On-chain measurements uncover that interest for Kyber Network is flooding expotentially in the midst of a significant convention overhaul that will happen in the not so distant future.
Staking is not too far off
Kyber Network is an on–chain liquidity convention that permits clients to swap tokens in any decentralized application. The convention has been ruling the features after the critical cost increment its local token, Kyber Network Crystal (KNC), has experienced in the course of the most recent couple of months.
In mid-December 2019, KNC was drifting around $0.17 and not very far in the past it crested at a high of $0.90. While numerous cryptographic forms of money in the business have been influenced by the worldwide monetary emergency, Kyber has figured out how to keep a year-to-date (YTD) return of about 90 percent.
The huge measure of premium that speculators have demonstrated for KNC seems, by all accounts, to be related with the ongoing declaration of a significant convention overhaul that is planned for Q2 2020. Named Katalyst, this update will empower KNC holders to stake their tokens and partake in convention administration through the KyberDAO.
Deniz Omer, the head of biological system development at Kyber Network, accepts that Katalyst will push forward the degree of commitment that all clients of the convention have.
“Now that we’ve watched all [our] experiments play out, it’s time for Katalyst. We know our contracts work, and we know there’s a strong ecosystem behind us. With those pieces in place, it’s time to build the Kyber DAO and make all those users active participants in this stakeholding experiment.”
Kyber Network’s popularity explodes
While the stakes are high, data from Glassnode reveals that the hype surrounding the upcoming upgrade is real. As a matter of fact, the growth of KNC holders has gained significant momentum since mid-February after being stagnant for almost two years.
Now, holders—addresses with holding periods of over a year—consist of nearly 80 percent of all KNC addresses while traders—addresses with a holding period of less than a month—have doubled over the past month, according to IntoTheBlock.
Along the same lines, the trading volume on the platform exploded during the recent market crash. Glassnode reported that Kyber Network facilitated nearly $30 million in trades over a period of 24 hours. This represents a new record in the history of the protocol.
As Katalyst approaches, Kyber Network has proven to be a solid project within the Decentralized Finance ecosystem. Not only has KNC been able to keep a YTD return of nearly 90 percent, but also the network itself has experienced a massive growth.
Time will tell whether the upcoming upgrade will meet the expectations that KNC holders have set into this project.
Kyber Network, currently ranked #53 by market cap, is up 4.33% over the past 24 hours. KNC has a market cap of $83.99M with a 24 hour volume of $38.93M.