This DeFi cryptocurrency has brought in 600 percent profits this year
A dollar invested in KNC crypto tokens in early 2020 is now worth $ 6. The rally appeared amid escalating enthusiasm for decentralized finance projects. KNC, itself a DeFi crypto, operates Kyber, one of the most active decentralized exchanges in terms of volume.
The token is now also at the center of a large number of cyber operations, which include staking, delegation and collateral. Traders are optimistic about KNC because of its upcoming demand as the Kyber network continues to expand. The encouraging mood has led to the price of crypto rising from $ 0.7 to $ 1.7 in less than a month. Market observers assume that growth will continue in the third quarter. And they have plausible reasons for it.
The Kyber Network team has successfully brought the KNC to the popular crypto exchanges . On Tuesday, the Kraken exchange announced that it would list fiat-enabled cyber pairs on its platform, a move that will allow traders to sell and buy KNC directly for / via US dollars and euros.
High-profile partnerships
The explosive price recovery of the KNC in 2020 is also evident in the fact that the Kyber network is securing huge investments from some of the leading blockchain companies.
ParaFi Capital, for example, bought KNC tokens as part of a strategic partnership to support the Kyber team in gaining new customers. The investment company will also support Kyber in upgrading the decentralized stock exchange to offer market-making services at bank level.
Kyber has also partnered with Chainlink , Digifox Wallet, Chicago DeFi Alliance, Origin Protocol and others. KNC also serves as security for the issue of MakerDAO's DAI stablecoins.
Network upgrade
The decentralized Kyber exchange recently launched a protocol upgrade called “Katalyst”, a move that changed the KNC economy for the benefit of its investors.
The KNC holders can now use or delegate their tokens via KyberDAO to make changes to the KNC network parameters. The announcement came when Kyber's volume reached a significant $ 1 billion milestone, the highest in the DeFi ecosystem, according to DappRadar. Most noteworthy is the fact that in 2020 alone, around $ 600 million in trading volume was won.
