The excitement of the upcoming Kyber 3.0 release, new management features, and lower Ethereum fees excited investors and helped raise the KNC price by 40%.
The explosion of interest in tokens that have not multiplied in the past two months has taken some of the attention away from the decentralized financial sector. However, this does not mean that some projects do not see bullish fluctuations.
One project that continues to work to expand the capabilities of its ecosystem is the Kyber Network (KNC), an on-chain liquidity protocol that aggregates liquidity from multiple sources to enable instant token swaps in any decentralized application (DApp).
Data from Cointelegraph Markets and TradingView show that the price of KNC rose 50% in the last 24 hours from $ 1.93 to $ 2.89 on March 16.
Optimism Rises for Kyber 3.0
The main driving force behind the growing optimism in the Kyber community is the launch of Kyber 3.0, which will “transform Kyber from a single protocol into a hub of purpose-built liquidity protocols to address different DeFi use cases.”
The launch will be implemented in two phases called Katana and Kaizen. The Katana phase is planned for the first quarter and second quarter of 2021 and includes the launch of the Kyber dynamic market maker (DMM), a first for the young DeFi sector, and the proposal for a KyberDAO and KNC upgrade.
This is an important development for the Kyber ecosystem, as it benefits DMM liquidity providers and also supports any unauthorized liquidity contributions by anyone. It also provides access to this liquidity by any buyer.
The KyberDAO and KNC upgrade proposal also aims to increase KyberDAO’s governance power and accrue multiple benefits and value for KNC as a way to provide additional liquidity and encourage innovation.
The Kaizen phase will help put all parts of the Kyber exosystem together to complete Kyber 3.0 and is expected to be completed by the end of the third quarter.