The outlook for projects in the decentralized finance (DeFi) sector has started to improve in recent months, as a combination of global events has highlighted the benefits of keeping funds outside of traditional financial systems.
One project that has picked up in recent months is Kyber Network (KNC), a multi-chain cryptocurrency liquidity and trading hub that aims to offer users the best trading rates.
Data from Cointelegraph Markets Pro and TradingView shows that after bouncing off a low of $2.83 on April 6, KNC price surged 55.4% to hit an all-time high of $4.04 on April 8 amid a 253 surge. % on your 24-hour trading volume.
Three reasons for KNC’s push include integrating support for ten separate blockchain networks, launching a liquidity mining program with Avalanche (AVAX), and an expanding list of partnerships and protocol integrations that extend the reach of the Kyber Network. .
Kyber Network adds multi-chain support
One of the biggest factors driving the Kyber Network is the protocol’s push to integrate with major chains across the entire cryptocurrency ecosystem.
KyberSwap, the leading decentralized exchange interface on the network, now offers trading on ten separate networks, including Ethereum (ETH), Avalanche, Polygon (MATIC), BNB Smart Chain (BSC), Aurora, Arbitrum, Fantom (FTM), Oasis (ROSE), Sails (VLX) and Chronos (CRO).
Interoperability has become one of the main themes driving growth not only in DeFi, but in all sectors of the crypto economy because the ability to send assets and data across multiple chains is a necessary feature in the future of DeFi. , the NFT sector and the metaverse.
As more chains come online, the ability to access them via a protocol is a desirable feature that many crypto and DeFi investors will look forward to.
KNC Joins Phase 2 of Avalanche Rush
Another significant development that has helped bring more attention and business to the Kyber Network is the project’s partnership with the Avalanche Network and the Avalanche Rush Phase 2 liquidity mining program.
The liquidity incentive program began on March 21 and includes a total of $1 million in rewards for 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 associations and protocol integrations
A third reason momentum behind KNC is building is the continual addition of new partnerships and major protocol integrations that are helping to expand the reach of the network.
On April 7, it was announced that KyberSwap has integrated with Uniswap v3 on the Ethereum and Polygon network, bringing the most active decentralized exchange to the KyberSwap ecosystem.
The project also revealed a new partnership with professional network Bondex and Kyber Ventures, the investment arm of the Kyber Network, established a working relationship with Pegacy, a popular NFT racing game.
VORTECS™ data from Cointelegraph Markets Pro began spotting a bullish outlook for KNC on April 6, prior to the recent price rally.
Cointelegraph’s exclusive VORTECS™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter.
As seen in the chart above, KNC’s VORTECS™ Score spiked into the green on April 6 and reached a high of 75 around nine hours before the price surged 55.4% over the next two days.
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