Crypto Corner: a profile on KNC

We’re back to tell you all about another cryptocurrency! This time, we’re getting to know Kyber Network Crystal (KNC), which went live in the Wirex app back in June this year.

So, if you’re wondering what it’s all about, let us fill you in.

What’s it all about?

KNC is the native token of the Kyber Network, a blockchain-based liquidity hub that aggregates liquidity to enable instant exchanges of ERC-20 tokens. Liquidity is sourced from a variety of reserves, including token holders, market makers and decentralised exchanges, and added to a single liquidity pool on the network. Users are then able to execute instant token swaps at low rates, without the use of a trusted third party.

The network also provides developers with the tools they need to easily integrate their own decentralised projects - like dapps, exchanges or wallets - into Kyber.

The Kyber Network is governed by a decentralised community of KNC holders known as KyberDAO that decides on the protocol’s future upgrades and developments.

What can you do with KNC?

KNC is a utility token which acts as the “glue that connects different stakeholders in Kyber’s ecosystem.” Its primary function is to be staked in KyberDAO for the chance to vote on important network decisions. In return, KNC holders receive trading fees collected from trading activities on the network.

Just like any other cryptocurrency, KNC can also be bought and exchanged - you can do so in the Wirex app at exclusive live OTC rates. Plus, you can also spend it in real life with your multicurrency Wirex card.

Who came up with the idea?

Kyber Network was founded by Loi Luu, Victor Tran and Yaron Velner in 2017. Based in Singapore, the project raised 200,000 ETH ($51 million) in an ICO of KNC. The software then went live on the Ethereum blockchain in February 2018.

Ethereum’s own founder, Vitalik Buterin, acts as an advisor for the company.

At the time of its ICO, there were 226 million KNC minted, 61% of which were sold to the public. The remaining 39% are controlled 50/50 by the company, founders and advisors.

KNC is seen as a rare ICO success - its value increased 800% since late 2019 and the network managed to maintain its position as one of the top DEX protocols even throughout the Covid-19 pandemic in 2020.

Any fun facts?

If you’re a Star Wars fan and you still haven’t put two and two together - the name Kyber Network Crystal does indeed come from the kyber crystals used to power lightsabers. And KNC powers the Kyber Network. Get it?