KNC

Overview of KNC

Kyber Network Crystal (KNC) is a type of cryptocurrency token developed by the Kyber Network. Founded in 2017 by Loi Luu, Victor Tran, and Yaron Velner, it operates in the decentralized finance sector of the crypto market. KNC is utilized within the Kyber Network to facilitate transactions and incentivize participation in the network. It operates on the Ethereum blockchain, therefore it is stored in Ethereum-compatible wallets such as MyEtherWallet, Ledger, and Trezor. KNC can be traded on several popular exchange platforms including Binance, Huobi, OKEx, HitBTC, and CoinBene.

Pros and Cons

What Makes KNC Unique？

The Kyber Network Crystal (KNC) differentiates itself from other cryptocurrencies through its unique functionality within the Kyber Network—an on-chain liquidity protocol that facilitates token swaps in a decentralized and trustless manner. Instead of merely serving as a medium of exchange, KNC is used to facilitate operations within the network.

Network participants including reserves, token projects, and liquidity providers are required to use KNC to pay for transaction fees. Additionally, a part of the collected fees are burned, decreasing the overall supply of KNC and potentially impacting its value over time. This 'burning' mechanism is a distinctive characteristic of KNC, as not many other cryptocurrencies utilize a deflationary model.

How Does KNC Work？

Kyber Network Crystal (KNC) is the native utility token of the Kyber Network, a decentralized liquidity protocol that aggregates liquidity from various sources to facilitate instant and secure crypto transactions. KNC plays a multifaceted role within the ecosystem. It's used by liquidity providers as a reserve to facilitate token swaps, ensuring seamless conversions between different cryptocurrencies. Additionally, KNC holders can stake their tokens in the KyberDAO, participating in governance decisions, voting on key proposals, and earning rewards. This decentralized approach ensures that the network remains transparent, efficient, and offers the best rates for users, making KNC integral to the protocol's functionality and growth.

Exchanges to Buy KNC

Several leading cryptocurrency exchanges support trading of the Kyber Network Crystal (KNC) token. Typically, these exchanges offer trading pairs with other popular cryptocurrencies or fiat currencies. Here are ten such exchanges:

1. Binance: As one of the largest cryptocurrency exchanges globally, Binance supports multiple KNC trading pairs. This includes pairs with Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH), and USD Tether (USDT).

2. Coinbase Pro: Coinbase Pro, the advanced trading platform provided by Coinbase, offers KNC trading pairs with USD and Bitcoin (BTC).

3. Kraken: Kraken is another well-known exchange that supports KNC. The available trading pairs on Kraken include KNC/USD, KNC/EUR, and KNC/BTC.

4. Huobi: Based in Singapore, Huobi provides multiple KNC trading pairs, including KNC/USDT, KNC/BTC, and KNC/ETH.

5. OKEx: OKEx supports several KNC trading pairs. They include KNC/USDT, KNC/BTC, and KNC/ETH.

How to Store KNC？

Kyber Network Crystal (KNC) tokens can be stored in any wallet that supports Ethereum-based tokens, as KNC is an ERC-20 token based on the Ethereum blockchain.

FAQs

Q: What is Kyber's On-Chain Liquidity Protocol？

A: Kybers on-chain liquidity protocol enables decentralized atomic token swaps, making tokens usable across various applications, platforms, and ecosystems.

Q: How can I use Kyber's on-chain liquidity protocol？

A: Kyber's protocol can be used via KyberSwap for retail token swaps or integrated into decentralized projects using the Developer Portal.

Q: How open is the on-chain liquidity protocol？ Do I need to register to access it？

A: Kybers protocol is open to all, with no registration required, though some products utilizing the protocol may have specific restrictions.

Q: What are the properties of Kyber's on-chain liquidity protocol that power different applications and atomic payments？

A: The protocol is platform-agnostic, designed for real-world commerce, easy integration, transparency, and facilitates fast on-chain transactions.

Q: What is the utility of KNC in the on-chain liquidity protocol？

A: KNC is an ERC-20 utility token vital for the operation of reserves, with 3rd party token reserves purchasing KNC to pay for their operation.