The price of the KNC token increased by 29% per day to $ 1.54 in anticipation of the Katalyst protocol update scheduled for next week. Now the price has adjusted to $ 1.45.
The decentralized financing boom (DeFi) is not slowing down. Today, the price of the Kyber Network token (KNC) was $ 1.54, showing a 29% increase per day. Apparently, the price increase is due to the Katalyst update in the Kyber Network protocol, scheduled for July 7th.
The Katalyst update promises to bring many technical improvements to the decentralized liquidity protocol, as well as introducing KyberDAO. This will allow KNC holders to participate in staking and vote on management proposals, while receiving payments in ETH, according to an article on the Kyber blog.
The development of Kyber Network, a decentralized liquidity protocol developed for the Ethereum blockchain, began in 2017. By blocking ERC-20 tokens in special smart contracts, Kyber allows users to quickly trade any token based on Ethereum without the participation of a centralized exchange. The protocol has already been implemented in many popular mobile wallet applications, including Trust and Enjin.
Over the past day, the value of the KNC token in dollar terms increased by 29% – from $ 1.19 to $ 1.54. This growth marked the two-year high of the KNC price – the last time it was at this level in June 2018. However, now the cost of the token has decreased slightly and amounts to $ 1.45 according to CoinMarketCap.
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The cost of Kyber Network has been growing since the beginning of the year – in January, the price of one token was $ 0.18. The price of KNC more than doubled on the day of listing on Coinbase on February 27. In general, the Kyber Network token from the beginning of the year showed an increase of 755%, which makes it one of the most dynamic crypto assets of 2020.
After the Katalyst update is introduced on July 7, users can immediately participate in stakeout with KNC tokens and receive the first batch of payments in ETH in two weeks. The size of the minimum and maximum rates has not been established.
