Kyber Network (KNC)

Kyber design allows for any party to contribute to an aggregated pool of liquidity within each blockchain while providing a single endpoint for takers to execute trades using the best rates available. We envision a connected liquidity network that facilitates seamless, decentralized cross-chain token swaps across Kyber based networks on different chains.

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Interest lvl

Medium

Updated: Jun 13, 2020

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Medium

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Ticker

KNC

Token standard

ERC20

FoundedSingapore

Ecosystems

Ethereum

What is Kyber Network

Kyber is a fully on-chain liquidity protocol that can be implemented on any smart contract enabled blockchain. Kyber’s solution allows liquidity to be aggregated from diverse sources into a single network, which in turn provides a single endpoint for takers to seamlessly perform multiple token trades in a single blockchain transaction. End users, DApps or any other party only need to query this single endpoint to get the best available rate for their trade.

The protocol allows for a wide range of implementation possibilities for liquidity providers, allowing a wide range of entities to contribute liquidity, including end users, decentralized exchanges and other decentralized protocols. On the taker side, end users, cryptocurrency wallets, and smart contracts are able to perform instant and trustless token trades at the best rates available amongst the sources.

The on-chain instant exchange property is critical for enabling a wide range of decentralized use cases, including financial protocols and cryptocurrency payments. One would expect different implementations of Kyber protocol on other public blockchains to make on-chain instant exchanges to be available for various use cases and applications on these blockchains.

There are a number of other blockchains with distinctively different feature sets, solving different use cases, resulting in a plethora of diverse emerging digital ecosystems. In order to support these emerging ecosystems, the Kyber protocol will play a key role in these blockchains by facilitating liquidity between the different stakeholders in the respective ecosystems. In addition, by standardizing the design of the reserve based liquidity model and actively working on cross-chain solutions such as PeaceRelay and the Waterloo Relay Bridge, we envision a connected liquidity network across the implementations on different chains.

Over time, we envision the protocol contributors, network maintainers and community of KNC token holders working together to govern Kyber. As Kyber scales, an appropriately decentralized governance framework will be critical in order to decide on important upgrades, treasury allocation, and additional features of the protocol, and to standardize the key aspects of the implementations. In particular, Kyber will support one main implementation per blockchain that follows the exact protocol specification, KNC governance, and utility.