At the time, the Kyber team raised 200,000 ETH (approximately $ 50 million) as part of the initial coin offering of its KNC cryptocurrency. During the sale, 226 million KNC was created, most of which was sold to buyers and investors.
The software was launched on the Ethereum blockchain in February 2018.
What is unique about the Kyber Network?
To understand how the Kyber Network works, it is important to understand the components of the network that together help provide exchange services. These include:
- Smart contracts-provide the infrastructure for trading and exchanging tokens.
- Reserves-offer liquidity to the network.
- Takers - making transactions and getting liquidity from the network. (Examples include Dapps, vendors, and wallets.)
The Kyber Network reserve model relies on reserves to provide liquidity. This means that when a user initiates a trade, the network searches for available reserves to find the best available bid offered by buyers.
There are three main types of reserves that give recipients the ability to instantly convert tokens at the most competitive price:
1. Price Flow Reserves (PFR) - PFR acts as an alternative to the protocol for market makers, using price flows to calculate conversion rates and store this data in smart contracts. The reserves then direct participants to a smart contract to calculate the token conversion rate.
2. Automated Price Reserves ( aprs)-APR serve the network's liquidity and rely on smart contracts to determine rates for available tokens. All APR transactions are executed on the Kyber Network blockchain, and smart contracts are used to store tokens and exchange them with other users.
3. Bridge Reserves-Bridge reserves are responsible for increasing liquidity through access to other decentralized exchanges (such as Uniswap). In the past, Kyber Network reserves had to hold KNC to pay network fees. However, the network update removed this feature, eliminating friction for reserves. Kyber Network collects commissions in ETH, some of which are sent to these reserves, which collect them depending on the amount of liquidity provided.
How many KNC tokens are in circulation?
At the moment, the number of tokens in circulation is more than 201 million. KNC. In October 2017, the Kyber network burned more than 10 million rubles. KNC, bringing the maximum offer down to about 226 million KNC.
- To own your crypto assets, you need to manage your own private keys.
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- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.