Kyber Network kicked off 2020 with its best performing month since launch, how about the KNC price?
Kyber Network’s native token price, KNC, has risen by 17% after the company announced it would list the token on Coinbase Pro. News about the listing on Coinbase Pro comes a few days after the network celebrated its most auspicious month.
On Monday, February 24, our KNC/USD, and KNC/BTC order books will enter transfer-only mode, accepting inbound transfers of KNC in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/J026rDnr4k
— Coinbase Pro (@CoinbasePro) February 19, 2020
Kyber hit some of the all-time highs in January and February, including reaching the highest number of unique addresses, first addresses, the most significant number of transactions and volume of USD and ETH to date.
@KyberNetwork Katalyst upgrade’s 3-way value creation for $KNC holders, combined with the power to vote for critical protocol parameters through KyberDAO, is a immensely strong use-case for $KNC in the making. And this upgrade gets rolled out at the end of Q1 or early Q2 2020. pic.twitter.com/0zftxeW20f
— HashSpike (@HashSpike) February 28, 2020
Kyber Network and the essential strides recently
Kyber kicked off 2020 with the best-performing month since its launch, reaching a half-billion-dollar volume to lead the growing DeFi sector. Coinbase tweeted that they are launching the native token of Kyber Network exchange (KNC) on their Coinbase Pro, trading on the KNC/USD, and KNC/BTC. The coin is said to be listed on Monday, February 24.
Kyber Network has reached an all-time high for January. These include entering the number of unique addresses, first addresses, the most significant number of transactions and volumes of Ether and USD so far, DeFi players 11th most extensive and the third-largest DEX, according to DeFi Pulse, quickly became a threat to more seasoned entities in the market.
Several integrations with Kyber have demonstrated similar growth dynamics, with both Fulcrum and MyEtherWallet achieving growth of more than 250% over the previous month. Kyber enjoyed substantial use in a wide range of geographical areas. While Europe and the United States continue to be the primary source of activity, about one-third of their users, each specific country, accounts for about 3% of KyberSwap usage. These include Vietnam, South Africa, Russia, and the Netherlands. Kyber Network currently has a large number of users spread across 100 countries worldwide.
Courtesy Kyber Network, Geographical distribution of users
Significantly, however, the United States dominates, suggesting that the DeFi movement is dominant in countries where the current official banking network is reliable and secure. The volume of integrated DeFi applications doubled to more than $ 15 million, with Fulcrum driving most of that growth.
Courtesy Kyber Network, Fulcrum drives Kyber Network usage growth
The increase in usage on Fulcrum shows that tokenized lending and margin trading are both significant growth drivers in DeFi. Fulcrum currently holds nearly $ 13 million in assets.
According to Binance researchers, Kyber’s progress means this is the most used DeFi project in space, with more than 35,000 users. The compound is second at around 21,000. The sudden use of the protocol suggests that the momentum in DeFi continues to be built.
DeFi Pulse ranks Kyber as the 11th largest DeFi and the third-largest decentralized exchange (DEX) on the market.
At press time, the KNC price is hovering around $ 0.77, up more than 33% in the last 24 hours.
- Coinbase Are Set To List Kyber Network (KNC) On Coinbase Pro
- Kyber Network Announces Plans For ‘Katalyst’ Protocol Upgrade With New Token Model