About Kyber Network Coin
Kyber Network price today is $1.39 with a 24-hour trading volume of $100,464,752. KNC price is up 2.4% in the last 24 hours. It has a circulating supply of 200 Million KNC coins and a max supply of 210 Million. Decoin is the current most active market trading it.
What is KNC?
KNC stands for Kyber Network Crystal and it is the governance token for the Kyber Network. KNC plays a critical role in determining the incentive system, building a wide base of stakeholders, and facilitating economic flow in the Kyber protocol.
What is Kyber Network?
Kyber Network is a decentralized exchange that provides on-chain liquidity that is applicable to any application, enabling value exchange to be performed seamlessly between different ERC20 tokens.
Kyber Network aggregates and maintains on-chain liquidity through a dynamic reserve pool whereby this pool contains all of the reserve entities in the system. Having multiple entities in the pool prevents monopolization and keeps exchange rates competitive.
Who founded Kyber Network?
Kyber Network successfully launched their testnet beta in August 2017. The founders of Kyber Network are Loi Luu and Victor Tran. Luu previously created Oyente, the first open-source security analyzer for Ethereum contracts, and co-founded SmartPool, a decentralized mining pool project. Tran is also a lead developer at SmartPool. The Kyber Network team has a well-rounded advisory board with the most notable member being Vitalik Buterin, the creator of Ethereum.
What problem does Kyber Network solve?
Developers can build payment flows and financial apps, including instant token swap services, ERC-20 payments, and innovative financial dApps – helping to build a world where any token is usable anywhere. Kyber’s vision is to be the single on-chain liquidity endpoint for takers and makers.
How does Kyber Network work?
Takers – Takers can be any users, wallets, exchanges or dApps that require the function of token swaps.
Maintainers – A governance body that determines which reserves get added into the Kyber Protocol and ensure that reserves adhere to its guidelines.
Reserves – Liquidity providers that supply tokens which are available for trading. Currently there are 4 reserve models available in the Kyber Network which includes Fed Price Reserve (FPR), Automated Price Reserve (APR), Bridge Reserve and a customizable option.
When a taker requests a trade, the protocol will scan the entire network to find the reserve with the best price and take liquidity from that particular reserve.
How does Kyber manage its risk?
To prevent bad actors in the reserve pool, Kyber Network has a few safeguards. The network will flag any exchange rate for special approval that is greatly outside the norm. To protect funds in a public reserve, Kyber makes all exchanges using them available through a transparent fund management model.
Types of Reserve Models
Fed Price Reserve – For professional market makers to perform on-chain market making by feeding in prices in a highly gas and capital efficient manner.
Automated Price Reserve – For token teams and users with large token holdings to have an automated yet customized pricing system with low maintenance costs
Bridge Reserve – Specialized reserves meant to bring liquidity from other on-chain liquidity providers like Uniswap into the network.
Customizable Option – Customize existing reserve models or create new ones from scratch to suit their own use cases and requirements.
What are the benefits of using Kyber Network?
Instant settlement – Transactions get approved immediately
No partially executed order – Trade is fully executed or reverted unlike most centralized and decentralized exchanges
Complete transparency – Transactions are verifiable by everyone
Simple integration – It is easy for other blockchain developers to build on top of its features