About Kyber Network (KNC)
Kyber Network is a decentralized, on-chain liquidity protocol designed to make trading tokens simple, efficient, robust, and secure.
Kyber Network was described in a white paper published in August, 2017. The Kyber protocol was described in a white paper published in April, 2019. Kyber Network is a Singapore-based decentralized exchange (DEX) that launched on February 11, 2018. It aims to facilitate Ethereum -based token transactions via smart contracts. Kyber Network smart contracts were designed to aggregate liquidity from multiple reserve pools in order to improve on-chain liquidity. The open source nature of the network allows any decentralized application to tap into its smart contract system and use Kyber Network as liquidity infrastructure to transfer, exchange, or otherwise interact.
KNC is the digital asset token used to pay for services on Kyber Network. It is built on Ethereum in accordance with the ERC20 standard for tokens. KNC can be bought and sold for fiat currency or other digital currencies.
KNC can be stored in a crypto wallet and custodian like Gemini.
The supply of KNC tokens is fixed at 211,244,771 KNC; however, this supply will decrease over time. KNC is burned by the Kyber protocol as users pay for transactions on Kyber Network.