In a span of 24 hours from the roll out of staking service, $16.70 million worth KNC (Kyber Network Crystal), native cryptocurrency of Kyber Network, has been staked.
Kyber Network is an Ethereum-based covenant that facilitates “instant exchange and conversion of crypto tokens and cryptocurrencies (Bitcoin, Ether, ZCash, etc.) with huge liquidity.”
It fundamentally differs from 0x venture in the sense that all operations are carried on blockchain. The landmark was highlighted by co-founder Loi Luu, who officially announced staking of 10.50 million KNC.
The native crypto of Kyber Network, Kyber Network Crystal (KNC), is basically a deflationary ERC-20 token utilized by Reserve Managers to settle exchange charges for on-chain transactions. A small quantity of KNC is burned at the end of every transaction.
Kyber Network is a DeFi (Decentralized Finance) platform, implying that decentralized networks are used to modify conventional financial offerings into trustless and open covenants that run without third-party intervention.
Excitement about the roll out sparked a rally in the last few months, with the price of KNC token appreciating over 300% against the greenback since late-April.
From the peak attained last week, KNC recorded a 10% price reversal. Kyber’s network also recorded a jump in activity just before the launch of staking, with the number of daily KNC trades hitting a new high last week.
Of the roughly 182 million KNC token available in total, 5.7% has been locked in staking. As of now, Kyber awards 0.05% as staking reward as per stakingrewards.com.
The rising popularity of staking as passive income source has resulted in huge quantum of crypto tokens being locked up for staking.
Kyber Network surges ahead of ETH staking rewards launch
Kyber’s KNC token is having an amazing year-to-date return of over 820%, with the price going as high as $1.78, a level not seen since July of 2018.#cryptocurrency #blockchain #kybernetwork pic.twitter.com/QOe14QMy8R
— intotheblock (@intotheblock) July 6, 2020
Over 80% of Kava (KAVA) and Tezos (XTZ) tokens have been staked so far. Likewise, more than 70% of Synthetix Network (SNX) and Cosmos (ATOM) token have been staked as well. Overall, more than 49% of the crypto supply of a minimum of 11 ventures remains frozen for staking.
