Investors rush into Kyber Network (KNC) as it prepares for a major protocol upgrade

Investors rush into Kyber Network (KNC) as it prepares for a major protocol upgrade
фото показано с : cryptoslate.com

2020-3-25 19:00

On-chain metrics reveal that demand for Kyber Network is surging expotentially amid a major protocol upgrade that will occur later this year.

Staking is on the horizon

Kyber Network is an on–chain liquidity protocol that allows users to swap tokens in any decentralized application. The protocol has been dominating the headlines after the significant price increase its native token, Kyber Network Crystal (KNC), has gone through over the last few months.

In mid-December 2019, KNC was hovering around $0.17 and not so long ago it peaked at a high of $0.90. While many cryptocurrencies in the industry have been affected by the global financial meltdown, Kyber has managed to keep a year-to-date (YTD) return of nearly 90 percent.

KNC/USD by TradingView

The significant amount of interest that investors have shown for KNC appears to be correlated with the recent announcement of a major protocol upgrade that is scheduled for Q2 2020. Dubbed Katalyst, this upgrade will enable KNC holders to stake their tokens and participate in protocol governance through the KyberDAO.

Deniz Omer, the head of ecosystem growth at Kyber Network, believes that Katalyst will push forward the level of engagement that all users of the protocol have.

Omer said:

“Now that we’ve watched all [our] experiments play out, it’s time for Katalyst. We know our contracts work, and we know there’s a strong ecosystem behind us. With those pieces in place, it’s time to build the Kyber DAO and make all those users active participants in this stakeholding experiment.”

Kyber Network’s popularity explodes

While the stakes are high, data from Glassnode reveals that the hype surrounding the upcoming upgrade is real. As a matter of fact, the growth of KNC holders has gained significant momentum since mid-February after being stagnant for almost two years.

Number of Addresses With 1 KNC or More by Glassnode

Now, holders—addresses with holding periods of over a year—consist of nearly 80 percent of all KNC addresses while traders—addresses with a holding period of less than a month—have doubled over the past month, according to IntoTheBlock.

Ownership by Time Held by IntoTheBlock

Along the same lines, the trading volume on the platform exploded during the recent market crash. Glassnode reported that Kyber Network facilitated nearly $30 million in trades over a period of 24 hours. This represents a new record in the history of the protocol.

Kyber Network’s Trading Volume by Kyber Tracker

As Katalyst approaches, Kyber Network has proven to be a solid project within the Decentralized Finance ecosystem. Not only has KNC been able to keep a YTD return of nearly 90 percent, but also the network itself has experienced a massive growth.

Time will tell whether the upcoming upgrade will meet the expectations that KNC holders have set into this project.

The post Investors rush into Kyber Network (KNC) as it prepares for a major protocol upgrade appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

BlockMason Credit Protocol (BCPT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.04 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0137562 (-100%)

protocol network kyber major upgrade chain decentralized

protocol network → Результатов: 126


Decentralized insurance protocol Nexus Mutual integrates Chainlink oracles

Nexus Mutual, a peer-to-peer risk sharing mutual built using smart contracts and blockchain technology, announced today it is now using Chainlink’s price reference data contracts for decentralized valuations of its multi-currency capital pool Chainlink’s decentralized oracle network will bring transparent and accurate on-chain valuations to Nexus Mutual’s multi-currency capital pool.

2020-3-5 20:39


Фото:

Wielding the Tools of Liberty: Exploring Wendy McElroy’s Latest Book ‘The Satoshi Revolution’

When Satoshi Nakamoto launched the Bitcoin network, not only was the protocol a breakthrough in computer science, but it transformed the way society perceives money, economics, and freedom. “The Satoshi Revolution” written by Wendy McElroy delves into the transformative technology Nakamoto introduced 11 years ago by exploring the evolution of this new money.

2020-2-26 20:01


Privacy blockchain Enigma launches mainnet; settles with SEC over ENG token

Enigma, a decentralized, open-source protocol that lets anyone perform computations on encrypted data, today announced two significant events related to the development of the Enigma network. The Enigma team has reached a settlement with the US Securities and Exchange Commission (SEC), and the first Enigma mainnet was successfully launched on February 13th, 2020.

2020-2-20 20:37


Фото:

Altcoin Explorer: Kyber Network, the On-Chain Liquidity Protocol Leading the DeFi Sector

Kyber Network is an on-chain liquidity protocol that powers decentralized applications, from exchanges and funds to lending protocols and payments wallets. In recent months Kyber has experienced tremendous growth due to the development of decentralized finance and has managed to establish itself as one of the reference protocols for this new sector.

2020-2-13 12:00


Google Cloud Joins Hedera Hashgraph’s Governing Council To Instill Protocol Reliability

Google Cloud is now a member of the distributed ledger firm Hedera Hashgraph’s governing body, as an announcement from Tuesday says. This is from a blog post from the cloud-focused business unit reads: “As part of our council membership, Google Cloud will operate a Hedera network node, and make the ledger data available for analytics alongside […]

2020-2-11 20:20


NKN launches dataRide: Messaging, streaming and file transfer service for human or machine

NKN, a P2P network connectivity protocol and ecosystem powered by a novel public blockchain, announced today the launch of dataRide, a decentralized PaaS (Platform as a Service) for fast, reliable, secure and low cost messaging, streaming and file transfer service for person to person, machine-human as well as machine-machine communication.

2020-2-11 12:48


NetCents integrating Lightning Network into crypto merchant payment gateway

NetCents, a cryptocurrency payments solutions provider, announced today that it is integrating the Lightning Network into its crypto merchant gateway. The Lightning Network is a “layer 2” payment protocol that operates on top of blockchain-based cryptocurrencies; enabling near-instant transactions with low or non-existent blockchain fees for users regardless of network congestion.

2020-2-6 18:48


Разработчик Telegram Open Network обнародовал детали алгоритма консенсуса платформы

Сооснователь Telegram Николай Дуров описал схему работы алгоритма консенсуса Catchain Consensus Protocol, лежащего в основе блокчейн-платформы Telegram Open Network (TON). Catchain Consensus: An Outline by ForkLog on Scribd Catchain является алгоритмом Byzantine Fault Tolerant (BFT), то есть поддерживает функциональность сети даже в тех случаях, когда некоторые ее узлы ненадежны или вредоносны. Catchain будет работать до […]

2020-2-6 12:05


TTC blockchain DApp ecosystem project Tigris Protocol now open-source

TTC, a decentralized token-incentivized protocol for social network services and online communities, announced today it has made the decision to open-source the Tigris Protocol project. Tigris Protocol is a set of decentralized finance (DeFi) solutions operating on a TTC blockchain that offers a range of services, such as staking, collateralized debt, and Tigris Rewards Programs.

2020-1-31 14:16


Sign-up Early to Get Free Access to the Insights Online Summit

What is the Insights Summit? The all online summit co-hosted by FinNexus and Wanchain features expert speakers from top blockchain projects such as Polkadot, Band Protocol, Kava Labs, NKN, Longhash, Nuo Network, Chainlayer, and more! The presentations cover a wide array of topics including those related to blockchain development, technology, marketing, adoption, analysis, media, and […] The post Sign-up Early to Get Free Access to the Insights Online Summit appeared first on NullTX.

2020-1-23 08:19