The Kyber Network is a platform composed of several liquidity protocols that aggregates liquidity from various sources to provide instantaneous and secure transactions on any of its decentralized applications. The main goal of the Kyber network is to provide an environment where Defi Dapps, decentralized exchanges, and other users of the crypto space can enjoy easy and secure access to liquidity pools at the best rate available.
All transactions executed on the Kyber network are on-chain, and that implies that they can be easily verified through any Ethereum block explorer. The way the system was created, allows for the development of other projects on top of its blockchain and gives them access to all the services offered by the network. Some of these include advantages such as instant token settlement, a customizable business model, and liquidity aggregation.
According to the team behind the development of the Kyber network, it was built to solve the issues attached to liquidity in the DeFi sector through a process that allows developers to construct products and services without having to bother about all their liquidity needs.
Who are the Founders of Kyber Network Crystal v2 (KNC)?
The Keyber Network as a whole first began its development in 2017 and was built on the Ethereum Blockchain. The system was pioneered and co-founded by Loi Luu, Victor Tran, and Yaron Velner. Presently, the company has its headquarters in Singapore.
Lulu, one of the founding parties, is an experienced blockchain researcher and is also credited as an advisor for several blockchain-based projects. In his earlier years in the workforce, he facilitated the development of Oyente, the first open-source security analyzer for smart contracts executed on the Ethereum blockchain. Later, he also helped co-found SmartPool, among a series of other decentralized projects.
Similarly, Victor Tran is also experienced in the tech field as he is a senior backend engineer and is also an administrator for the Linux system. Before becoming a part of the Kyber platform, he served as the CTO in Clixy and the 24/7 Digital Group. Additionally, he also served as a developer in the early stages of several Vietnam-based blockchain projects.
Yaron Velner is the present CEO of B.Protocol, a decentralized backstop liquidity protocol, and before that, he was a postdoctoral researcher. In late 2019, Kyber stepped down from his post as the CTO of the Kyber Network and now serves as an advisor to the system. The Kyber team is currently composed of several executive advisors, engineers, and designers. According to their official Linkedin profile, the company currently has over 50 employees, most of whom are mainly based in either Singapore or Vietnam.
What is Kyber Network Crystal v2 (KNC) used for?
In its original form, the Kyber network was created to serve as a solution to the recurring problem of liquidity in the blockchain industry. The system can achieve this goal by creating an environment where developers can easily access tools they need to use to build products and services geared towards solving other problems in the sector without having to be bothered about liquidity needs. The basic goal of the Kyber Network is to facilitate Defi applications, autonomous exchanges, and other users of the crypto sector with easy and fast access to volatility hubs at reasonable prices.
The KNC token is the dedicated cryptocurrency of the network and serves several purposes including the facilitation of transactions within the system. It can also be used as a store of value.
What Is the Unique Point of Kyber Network Crystal v2 (KNC)?
The Kyber Network is the first tool that was created in the blockchain sector that allows instantaneous token swap without the need to involve a third party, as in the case of centralized exchanges. The architectural structure of the Kyber network is designed in such a way that it is significantly developer-friendly, and that enables the easy integration of the protocol with other blockchain-based protocols and applications. In general, the Defi sector has several use cases and possibilities, as a result of this factor, no single liquidity system can cater to the needs of all the liquidity providers, the takers, and other participants of the market. The architecture of the Kyber network allows developers on the platform, as well as its team to rapidly innovate and integrate new protocols into the system as a whole, thus allowing it to be able to cater to the liquidity needs of different other platforms.
In April 2021, the Kyber system launched the world’s first dynamic market maker known as the Kyber DMM. The platform is a next-generation AMM that was designed flexibly that it can optimize fees while also maximizing earnings to enable significantly high capital efficiency for providers of liquidity in the industry, especially platforms that deal in stable currency pairs with low price range variability such as USDC/USDT.
The platform will also be able to support pools that have significantly high amplification factors, implying that given the same liquidity pool and trade size, the spillage can be 100x or even more which is a lot better than the offerings of regular AMMs. The liquidity providers can also maximize their capital usage and be open to earning significantly higher fees to the size of their contribution depending on their amplification strategy. Taker on the other hand also enjoys very low spillage on their trades.
How many Kyber Network Crystal v2 (KNC) coins are in circulation?
In May 2021, the Kyber Network Crystal V2 had a total supply of 210 million; and of that amount, a number totaling slightly above 200 million was recorded to be in circulation. The KNC token is dynamic, and with the KyberDAO system, the ability to vote to increase or decrease the supply to drive innovation, and rewarding early adopters of new protocols introduced by the system such as Kyber DMM, and also bootstrap liquidity.
The Kyber network concluded its initial coin offering on the 15th of September, 2027 and the exercise raised a total of $52 million through the sale of each KNC token at 0.00166 ETH. According to the official distribution paper of the platform, 61.06% of tokens were sold in the ICO, 19.47% were kept for the founding partners, the advisory parties, and seed investors, and the leftover 19.47% was reserved for the company.
Is the Kyber Network Crystal v2 (KNC) Network secured?
The KNC token is an ERC-20 standard token and as such, it was developed and is also secured by the Ethereum blockchain. In addition to the security provisions made by the Ethereum network, Kyber also uses an extensive trust and security model which protects users from fraudulent administrators or exchanges, due to the security measures built in the system at both the protocol and smart contract level.
The Kyber platform has also been audited by a variety of third-party research and security firms, one of which includes Chainsecurity, which has determined that the protocol is majorly secure and also free from vulnerabilities.
How do I buy Kyber Network Crystal v2 (KNC)?
The issue of liquidity has been combating the blockchain industry repeatedly for several years. As such, the contribution of the Kyber network to the blockchain sector has been major, which has, in turn, made the cryptocurrency Token generally more mainstream and available across several exchanges. These KNC tokens can be purchased by the modes below.
- Open a trading account with a crypto exchange
- Then, deposit a specific amount of fiat money into the account
- Wait till the transaction has been approved, then purchase KNC tokens.
Which Cryptocurrency Wallet Supports Kyber Network Crystal v2 (KNC)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Kyber Network Crystal V2 (KNC). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their KNC wallet because it offers a simple and interactive interface making it easy for people to navigate its system.