Kyber Network (KNC)

$0.178632 (-0.9%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
125 $30,162,200.00 $3,380,520.00 168,851,000 KNC 58 -0.9% 3.01% $1.61

Exchange Pair Volume (24h) Price
Binance KNC/BTC 200,823.00 0.0000206900
Upbit KNC/KRW 38,410.00 206.0000000000
Binance KNC/ETH 36,295.00 0.0009568000
Tokenize KNC/BTC 22,210.00 0.0000206400
Tokenize KNC/ETH 9,852.97 0.0009542000
Poloniex KNC/BTC 465.02 0.0000205800
KuCoin KNC/BTC 2,406.42 0.0000203400
Gate.io KNC/USDT 556.22 0.1748000000
KuCoin KNC/ETH 81.82 0.0009374000
Gate.io KNC/ETH 156.73 0.0009460000
MXC KNC/ETH 902,531.00 0.0009447000
BKEX KNC/USDT 620,614.00 0.1713000000
Bithumb KNC/KRW 11,308.00 206.0000000000
OKEx KNC/BTC 207,411.00 0.0000207000
OKEx KNC/USDT 206,176.00 0.1771000000
Bitrue KNC/BTC 5,672.58 0.0000206000
Bitrue KNC/XRP 23,563.00 0.6680000000
OKEx Korea KNC/BTC 198.95 0.0000208000
Huobi Global KNC/BTC 16,836.01 0.0000207000
BitAsset KNC/USDT 45,414.00 0.1763000000
DragonEx KNC/USDT 54,278.00 0.1763000000
Huobi Global KNC/ETH 15,258.80 0.0009490900
OKEx Korea KNC/KRW 12,593.46 203.0000000000
OKEx Korea KNC/USDT 173.66 0.1769000000
Mercatox KNC/BTC 9,488.01 0.0000207600
Livecoin KNC/BTC 230.88 0.0000203700
Atomars KNC/ETH 45.39 0.0009592900
Atomars KNC/BTC 273.04 0.0000209800
AEX KNC/USDT 1,973,249.00 0.1690000000
XT KNC/USDT 851,947.00 0.1796000000
XT KNC/SXC 700,630.00 1.2648000000
BW.com KNC/QC 213,115.00 1.2380000000
ZG.com KNC/ETH 183,982.00 0.0009543800
ZG.com KNC/BTC 166,503.00 0.0000206300
Hanbitco KNC/BTC 94,871.00 0.0000207000
BW.com KNC/USDT 76,197.00 0.1767000000
P2PB2B KNC/BTC 7,795.85 0.0000195700
Mercatox KNC/ETH 7,880.38 0.0011407600
FatBTC KNC/ETH 3,772.08 0.0009710000
Tidex KNC/ETH 6.65 0.0008980600
Vindax KNC/BTC 347,107.00 0.0000208600
Vindax KNC/ETH 324,527.00 0.0009380000
OKEx KNC/KRW 12,702.86 207.0000000000
P2PB2B KNC/USD 10,115.92 0.1769777500
P2PB2B KNC/ETH 38.24 0.0010353700
Kyber Network KNC/ETH 9,490.49 0.0009421441
Huobi Korea KNC/ETH 2,489.78 0.0009514900
Huobi Korea KNC/BTC 1,442.16 0.0000205900
Uniswap KNC/ETH 666.76 0.0009485148
Bancor Network KNC/BNT 455.46 0.5478919736
Bitrue KNC/ETH 19,841.16 0.0010004000
Bitfinex KNC/BTC 45.58 0.0000204200
HitBTC KNC/ETH 85.06 0.0009186700
BiHODL KNC/USDT 3,203.81 0.1690000000
Bitkub KNC/THB 186.86 5.1700000000
Bitfinex KNC/ETH 4.52 0.0009246400
Bitfinex KNC/USD 121.15 0.1950000000
Livecoin KNC/ETH 4.31 0.0009599900
Tidex KNC/BTC 3.81 0.0000201100
HitBTC KNC/USD 0.00 0.1792570000
ZB KNC/QC 1.82 1.1932000000
CredoEx KNC/CREDO 0.00 55.8540438533
Coinone KNC/KRW 0.00 181.0000000000
HitBTC KNC/BTC 0.00 0.0000199440
GoPax KNC/KRW 1.21 194.0000000000
ForkDelta KNC/ETH 0.00 0.0009500000
AirSwap KNC/ETH 0.00 0.0000000000
Vindax KNC/USDT 0.00 0.0000000000

Links


Background

Kyber Network is building an Ethereum based platform to address the growing market for decentralized token exchanges. The project proposes a solution for instant on-chain transfers between ERC20 tokens, fully based on smart contracts. Plans include support for non-ERC20 tokens though these are highly dependent on the creation of scalable solutions for cross-blockchain compatibility technologies like atomic swaps. Potential solutions include PolkaDot or cosmos as well as ERC20 based implementations on networks like RSK. Decentralized exchanges have become a popular alternative to centralized exchanges, which can lack transparency or are subject to hacks, like those seen on Mt.Gox, Bitfinex, and CoinCheck. Despite interest in the idea, decentralized exchanges are often subject to drawbacks like limited liquidity, the ability to potentially front-run orders, and transaction fees related to canceling or adjusting orders that can reduce the incentive to adjust bid prices frequently. The team believes they can solve these issues by creating an automated on chain solution that directly exchanges tokens between two parties. Instead of using an orderbook the network uses liquidity pools (reserves) run by competing reserve managers. Managers are responsible for setting bid/ask prices for various token pairs and maintaining a certain amount of liquidity in the trading pairs offered. When a user sends tokens to the core KyberNetwork smart contract the transaction is immediately executed based on the best price offered by the reserve managers. By immediately executing transactions the project aims to eliminate the ability to front run trades, and by using the best offered spread on transactions, hopes to incentivize reserve managers to offer competitive spreads. Reserve managers should likewise be prompted to make markets in low liquidity tokens where they can take larger spreads. The project launched a pilot of the main network on Feb. 11, 2018, with plans to expand access as pilot progresses. Initially, KyberNetwork will act as a reserve manager using 100,000 of the 200,000 ether (ETH) received during the token sale before opening the network to third-parties. Reserve managers will be expected to comply with know your customer (KYC) and anti-money laundering (AML) rules.

Technology

The network relies on the core Kyber Network smart contract that accepts user tokens for exchange and sends corresponding tokens directly to the user from a reserve account. Users on the network are expected to be individuals, other decentralized applications, and merchants that want to accept a variety of payment options while receiving only a single type. When users send a token for conversion they receive the corresponding token within the same transaction removing the need for deposits or an orderbook. In order to function properly, there must be enough liquidity in various token pairs. Reserve managers attempt to provide this by holding various tokens for exchange and rebalancing their holdings if the balance of a specific token becomes too low. Reserve managers decide on and provide continuously updated exchange rates to the core smart contract. Third-party contributors are expected to provide capital to reserve pools in exchange for a share of the fees, which is the bid/ask spread, collected on transactions. Reserve managers will be able to decide if they wish to operate as a private entity or allow third-party contributors. Tools to track prices and volumes across the network have been created to help manage reserve portfolios. Initial governance, including listing token pairs and permissioned reserve managers, will be handled directly by the project. Over time the team plans to create a network of “operators” that will handle governance in a more decentralized manner. Reserve pools that wish to participate in the exchange market are required to stake an amount of Kyber Network Crystal (KNC) tokens in a smart contract and meet specific liquidity requirements defined by the network. In each trade a small amount of KNC will be transferred from the staked amount, acting as a fee for reserves that use the network. These tokens will be used to compensate partners for services they provide on the network, such as wallets that directed trades to the network. Because fees will be calculated based on trades in different tokens the smart contract will use the prevailing KNC conversion rate when collecting tokens from reserve managers. In the case that this conversion leads to more KNC being collected than needed to compensate partners the remaining tokens will be burned by the network.



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