Continuing the series of articles about Coin and Token Of TechtipsnreviewToday, let’s learn about Kyber Network (KNC) coin.
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What is Kyber Network (KNC)?
Kyber Network (KNC) is a token built on Ethereum’s ERC-20 platform.
KNC Token is an integral part of Kyber Network. KNC Token can be considered as the glue that connects the participants in the Kyber Network ecosystem.
Kyber Network (KNC) Coin Basics
- Ticker: KNC
- Contract: 0xdd974d5c2e2928dea5f71b9825b8b646686bd200
- Decimal: 18
- Blockchain: Ethereum
- Token Standard: ERC-20
- Token type: Utility
- Avg. Transaction time: n/a
- Total Supply: 214,937,099 KNC
- Circulating Supply: 150,982,698 (70.02%) KNC
Kyber Network (KNC) rate today
What is Kyber Network (KNC) used for?
Use KNC Token to join Kyber Reserves (those who create liquidity for the network)
In it, 3rd parties (reserve KNC Token) must have KNC to pay their operating fees on the network. In other words, Kyber Network is paid with KNC Tokens from the reserves (Kyber Reserves).
This 3rd party (reserve KNC Token) can be: Token Holders, Token Team, Decentralized Funds, Market Makers.
Using KNC Token is used to pay commissions to the participants to expand the network
Kyber Network is a method that allows users or participants to convert (Swap) the token or coin they are holding, to another token or coin.
Parties join and integrate this feature into their product, or platform. These people will receive a commission every time a Swap transaction is successful.
This commission will help motivate 3rd parties to participate in expanding Kyber Network’s network. These parties can be dApps, Wallets, or businesses,…
Use KNC Token to pay transaction fees in the network
In Kyber Network’s network, you will have to pay fees in KNC Token.
The KNC Tokens obtained from this fee will be removed from the market by Kyber Network. This helps reduce the amount of KNC Token in circulation over time.
Below is an overview of wallets, dApps, websites, vendors, .. that are providing/integrating services of Kyber Network. In which, KNC Token is used:
Kyber Network (KNC) transaction fees
Kyber Network (KNC) is a token built on Ethereum’s ERC-20 platform.
When trading or transferring KNC Token, you will have to bear the following fees:
When making withdrawal / deposit of the exchange (Binance exchange)
- Deposit fee: Free
- Withdrawal Fee: 3.7 KNC
When transferring between wallets, you will have to pay Ethereum’s Transaction Fee.
Transaction Fee: Refer at following link.
Attention: Different exchanges will have different KNC Token withdrawal fees.
How to earn and own Kyber Network (KNC)
Buy KNC Token directly on exchanges
You can own KNC by buying it on Crypto-to-Crypto exchanges like regular Cryptocurrencies.
Or you can exchange (Swap) it with other Crypto coins right on the Kyber Network platform.
Earn KNC Tokens by becoming Kyber Network Swap Service Providers and get KNC as reward for every successful transaction.
Kyber Network (KNC) Storage Wallet
Kyber Network (KNC) is an ERC-20 token that can be stored on all wallets that support ERC-20.
- Soft wallet: Ethereum Wallet, MyEtherWallet, Meta Mask Wallet, Binance Exchange Wallet, …
- Hardware wallet: Ledger, Trezor, imToken
Kyber Network Exchange (KNC)
Currently KNC Token is being traded on 41 Cryptocurrency exchanges.
Here is a list of exchanges with the largest KNC Token trading volume:
- 24.01% 55 Global Markets
- 16.49% Binance
- 14.37% Coineal
- 11.04% Bithumb
- 5.13% DragonEX
Trading volume in trading pairs:
| 46.40% KNC/BTC |
| 20.70% KNC/ETH |
| 18.30% KNC/KRW |
| 11.90% KNC/USDTB |
| 2.70% Others |
The Future of Kyber Network (KNC)
According to Kyber Network’s 2019 plan announcement, there are 5 key areas that they focus on developing, including:
- End User Token Swaps
- Exchanges and Trading
- Payments For NFT and Commerce
- Decentralized Finance
- Liquidity Providers.
Under this plan, Kyber Network will expand their market. This is to bring more benefits to the participants, and at the same time increase the demand for using KNC Token in the network.
Besides, as services that require payment in KNC increase, the amount of KNC collected by Kyber Network and removed from circulation will increase. This helps to increase the scarcity of KNC Token.
Should you invest in Kyber Network (KNC)
Market Cap of KNC Token at the time of writing (April 8, 2019) is $46,984,326 – ranked 108th in the ranking of KNC Token. CoinMarketCap on market capitalization.
The total circulation of the current KNC Token (Circulating Supply) is 150,982,698 accounting for 70.02% of the total supply of 214,937,099 KNC.
Kyber Network also has 16 Kyber Reserves and supports over 70 tokens.
Kyber’s ecosystem is expanding, so the need to own KNC Token to become Kyber Reserves also increases.
You should make your own judgment about the potential and investment opportunities in Kyber Network (KNC).
summary
Today’s article is to provide information about Kyber Network (KNC) coin, so that you have an additional reference source.
Therefore, if you have any other opinions, please leave a comment below the article Techtipsnreview get to know!
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Best regards and see you in the next posts!
Source: What is Kyber Network (KNC)? Complete set of KNC . cryptocurrency
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