Are you a crypto aficionado? If yes, then you must be familiar with the Kyber Network protocol and the Crystal token.
Technology-backed cryptocurrencies and algorithmic software seem to be in charge of the realm of decentralized finance (DeFi), with Blockchain being the most talked-about issue. Kyber Network (KNC, native token) is an Ethereum-based crypto asset that is one of the must-have beauties among crypto assets. Kyber Network can be used to move tokens from a variety of crypto wallets, dApps, and DeFi platforms.
Are you interested in learning more about Kyber Network and making a KNC investment?
Let's analyze Kyber Network's specifics and its importance to the DeFi ecosystem before looking at Kyber Network price prediction.
The Kyber Network was established in 2017 and is built on decentralized blockchain technology that allows tokens to be transferred without the requirement of a middleman. It also provides liquidity for DeFi apps, allowing KyberSwap to integrate over 100 DeFi apps. Kyber Network is managed by KyberDAO, a decentralized autonomous organization run by DAO (its native token) holders.
Yaron Welner, Loy Luu, and Victor Tran are among the members of the Kyber Network team. Loy Luu co-founded SmartPool and built Oyente, and brought his excellent technical knowledge to the team. Yaron Welner has been active in the Ethereum bug-hunting program and Tran is also the principal developer for SmartPool.
As the Blockchain protocol is at the heart of the KNC coin, programmability is its primary focus. It allows users to gain from digital money and other marketplace transactions.
Kyber Network allows developers to create and work on smart contracts that automatically carry out tasks under particular situations. Kyber Network has been committed to upgrading the protocol regularly to provide enhanced security, usability, and decentralization.
Does it sound interesting to you? Let's dive deeper to understand its features and how it works.
Liquidity is a phrase used in the Cryptocurrency ecosystem to define the ability to swap an asset without significantly impacting the volume of trading activity in a market, as well as the capacity to swiftly cash it out. Moreover, liquidity is crucial for user-friendly markets, but new DeFi protocols can make it difficult to establish and retain this functionality.
In traditional financial markets, liquidity providers are centralized firms such as financial institutions or banks. Using centralized enterprises to supply liquidity in DeFi marketplaces, on the other hand, would be in direct opposition to the ecosystem's decentralized ethos. As a result, permissionless protocols like Kyber Network have gained traction, with the goal of creating a world in which any value token can be used for swaps in any wallet, payment services, or other financial products.
The Kyber network, which is listed on prestigious cryptocurrency exchanges such as Upbit, Binance, provides traders with a secure platform. The Singapore-based company has excellent potential in the future, forming several partnerships and collaborations. It allows for lower fees and a more comprehensive range of digital assets to choose from and make investments.
The momentum for Kyber Network (KNC) has intensified due to successful tie-ups, resulting in creating a vast smart contract ecosphere. The Kyber network has fashioned spectacular growth due to its DeFi platform powered by Blockchain.
Kyber Network is a collection of smart contracts that may be developed on any Blockchain that supports smart contracts, albeit it is only available on Ethereum as of December 2020. The protocol collects liquidity from a variety of sources, such as market makers, token holders, and decentralized exchanges, and consolidates it into a single network-wide liquidity pool.
Anyone can contribute to the Kyber network's liquidity. Kyber Network's three core users (vendors, dApps, and crypto-wallets) may execute quick token swaps without the need for a middleman.
Every trade in the KNC network includes the token that represents the fundamental asset. Ether (ETH) acts as this token in the Ethereum version of the protocol; hence any transaction must include an ETH for another token exchange.
To understand it clearly, let's pretend you wish to exchange BAT for DAI.
The first step is to submit BAT to a smart contract on the Kyber Network. After that, the contract searches all of its funds to obtain the best BAT to ETH exchange rate. The BAT is subsequently sent to the reserve that offers the best BAT to ETH conversion rate.
Then, ETH is sent to the contract by the reserve, and the contract searches for the best ETH to DAI conversion rate. Following that, ETH is sent to the reserve by the contract with the best ETH to DAI exchange rate. Finally, you will receive your DAI from the reserve.
KyberDAO allows KNC holders to participate in the governance of Kyber Network, allowing them to vote on the network's reserve rebates, fee model, and other ideas by staking their tokens and earning ether-based staking rewards.
KNC is a staking token with a deflationary supply, which will decrease with time. As of December 2020, KNC is just an ERC-20 token. However, Kyber Network expects it to be adopted on additional Blockchains in the future. Despite this, its supply will be regulated as if it were a single token, and Kyber Network is working on technology to allow KNC to be transferred between blockchains.
Kyber Network's comprehensive protocol is known as an on-chain, decentralized solution to liquidity issues over DeFi's platforms, as well as ecosystem-wide usefulness for ERC-20 tokens.
Even if it is tough to anticipate prices for Cryptocurrencies, making a Kyber Network price prediction is complex due to the high market volatility and the significant trading influence on asset values. However, fundamental and technical analysis is still possible with the help of algorithms and statistics.
To find out if KNC deserves a spot in your portfolio, let us look at the historical price behavior of KNC.
Following its debut in 2017, KNC's first large price increase (from $1 to $4) came around the beginning of 2018, suggesting a large surge in early investor interest. For the rest of 2018 and 2019, it increased at a much slower rate. During these years, its price fluctuated around $0.50.
Nonetheless, it has been steadily increasing since the beginning of 2020, with some sharp drops in between. Since March, the price of Kyber Network has been above $0.50.
Surprisingly, the KNC price fluctuated substantially between $0.45 and $1.60 when all other currencies were performing poorly. As a result, Kyber Network (KNC) was able to gain investor confidence and saw a considerable surge in adoption. At the time of writing, the Kyber Network was trading for around $2.06.
The cryptocurrency market has seen a tremendous surge in sentiment this year. Traders and investors have begun to bet on the long-term KNC trend, resulting in favorable price estimates for the entire year. As a result, the price of Kyber Network is expected to grow to roughly $3.7 (before rising to $4.2), making it a sure-fire asset for your portfolio.
In 2022, the KNC coin is predicted to follow the same optimistic trajectory as in 2021, making an investment in the coin beneficial. Following the upswing pattern versus the US dollar, Kyber Network's price may approach $5, showing that the company's post-pandemic reflection is pretty spectacular.
The year 2023 may not be ideal for increasing the price of KNC, especially if competitors catch up and exhibit resistance, or markets show a slump, keeping the price of KNC at $6.5 in 2023.
Even though such possibility does not exist amidst bulls riding the Crypto market, Kyber Network's price will rule with a stunning performance across the $7 mark in 2024, proving that the KNC price can not only endure but even expand gradually under difficult conditions.
Because of the recovering international economy, 2025 could be a watershed moment for KNC, as the Kyber Network pricing is predicted to top $8 (post-pandemic). With widespread adoption, KNC's price is predicted to rise to around $8.3 (an all-time high record) by the end of 2025, or even to $9 by the start of 2026.
The KNC token prices are viewed differently by each market. Let's take a look at them now:-
Trading Beasts is bullish on the price of KNC, predicting that it will reach $5 by 2024.
Many Kyber Network initiatives are testing products and forming creative partnerships, resulting in a price increase for Kyber Network, which is expected to be around $3.797 in five years.
According to Wallet Investor's Kyber Network price forecast, the currency would lose more than half of its current value by the first quarter of 2022, resulting in a price drop to $3.87.
Kyber Network's price is expected to reach $10.39 by 2022, following a continuous long-term and short-term price increase.
According to Digital Coin Price specialists, the KNC coin has a negative condition. Pessimistic traders, or bears, will push Kyber Network, like other Crypto heavyweights, lower. By the end of 2021, it may surprise investors by barely breaking even at $5.
The price of Kyber Network is projected to be $6 by Gov Capital by the end of 2025.
Based on the price behavior of the KNC coin and market sentiment, we believe that the price of Kyber Network may reach $2.50 by the end of 2021. It is only possible if the project's team consistently establishes innovative partnerships and upgrades its product.
The Kyber Network has become one of the most admired coins in the DeFi ecosystem because of its ability to inject liquidity into the market without the help of any intermediary.
When making investments, it's important to remember that there are some risks involved, such as Cryptocurrency prices are highly volatile, which is advantageous if you want to make quick money. However, it is always preferable to acquire or sell assets that you can play with and estimate the price.
Despite high volatility, Is KNC a good investment?
KNC is indeed a good investment but it does not mean that it will make you an overnight billionaire. Investments give positive results only when they are kept for a long period of time. The same holds true for KNC. It is a good investment for long-term investors.
Kyber Network team works hard to make the KNC coin more reliable and secure for the traders through innovative product upgrades and partnerships. All these efforts lead to a hike in investor trust, thereby a significant price rise of the coin.
It is discovered that the various markets have an optimistic mindset in terms of Kyber Network price prediction. However, there are no false promises with respect to an overnight price rise and making traders billionaires instantly.
At the same time, there is no hopelessness. The growth of the network and its native token depends upon its widespread adoption. Consequently, the price of Kyber Network is estimated to fluctuate between $2 and $2.5 by the end of 2021. Hence, before investing any money, investors must conduct rigorous due diligence on the currency and investments should be made strategically and prudently.