The outlook for decentralized finance (DeFi) projects has improved in recent months as a combination of global events has highlighted the benefits of holding funds outside of traditional financial systems.
One project that has rallied in recent months is Kyber Network (KNC), a multi-chain cryptocurrency trading and liquidity hub that aims to provide users with the best trading rates.
Data from Cointelegraph Markets Pro and TradingView shows that after rebounding from a low of $2.83 on April 6, the price of KNC jumped 55.4% to hit an all-time high of $4.04 on April 8 , amid a 253% rise in 24-hour trading volume.
Three reasons for KNC’s growing momentum are the integration of support for ten separate blockchain networks, the launch of a liquidity reduction program with Avalanche (AVAX), and a growing list of partnerships and protocol integrations expanding the reach of the Kyber network.
Kyber Network adds support for multiple chains
One of the biggest factors giving Kyber Network a boost is the protocol’s push to integrate with the top chains across the cryptocurrency ecosystem.
KyberSwap, the main decentralized exchange interface on the network, now offers trading across ten separate networks including Ethereum (ETH), Avalanche, Polygon (MATIC), BNB Smart Chain (BSC), Aurora, Arbitrum, Fantom (FTM), Oasis ( ROSE), Velas (VLX) and Cronos (CRO).
Interoperability has become one of the main themes driving growth not only in DeFi but in all sectors of the crypto economy as the ability to send assets and data across multiple chains is a necessary feature in the future of DeFi, the NFT Sector of the Metaverse, is.
As more chains come online, the ability to access them via a single protocol is a desirable feature that many crypto and DeFi investors will come to expect.
KNC participates in Avalanche Rush Phase 2
Another significant development that has helped increase awareness and trading activity on the Kyber network is the project’s partnership with the Avalanche Network and the Avalanche Rush Phase 2 liquidity reduction program.
The Liquidity Incentive Program started March 21 and includes a total of $1 million in awards to liquidity providers.
Avalanche is one of the fastest growing Ethereum Virtual Machine (EVM) compatible networks in the cryptocurrency ecosystem and has helped attract more users and liquidity to Kyber network users by offering a low-cost alternative to Ethereum.
New partnerships and protocol integrations
A third reason for the growing momentum behind KNC is the continued addition of new partnerships and key protocol integrations that help expand the reach of the network.
On April 7th, it was announced that KyberSwap has been integrated with Uniswap v3 on the Ethereum and Polygon network, bringing the most active decentralized exchange to the KyberSwap ecosystem.
The project has also uncovered a new partnership with professional network Bondex, and Kyber Ventures, the investment arm of the Kyber Network, has established a working relationship with Pegacy, a popular NFT racing game.
Cointelegraph Markets Pro VORTECS™ data began spotting a bullish outlook for KNC on April 6, ahead of the recent price surge.
Exclusive to Cointelegraph, the VORTECS™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements, and Twitter activity.
As seen in the chart above, the VORTECS™ score for KNC went green on April 6, peaking at 75 for about nine hours before the price surged 55.4% over the next two days.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
https://cointelegraph.com/news/kyber-network-knc-soars-after-integrating-with-uniswap-v3-and-avalanche-rush-phase-2 Kyber Network (KNC) is booming after integrating with Uniswap v3 and Avalanche Rush Phase 2