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

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In the crypto market volatility continues to reign supreme, and concern, uncertainty and doubt (FUD) run rampant. This makes it difficult for any venture to rise above the noise and submit constructive worth beneficial properties however there are a couple of initiatives which might be exhibiting energy throughout the present downturn. 

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

Data from Cointelegraph Markets Pro and TradingView exhibits that since hitting a backside of $1.18 on Jan. 6, the worth of KNC has rallied 57% to a each day excessive at $1.87 on Jan. 27 regardless of the broader weak point within the crypto market.

KNC/USD 4-hour chart. Source: TradingView

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

The launch of Kyber 3.0

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

We’re excited to announce Kyber 3.0 transitioning Kyber from a single protocol to a hub of purpose-driven liquidity protocols catered to numerous DeFi use instances. This is the most important change to Kyber’s structure incl. the brand new DMM & a KNC Migration proposal https://t.co/pgffnUKjsx

— Kyber Network (@KyberNetwork) January 21, 2021

On high of the mixing of a number of standard blockchain networks, the Kyber 3.0 improve was additionally designed to handle a number of the largest limitations in DeFi, like excessive fuel charges and the restricted entry some initiatives get by solely being obtainable on one trade.

Kyber has achieved its new performance via the implementation of dynamic market makers (DMM), which permits changes to be made to the important thing parameters of a liquidity pool primarily based on latest price knowledge and commerce quantity.

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

Integration of recent DEXs

Another for the bullish momentum driving KNC increased has been the continued integration of recent decentralized trade protocols into the Kyber Network ecosystem.

Most just lately, KyberSwap built-in swimming pools from a number of DEX protocols together with ShibaSwap, DefiSwap, MMF, EmpirDEX, PhotonSwap, Morpheus, BeethovenX, Gavity, Cometh, DinoSwap and PantherSwap.

The 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 assist and integration of extra blockchain networks and decentralized exchanges is at present underway.

Related: Kyber plans to turn out to be a hub for DeFi with huge DEX improve

Widespread availability of KNC on exchanges

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

Top-11 DEX tokens by presence on Exchanges. Source: 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 solely different initiatives with related availability are ZRX with 105 trade 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 latest worth rise.

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

VORTECS™ Score (inexperienced) vs. KNC worth. Source: Cointelegraph Markets Pro

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

The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Every funding and buying and selling transfer entails danger, it’s best to conduct your individual analysis when making a call.

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