Volatility in the crypto market continues to be a major issue. Fear, uncertainty, and doubt (FUD), are rampant. It is difficult for any project to rise above noise and post positive price increases, but there are some projects that have shown strength in this downturn.
Kyber Network (KNC), a multi-chain, decentralized exchange (DEX), and aggregation platform, is designed to provide Decentralized Finance (DeFi) applications with access to liquidity pools that offer the best rates.
Cointelegraph Markets Pro and TradingView data show that the price of KNC rose 57% since Jan. 6 when it hit a low of $1.18, despite the weakness in the crypto market.
KNC/USD 4-hour chart. Source: TradingView
The strong performance of KNC is due to three factors: Kyber 3.0’s release, which included a rebranding to KyberSwap and an expanding list of DEXs that are integrated with the Kyber ecosystem. Also, KNC is widely available on both centralized and decentralized exchanges.
Kyber 3.0 is now available
The release of Kyber 3.0 was the most important development for the Kyber Network. This launch saw a redesign of the exchange interface on KyberSwap, as well as integration with six blockchain networks including Ethereum, Polygon and Binance Smart Chain.
We are excited to announce Kyber 3.0, which will transform Kyber from a single protocol into a hub for purpose-driven liquidity protocols that cater to different DeFi use cases. This is the most significant change in Kyber’s architecture. the new DMM & a KNC Migration proposal https://t.co/pgffnUKjsx
January 21, 2021 — Kyber Network (@KyberNetwork).
The Kyber 3.0 upgrade not only integrates multiple popular blockchain networks but also addresses some of the most significant limitations in DeFi like high gas costs and limited access for some projects due to being only available on one exchange.
Kyber’s new functionality was achieved by the implementation of dynamic marketplace makers (DMM). This allows adjustments to key parameters of a liquidity pool that are based on trade volume and fee data.
This approach reduces concerns about automated marketmakers (AMM) and helps to mitigate impermanent losses.
Integration of new DEXs
The continued integration of decentralized exchange protocols within the Kyber Network ecosystem is another reason for the bullish momentum that has driven KNC higher.
Recently, KyberSwap incorporated pools from multiple DEX protocols, including ShibaSwap. DefiSwap. MMF. EmpirDEX. PhotonSwap. Morpheus. BeethovenX. Gavity. Cometh. DinoSwap.
These new additions make KyberSwap now support for more than 40 DEXs, and 31,000 liquidity pools across six of the major blockchain networks.
KyberSwap developers also confirmed that support for additional blockchain networks is underway and will integrate decentralized exchanges.
Related: Kyber plans a massive DEX upgrade to make it a hub for DeFi
KNC is widely available on exchanges
KNC is also widely available on all exchanges in the cryptocurrency ecosystem.
Top 11 DEX tokens based on their presence on Exchanges Source: Twitter
The graphic below, which was tweeted by a pseudonymous user “Cryptolaxy”, shows that KNC is currently available on 80 different exchanges.
ZRX has 105 exchange listings, and Uniswap is at 76.
VORTECS(tm), data from Cointelegraph Markets Pro, began to detect a bullish outlook on KNC on January 22, before the recent price increase.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is derived from a combination data points, including trading volume, market sentiment and recent price movements, as well as Twitter activity.
VORTECS(tm), Score (green) vs. the KNC price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for KNC rose into the green, reaching a peak of 79 on January 22, just 35 hours before the price surged 44% over three days.
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