Kyber Network Crystal (KNC), one of the most popular blockchain-based liquidity protocols, is finally available to buy, sell, and store from your Coins.ph wallet. This is just one of three new tokens that we're adding to our platform, in addition to USDC, and Chainlink.
But before you start using KNC, here’s all you need to know about this latest addition to Coins.ph.
What is the Kyber Network?
The Kyber Network is a protocol that aims to provide liquidity to decentralized products and facilitates swaps of other ERC-20 tokens. This protocol aggregates liquidity from different sources (reserves, exchanges, etc) into a single pool and uses this to enable instant swaps of ERC-20 tokens. In this way, the Kyber Network makes token exchange easy and frictionless by acting as a universal money-changer for Ethereum-based tokens.
What is Kyber Network Crystal (KNC)?
KNC is the Ethereum-based token that is used to power the Kyber Network protocol. Liquidity tokens like KNC are integral to the decentralized finance ecosystem as it enables instant settlement of swaps at the best rates possible.
If you are a KNC holder, you also have the right to vote on proposals to improve the protocol simply by locking up your funds in the network in a process called staking. Once you stake your KNC, you are able to vote on the protocols of Kyber’s Decentralized Autonomous Organization (KyberDAO).
Please note that you will not be able to participate in the KyberDAO natively through the Coins.ph app. Instead, you must move your KNC to the Kyber Community Pool via a wallet-enabled browser extension such as Metamask. If you would like to learn more please watch this video from the Kyber team on how to stake your KNC on the KyberDAO.
Why take part in KyberDAO?
Transaction fees are also collected whenever someone uses Kyber to exchange one token to another. These fees are collected in ETH and then distributed to stakeholders as rewards. The distribution of rewards incentivizes each token holder to participate in improving the protocol.
How does Kyber power DeFi (decentralized finance)?
Traditional finance today is highly centralized and dominated by corporations, big banks, and insurance firms. The world of crypto, however, operates on decentralized technologies. This technology is called Decentralized Finance or DeFi -- a new financial system built on public blockchains like Ethereum.
DeFi allows regular people to access a variety of financial products and perform standard financial transactions like borrowing, lending, and trading without the need for slow and expensive intermediaries. Many of the DeFi apps use Kyber because it plays a helpful role in decentralizing finance by enabling liquidity across different ERC-20 tokens.
Buy and Sell Cryptocurrency with Coins.ph
If you’ve decided to buy cryptocurrencies, be vigilant against scams and only transact using legitimate platforms. Although cryptocurrencies are generally not controlled by a single authority, some central banks such as the Bangko Sentral ng Pilipinas (BSP) have issued virtual currency regulations and require a license for cryptocurrency wallet providers and exchanges to legally operate.
Did you know? Coins.ph is the first company in the Philippines to have a Virtual Currency Exchange license from the BSP.
With Coins.ph, you can buy, sell, and store KNC - all in one platform.
Disclaimer: The information and publications in this article are not intended to be and do not constitute financial advice, investment advice, trading advice, or any other advice or recommendation offered or endorsed by Coins.
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