Kyber Community (KNC) bucks the market-wide downtrend with a 57% achieve in January

Within the crypto market volatility continues to reign supreme, and concern, uncertainty and doubt (FUD) run rampant. This makes it difficult for any mission to rise above the noise and put up optimistic value features however there are just a few tasks which might be exhibiting power throughout the present downturn.

Kyber Community (KNC) is a multi-chain decentralized trade (DEX) and aggregation platform designed to supply decentralized finance (DeFi) functions and their customers with entry to liquidity swimming pools that present the perfect charges.

Knowledge from Cointelegraph Markets Professional and TradingView reveals that since hitting a backside of $1.18 on Jan. 6, the value of KNC has rallied 57% to a each day excessive at $1.87 on Jan. 27 regardless of the broader weak spot within the crypto market.

KNC/USD 4 hour chart. Supply: TradingView

Three causes for the robust exhibiting from KNC embody the discharge of Kyber 3.0, which included a rebrand to KyberSwap, the increasing record of DEXs built-in with the Kyber ecosystem and the widespread availability of KNC on centralized and decentralized exchanges.

The discharge of Kyber 3.0

Essentially the most important improvement driving momentum for the Kyber Community was the discharge of Kyber 3.0. The launch included a rebrand of the platform’s trade interface to KyberSwap and an integration with six blockchain networks, together with Ethereum, Polygon, Binance Good Chain, Avalanche, Fantom and Cronos.

We’re excited to announce Kyber 3.0 transitioning Kyber from a single protocol to a hub of purpose-driven liquidity protocols catered to varied DeFi use circumstances. That is the most important change to Kyber’s structure incl. the brand new DMM & a KNC migration proposal https://t.co/pgffnUKjsx

— Kyber Community (@KyberNetwork) January 21, 2021

On prime of the combination of a number of fashionable blockchain networks, the Kyber 3.0 improve was additionally designed to deal with a number of the largest limitations in DeFi, like excessive fuel charges and the restricted entry some tasks get by solely being accessible on one trade.

Kyber has achieved its new performance by means of the implementation of dynamic market makers (DMM), which permits changes to be made to the important thing parameters of a liquidity pool based mostly on latest payment knowledge and commerce quantity.

This strategy helps enhance considerations which have been raised about automated market makers (AMM), together with decreasing capital requirement, stopping front-running and mitigating impermanent loss.

Integration of latest DEXs

One other for the bullish momentum driving KNC increased has been the continued integration of latest decentralized trade protocols into the Kyber Community ecosystem.

Most not too long ago, KyberSwap built-in swimming pools from a number of DEX protocols together with ShibaSwap, DefiSwap, MMF, EmpirDEX, PhotonSwap, Morpheus, BeethovenX, Gavity, Cometh, DinoSwap and PantherSwap.

The brand new additions imply that the KyberSwap protocol now helps greater than 40 DEXs and 31,000 liquidity swimming pools throughout six main blockchain networks.

The builders at KyberSwap have additionally indicated that the assist and integration of extra blockchain networks and decentralized exchanges is presently underground.

Associated: Kyber plans to change into a hub for DeFi with huge DEX improve

Widespread availability of KNC on exchanges

KNC additionally has widespread availability on exchanges throughout the cryptocurrency ecosystem.

Prime-11 DEX tokens by presence on Exchanges. Supply: Twitter

As proven within the graphic above which was posted on Twitter by pseudonymous consumer ‘Cryptolaxy’, KNC is the second-ranked DEX token by the presence on exchanges and it’s presently accessible on 80 separate exchanges.

The one different tasks with related availability are ZRX with 105 trade listings and Uniswap at 76.

VORTECS™ knowledge from Cointelegraph Markets Professional started to detect a bullish outlook for KNC on Jan. 22, previous to the latest value rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mix of information factors together with market sentiment, buying and selling quantity, latest value actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. KNC value. Supply: Cointelegraph Markets Professional

As seen within the chart above, the VORTECS™ Rating for KNC climbed into the inexperienced and hit a excessive of 79 on Jan. 22, round 35 hours earlier than the value elevated 44% over the subsequent three days.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you need to conduct your personal analysis when making a call.