Since the start of 2020, Kyber’s native KNC token made almost 400% price increase

As the Decentralized Finance sector (DeFi) becomes more and more recognizable as a valid technology, the leading companies try to upgrade their networks to stay ahead of the competition. Kyber makes no difference as the company stated that the Kyber protocol would receive a drastic overhaul to the core system code. The upgrade, dubbed “Katalyst,” would come with a set of new features, such as KNC token staking, new KyberDAO decision-making mechanism, as well as liquidity improvements.

Kyber announced that the upgrade would bring greater liquidity and volumes “across the entire Kyber network, enabling projects to utilize Kyber as a single on-chain endpoint to best suit their needs.”
One of the most significant improvements in the “Katalyst” upgrade would be the option for users to stake some of their KNC tokens for an interest rate. The so-called “staking” mechanism uses the tokens to validate transactions. Also, staking would reduce the amount of unallocated KNC tokens, which will improve their market value.

The other significant overhaul includes the implementation of Kyber’s native Decentralized Autonomous Organization (DAO), dubbed KyberDAO. The algorithm would enable users to have governance on the network, giving users the chance to bring essential network discussions and reach a broad consensus. The decisions can range from token listings on Kyber’s exchange, proper utilization of the collected fees, as well as grants approval. According to a company blog post, ”KyberDAO improves the participation of token holders in the governance of the network, empowering public consensus to become real.”

The list of improvements includes customizable developer fees. Before the update, each developer receives 30% of the negotiated 0,25% fee. The customizable fee approach would boost decentralized applications (dApps) developers to build their products and services on Kyber’s networks. The new design also improves the way dApp developers build out their business models, as they can tailor their fees to suit different needs.

Kyber started as a crypto on-chain liquidity provider, which lets token holders experience enhanced liquidity via reserve management. The reserve exists on Kyber’s network in the form of a smart contract. The protocol behind Kyber has the power to instantly exchange and swap tokens by comparing the best price to its resources, rather than executing a traditional order-book matching transaction.

The new way users interact with the crypto market is among the most vital DeFi characteristics. The use of DeFi can be seen in businesses, dApps, swap protocols, payment systems, as well as both hot and cold wallets.

Meanwhile, Kyber’s native KNC token made a significant start of 2020, with the token recording close to a 400% price increase as of press time. On January 1, 2020, one KNC token exchanged for $0,18. Currently, KNC’s price reached $0.72, with a high of $0.97.

decentralization Dapps Defi Kyber Network

Cookie Policy uses cookies to enhance your experience. By continuing without changing your settings, you agree to this use. To provide the best blockchain and crypto media on the web for free, we also request your permission for our partners and us to use cookies to personalize ads. To allow this, please click "OK". Need more info? Take a look at our Cookie Policy.

OK Cookie Policy