Kyber Network (KNC) bucks the market-wide downtrend with a 57% gain in January

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Within the crypto market volatility continues to reign supreme, and worry, uncertainty and doubt (FUD) run rampant. This makes it difficult for any undertaking to rise above the noise and publish constructive worth good points however there are a number of initiatives which are displaying energy in the course of the present downturn. 

Kyber Community (KNC) is a multi-chain decentralized trade (DEX) and aggregation platform designed to supply decentralized finance (DeFi) purposes and their customers with entry to liquidity swimming pools that present the most effective charges.

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Knowledge from Cointelegraph Markets Pro and TradingView exhibits that since hitting a backside of $1.18 on Jan. 6, the worth of KNC has rallied 57% to a every day excessive at $1.87 on Jan. 27 regardless of the broader weak spot within the crypto market.

KNC/USD 4-hour chart. Supply: TradingView

Three causes for the robust displaying from KNC embody the discharge of Kyber 3.0, which included a rebrand to KyberSwap, the increasing record of DEXs built-in with the Kyber ecosystem and the widespread availability of KNC on centralized and decentralized exchanges.

The discharge of Kyber 3.0

Probably the most important growth driving momentum for the Kyber Community was the release of Kyber 3.0. The launch included a rebrand of the platform’s trade interface to KyberSwap and an integration with six blockchain networks, together with Ethereum, Polygon, Binance Good Chain, Avalanche, Fantom and Cronos.

On prime of the combination of a number of standard blockchain networks, the Kyber 3.0 improve was additionally designed to deal with among the greatest limitations in DeFi, like excessive fuel charges and the restricted entry some initiatives get by solely being obtainable on one trade.

Kyber has achieved its new performance via the implementation of dynamic market makers (DMM), which permits changes to be made to the important thing parameters of a liquidity pool based mostly on current price information and commerce quantity.

This strategy helps enhance issues which have been raised about automated market makers (AMM), together with lowering capital requirement, stopping front-running and mitigating impermanent loss.

Integration of recent DEXs

One other for the bullish momentum driving KNC larger has been the continued integration of recent decentralized trade protocols into the Kyber Community ecosystem.

Most just lately, KyberSwap integrated swimming pools from a number of DEX protocols together with ShibaSwap, DefiSwap, MMF, EmpirDEX, PhotonSwap, Morpheus, BeethovenX, Gavity, Cometh, DinoSwap and PantherSwap.

The brand new additions imply that the KyberSwap protocol now helps greater than 40 DEXs and 31,000 liquidity swimming pools throughout six main blockchain networks.

The builders at KyberSwap have additionally indicated that the assist and integration of further blockchain networks and decentralized exchanges is presently underway.

Associated: Kyber plans to become a hub for DeFi with massive DEX upgrade

Widespread availability of KNC on exchanges

KNC additionally has widespread availability on exchanges throughout the cryptocurrency ecosystem.

Prime-11 DEX tokens by presence on Exchanges. Supply: Twitter

As proven within the graphic above which was posted on Twitter by pseudonymous consumer ‘Cryptolaxy’, KNC is the second-ranked DEX token by the presence on exchanges and it’s presently obtainable on 80 separate exchanges.

The one different initiatives with related availability are ZRX with 105 trade listings and Uniswap at 76.

VORTECS™ information from Cointelegraph Markets Pro started to detect a bullish outlook for KNC on Jan. 22, previous to the current worth rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of information factors together with market sentiment, buying and selling quantity, current worth actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. KNC worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for KNC climbed into the inexperienced and hit a excessive of 79 on Jan. 22, round 35 hours earlier than the worth elevated 44% over the subsequent three days.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you need to conduct your personal analysis when making a call.