Volatility continues to dominate the cryptocurrency market, and fear, uncertainty and doubt (RD&D) are widespread. This makes it difficult for any project to rise above the noise and show positive price growth, but there are a few projects that show strength in the current downturn.
Kyber Network (KNC) is a decentralized exchange (DEX) and multi-chain aggregation platform designed to give Decentralized Finance (DeFi) applications and their users access to better priced liquidity pools.
Data from Cointelegraph Markets Pro and TradingView show that since the low of $ 1.18 on January 6, the KNC price has risen 57% to a daily high of $ 1.87 on January 27, despite the weakness in the broader crypto market.
KNC / USD on the 4-hour chart. Source: Trading View
Three reasons for KNC’s strong performance include the release of Kyber 3.0, which included a rebranding of KyberSwap, an expanded list of DEXs integrated with the Kyber ecosystem, and the wide availability of KNCs on centralized and decentralized exchanges.
Cyber 3.0
The most important driving force for the development of the Kyber network was the release of Kyber 3.0. The launch included the renaming of the platform’s exchange interface to KyberSwap and integration with six blockchain networks including Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom and Cronos.
In addition to integrating many popular blockchain networks, the Kyber 3.0 update is also designed to address some of the biggest limitations of DeFi, such as high gas charges and the limited access that some projects get by having it on only one exchange.
Kyber has achieved its new functionality by introducing Dynamic Market Makers (DMM), which allows adjustments of key parameters for liquidity pool based on the latest fee and trading volume data.
This approach helps alleviate concerns associated with automated market makers (AMMs), including lowering capital requirements, avoiding leadership and reducing irreversible losses.
Integration of new DEXs
Another factor driving KNC’s growth has been the continued integration of new decentralized exchange protocols into the Kyber network’s ecosystem.
Recently, KyberSwap has compiled several DEX protocols, including ShibaSwap, DefiSwap, MMF, EmpirDEX, PhotonSwap, Morpheus, BeethovenX, Gavity, Cometh, DinoSwap and PantherSwap.
The new additions mean that the KyberSwap protocol now supports more than 40 DEXs and 31,000 liquidity pools across six large blockchain networks.
KyberSwap developers also noted that support and integration of additional blockchain networks and decentralized exchanges are currently underway.
Related: Cyber plans to become a DeFi hub with massive DEX upgrade
KNC is widely available on stock exchanges
KNC is also widely available on exchanges in the cryptocurrency ecosystem.
Top 11 DEX tokens by presence on exchanges. Source: Twitter
As shown in the chart above, which was posted on Twitter by a Cryptolaxy user under a pseudonym, KNC is the second most popular DEX token, currently available on 80 separate exchanges.
The only other projects with similar availability are ZRX with 105 IPOs and Uniswap with 76.
VORTECS fra data from Cointelegraph Markets Pro began to reveal positive prospects for KNC on January 22, ahead of the recent price increase.
The VORTECS men score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions taken from a range of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS result (green) compared to KNC price. Source: Cointelegraph Markets Pro.
As shown in the chart above, KNC’s VORTECS urdering valuation moved into the green and peaked at 79 on January 22, about 35 hours before the price rose 44% over the next three days.
