Kyber Network Made 57% Gain In January: Price Analysis

Kyber Network made 57% gains in January and shook off the current downtrend following the launch of Kyber 3.
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0 and the integration on various decentralized exchanges so let’s read more in today’s altcoin news.

In the crypto market, the volatility is still raging and the fear and uncertainty doubt is going rampant. This makes it hard for projects to rise above the noise and to post positive price gains but there are a few projects which are showing strength during the downturn like Kyber. Kyber Network made 57% gains in January and it is also a multi-chain decentralized exchange and an aggregation platform designed to provide decentralized finance applications with the users being able to access the liquidity pools whcih provide the best rates.

We're excited to announce Kyber 3.0 transitioning Kyber from a single protocol to a hub of purpose-driven liquidity protocols catered to various DeFi use cases. This is the biggest change to Kyber's architecture incl. the new DMM & a KNC Migration proposal https://t.co/pgffnUKjsx

— Kyber Network (@KyberNetwork) January 21, 2021

The data shows that since hitting a bottom of $1.18 at the start of the year, the price of KNC rallied 57% to a daily high at $1.87 despite the wider weakness on the market. Three reasons for the strong showing from the coin include the release of Kyber 3.0 which included a rebrand to KyberSwap the expanding list of DEXs that got integrated with the ecosystem and the widespread availability of KNC on centralized and decentralized exchanges. The biggest development driving momentum for eh network was the release of Kyber 3.0 and this launch included a rebrand of the platform’s exchange interface to KyberSwap and the integration of six blockchain networks like Polygon, Binance Smart chain, Cronos, Fantom, and Avalanche.

On top of the integration of other blockchain networks, the 3.0 upgrade was designed to address some of the biggest limitations in DEFI like high gas fees and the limited access some projects get by being available on the exchange. Kyber achieved its new functionality via the implementation of the dynamic market markers which allows adjustments to be made to the key parameters on the pool based ont the fee data and the trading volume. This approach helps to improve the concerns that were raised about automated market makers like reducing capital requirements, preventing front-running, and mitigating the impermanent loss.

Another for the bullish momentum driving KNC higher was the continued integration of new decentralized exchange protocols into the Kyber NEtwork ecosystem. KyberSwap also integrated pools from other DEX protocols like ShibaSwap, MMF, EmpirDEX, Morpheus, Cometh, and more. The new additions mean that the protocol now supports more than 40 DEXs and 31,000 liquidity pools.