As a result of a series of global events, the outlook for projects in decentralized finance (DeFi), has improved in recent months.
Kyber Network (KNC) is a multi-chain cryptocurrency trading platform and liquidity hub that has seen a lot of interest in the last few months. It aims to provide users with the best trading rates.
Cointelegraph Markets Pro and TradingView data show that KNC prices rose 55.4% after rebounding from a low of $2.83 in April 6 and then hit an all-time high at $4.04 in April 8. This was despite a 253% increase in its 24-hour trading volume.
KNC/USDT 1-day chart. Source: TradingView
The three reasons KNC is gaining momentum include the integration support for ten different blockchain networks, the launch a liquidity mining program (AVAX), and an expanding list partnerships and protocol integrations that increase the reach of Kyber Network.
Kyber Network now offers multi-chain support
The protocol’s push for integration with top cryptocurrency chains is one of the most important factors that has given Kyber Network a boost.
KyberSwap is the principal decentralized exchange platform on the network. It now allows trading across ten networks including Ethereum (ETH), Avalanche (MATIC), BNB Smart Chain [BSC], Aurora, Arbitrum (FTM), Oasis, Fantom(FTM), Oasis, ROSE), Velas/VLX and Cronos (CRO).
Many crypto and DeFi investors will be accustomed to the fact that they can access multiple chains online as more chains become available.
KNC joins Avalanche Rush Phase 2.
A significant development that has contributed to increased trading activity on the Kyber Network, is the partnership between the Avalanche Network (and the Avalanche Rush Phase 2 liquidity miner program).
The liquidity incentive program was launched on March 21st and includes $1 million in rewards to liquidity providers.
Avalanche, a fast-growing Ethereum Virtual Machine compatible network (EVM), has helped to increase users and liquidity to the Kyber Network users. It offers a low-fee alternative for Ethereum.
Integration of protocols and new partnerships
The third reason behind the KNC’s momentum is the addition of major protocol integrations and new partnerships that continue to grow the network’s reach.
KyberSwap announced on April 7 that it had integrated with Uniswap v3 (Ethernet and Polygon networks), bringing the most active decentralized currency into the KyberSwap ecosystem.
The project also established a partnership with Bondex, the professional network, and Kyber Ventures (the investment arm of Kyber Network), to establish a working relationship.
VORTECS(tm), data from Cointelegraph Markets Pro, began to detect a bullish outlook on KNC on April 6, before the recent price increase.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It’s based on a combination data points, including trading volume, market sentiment and recent price movements, and tweet activity.
VORTECS(tm), Score (green) vs. the KNC price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for KNC spiked to the green on April 6, and reached a peak of 75 approximately nine hours later, before the price rose 55.4% in the following two days.
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