Kyber Network (KNC) bucks the market-wide downtrend with a 57% gain in January


Within the crypto market volatility continues to reign supreme, and worry, uncertainty and doubt (FUD) run rampant. This makes it difficult for any challenge to rise above the noise and put up optimistic worth positive aspects however there are a number of initiatives which are exhibiting energy through the present downturn. 

Kyber Community (KNC) is a multi-chain decentralized alternate (DEX) and aggregation platform designed to offer decentralized finance (DeFi) purposes and their customers with entry to liquidity swimming pools that present the perfect charges.

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Information from Cointelegraph Markets Pro and TradingView reveals that since hitting a backside of $1.18 on Jan. 6, the value of KNC has rallied 57% to a day by day excessive at $1.87 on Jan. 27 regardless of the broader weak spot within the crypto market.

KNC/USD 4-hour chart. Supply: TradingView

Three causes for the robust exhibiting from KNC embrace the discharge of Kyber 3.0, which included a rebrand to KyberSwap, the increasing listing of DEXs built-in with the Kyber ecosystem and the widespread availability of KNC on centralized and decentralized exchanges.

The discharge of Kyber 3.0

Probably the most important growth driving momentum for the Kyber Community was the release of Kyber 3.0. The launch included a rebrand of the platform’s alternate interface to KyberSwap and an integration with six blockchain networks, together with Ethereum, Polygon, Binance Good Chain, Avalanche, Fantom and Cronos.

On prime of the combination of a number of in style blockchain networks, the Kyber 3.0 improve was additionally designed to deal with a number of the greatest limitations in DeFi, like excessive gasoline charges and the restricted entry some initiatives get by solely being obtainable on one alternate.

Kyber has achieved its new performance by way of the implementation of dynamic market makers (DMM), which permits changes to be made to the important thing parameters of a liquidity pool based mostly on current payment knowledge and commerce quantity.

This strategy helps enhance considerations which were raised about automated market makers (AMM), together with decreasing capital requirement, stopping front-running and mitigating impermanent loss.

Integration of recent DEXs

One other for the bullish momentum driving KNC larger has been the continued integration of recent decentralized alternate protocols into the Kyber Community ecosystem.

Most not too long ago, KyberSwap integrated swimming pools from a number of DEX protocols together with ShibaSwap, DefiSwap, MMF, EmpirDEX, PhotonSwap, Morpheus, BeethovenX, Gavity, Cometh, DinoSwap and PantherSwap.

The brand new additions imply that the KyberSwap protocol now helps greater than 40 DEXs and 31,000 liquidity swimming pools throughout six main blockchain networks.

The builders at KyberSwap have additionally indicated that the help and integration of further blockchain networks and decentralized exchanges is at present underway.

Associated: Kyber plans to become a hub for DeFi with massive DEX upgrade

Widespread availability of KNC on exchanges

KNC additionally has widespread availability on exchanges throughout the cryptocurrency ecosystem.

High-11 DEX tokens by presence on Exchanges. Supply: Twitter

As proven within the graphic above which was posted on Twitter by pseudonymous person ‘Cryptolaxy’, KNC is the second-ranked DEX token by the presence on exchanges and it’s at present obtainable on 80 separate exchanges.

The one different initiatives with related availability are ZRX with 105 alternate listings and Uniswap at 76.

VORTECS™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for KNC on Jan. 22, previous to the current worth rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mixture of information factors together with market sentiment, buying and selling quantity, current worth actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. KNC worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for KNC climbed into the inexperienced and hit a excessive of 79 on Jan. 22, round 35 hours earlier than the value elevated 44% over the subsequent three days.

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Each funding and buying and selling transfer includes danger, it’s best to conduct your individual analysis when making a call.