About Kyber Network Crystal (KNC)
Kyber Network is a decentralized protocol built to aggregate liquidity for a variety of blockchain-based environments, such as decentralized applications (DApps), cryptocurrency wallets, and decentralized finance (DeFi) platforms. The project, which is registered and headquartered in Singapore, was founded in 2017 and reportedly raised over $60 million in capital within the same year.
Kyber was developed atop the Ethereum blockchain network, allowing for instant on-chain transactions with readily available liquidity. It seeks to simplify the process of aggregating prices to find the best rates for decentralized exchanges (DEXs) and other crypto exchange-based ecosystems.
Recently KyberSwap, the decentralized exchange operated by Kyber Network, experienced a significant security incident, resulting in the loss of roughly $46 million in cryptocurrency assets. This breach, impacting the KyberSwap Elastic protocol, led to a swift decrease in the platform's overall value locked (TVL).
The network’s native cryptocurrency, Kyber Network Crystal (KNC), is an ERC-20 digital token. As a result of The Merge, it now utilizes a Proof-of-Stake (PoS) consensus mechanism for block validation.
KNC unlocks a multifaceted value proposition, extending beyond its governance function. This includes reduced transaction fees on KyberSwap, exclusive access to newly launched features and functionalities on the Kyber Network platform to community-driven rewards. Holding KNC allows holders to participate in the KyberDAO and leverage their voting power to influence the network's trajectory.
The current price of KNC is updated and available in real time on Binance.