Could Kyber Network (KNC) Be A Millionaire-Maker Coin?

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Last Updated May 10th 2022
6 Min Read

Consider investing in Kyber Network, a promising cryptocurrency beaming with growth potential.

In the crypto world, most communities and projects have their token required to use the protocol. If you do not already hold that token, you must use an exchange and exchange your token for the required coin, a cumbersome step. This is where Kyber Network comes in. The project wants to enable any token holder to convert one coin to another without hassle. 

There has been a lot of hype around Kyber Coin in recent times. So could Kyber Coin be a millionaire-maker coin? Read on to find out.


Kyber Network: What is It? 

Kyber Network is a hub of liquidity protocols that aggregates liquidity, or cash for various trades, to provide secure and instant transactions on any decentralized applications or dApps. The main goal of Kyber Network is to enable DeFi DApps, decentralized exchanges (DEXs), and other users easy access to liquidity pools that provide the best rates. It also helps trades in experiencing instant swaps for any ether or ERC-20 tokens.

KNC is a utility governance token and an integral part of Kyber Network. KNC aims to solve the liquidity issue in the decentralized finance (DeFi) industry. It plans on doing so by allowing developers to put their concentration on building products and services without having to worry about liquidity.    

The Kyber team comprises blockchain researchers, several executive advisors, engineers, and designers. According to the official Kyber Network LinkedIn page, the company has over 50 employees, mostly based in Vietnam or Singapore.


Is Kyber Network A Millionaire-Maker Investment? 

The team behind Kyber created the platform in response to multiple factors, including the risks of centralization. While cryptocurrencies are decentralized and trustless, most exchanges are centralized, which is something Kyber addresses with its decentralized nature. 

The existing decentralized exchanges come with their own problems, such as a vulnerability to external hacking or manipulation. That vulnerability is a byproduct of the delay when the order is initially created and accepted within a block. By providing instant transfers, Kyber is able to eliminate this vulnerability.

The lack of instant exchanges was another issue the team behind Kyber wanted to address, both in terms of the vulnerability mentioned above and simple user convenience. It also addresses the issues related to the sheer number of digital assets and the difficulty of converting between them.

Kyber Network's unique proposition in the market could make KNC a millionaire-maker coin in 2022.


Factors That Could Make Kyber Network A Millionaire Maker 

1. Secure and Trustless

Kyber Network prides itself on being secure and trustless since every operation occurs with smart contracts. Because of this, there is no need to trust the platform, as it never holds users' funds. Kyber also delivers instant trades with no need to wait for a confirmation or complete a deposit. Instead, users get their tokens as soon as the transaction enters the blockchain, which everyone familiar with crypto knows is essentially instantaneous.

The platform delivers instant trading capabilities because of its high reserve of all tokens, which allows for liquidity so that Kyber does not have to work to get your coins following a trade; the ones you traded for are already in reserve. Kyber is also highly compatible, working with the current smart contracts, so you do not need to change anything to start using the platform. 

These aspects could make KNC a millionaire-maker coin in the long run.

2. Unique Features 

As every exchange on Kyber Network is completed in a single blockchain transaction, the swapping of tokens is instant. Thus, takers do not have to wait for the trade to go through.

Notably, partial trade execution will not happen on Kyber. There can only be full or no trade, and hence, if there are chances that the order will not be fulfilled in its totality, the trade will get canceled.

In addition, Kyber Network allows users to check the rates they will receive for exchanging tokens. Thus, they can decide if they would like to go ahead with the trade or not. It is quite simple to integrate Kyber Network in any smart contract to offer an instant exchange of tokens enabling multiple trade execution, making KNC one of the hottest cryptocurrencies.

3. KNC Token 

Along with its governance functionality, KNC also powers the economy within the Kyber Network ecosystem. It also has treasury functionality, which funds the further development of the network. 

According to the Kyber Network whitepaper, “KNC is to be used as part of the transaction to facilitate ongoing system operations. For example, getting reserves to pay a fee in KNC for every trade acts as a barrier for them to perform wash trading. This fee can be incorporated into their spread. In addition, users who need instant liquidity can pay the fees in order to get the trade facilitated.”

As the scope of Kyber expands, there are several possible mechanisms to leverage KNC as a staking mechanism, to act as a barrier for malicious actors, and to safeguard the integrity of the Kyber ecosystem. For example, as a requirement for reserves to stake KNC to be considered part of the network or as a requirement for relayers and validators to facilitate cross-chain transactions between Kyber-based networks on different chains. 

For these reasons, investing in KNC now could make you a millionaire in the long run.

Don't Miss: Kyber Network (KNC) Price Predictions


Final Thoughts 

Kyber fills a gap in the existing system of cryptocurrency exchanges with its decentralized nature and instant trades. As the number of cryptocurrencies available grows, so will the need for systems like this. 

If you are looking to invest in a millionaire-maker coin, consider diversifying your portfolio by investing in KNC. 

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