Kyber Network (KNC)

Token Swapping

Kyber Network allows users to instantly swap one crypto token for another directly within wallets or decentralized apps without needing to leave the platform. This makes trading fast and easy.

Liquidity Aggregation

It connects liquidity from many sources, including decentralized exchanges and reserve pools, to offer the best token prices and deep liquidity for trades.

Payments and Settlements

Users and merchants can accept payments in various tokens but receive funds in their preferred token like DAI or ETH, simplifying crypto payments.

Governance

Kyber Network’s native token (KNC) lets holders vote on important decisions and proposals through KyberDAO, helping shape the future of the network.

Earning and Staking

Token holders can stake KNC to earn rewards from trading fees and participate in governance, encouraging active involvement in the ecosystem.

Developer Integration

Developers can build apps or services that use Kyber’s liquidity protocol to enable token swaps and access liquidity pools within their own platforms.

Pros

• Instant Token Swaps: Kyber Network allows users to swap tokens instantly without needing centralized exchanges or order books.
• Multi-Chain Support: It works on Ethereum and other smart-contract blockchains, enabling broad integration.
• Best Rates via Aggregation: The protocol searches multiple liquidity sources to provide the best prices for trades.
• Developer-Friendly: Offers tools and documentation for easy integration into decentralized apps (dApps).
• Liquidity Hub: Connects liquidity from various providers, including market makers and token teams, improving trade efficiency.
• Governance and Rewards: KNC token holders can stake tokens to vote on proposals and earn rewards from trading fees.
• No Withdrawal Fees: Only network fees apply, making it cost-effective for users.
• Supports Merchants: Enables merchants to accept any cryptocurrency but receive payment in their preferred token.

Cons

• Higher Gas Fees: Transactions on Kyber can cost more gas compared to some competitors like Uniswap, making trades more expensive on Ethereum mainnet.
• Lower Popularity and TVL: Kyber Network has a smaller total value locked (TVL) compared to some other DeFi platforms, which may affect liquidity depth.
• Complex Fee Structure for Some Features: Using features like limit orders may involve multiple fees (approval, swap, limit order fees).
• Past Security Incident: KyberSwap experienced a hack in late 2023, which affected user funds and liquidity.
• Competition: Faces strong competition from other decentralized exchanges with larger user bases and liquidity pools.

For more details, visit Kyber Network's official website.

Founders of Kyber Network

• Loi Luu: Co-founder and CEO, holds a PhD in computer science from the National University of Singapore. He has a background in blockchain security and smart contract research.
• Victor Tran: Co-founder and current CEO, involved in cryptocurrency development since 2016, and a Forbes 30 Under 30 Asia alumnus.
• Yaron Velner: Co-founder and former CTO, contributed to the early development of Kyber Network.

These three individuals founded Kyber Network in 2017.

Venture Capital Firms

Kyber Network has received investments from several well-known venture capital firms including Fundamental Labs, Hashed, Fenbushi Capital, Chain Capital, Amino Capital, IOSG Ventures, Iconium, Rockaway Blockchain Funds, and 8 Decimal Capital.

Seed and Early Investors

Early investors include Primitive Ventures, Inazuma Capital, Numeri Capital, and 100&100 Venture Capital. Alliance also participated in seed funding rounds.

Notable Individual and Institutional Investors

The project has attracted a mix of institutional investors and accredited individuals, with about 13 to 15 investors involved in total funding rounds.

Funding Highlights

Kyber Network raised around $60 million in its Initial Coin Offering (ICO) in 2017 and has completed multiple funding rounds since then, including seed and secondary market rounds.

For more details, visit the official Kyber Network website: kyber.network

Halal Status of Kyber Network

• Yes
  Kyber Network is considered halal because it does not involve interest (riba) or prohibited industries. It operates as a decentralized exchange protocol that facilitates genuine asset exchange and provides real utility through liquidity and trading services. Its business model is transparent and based on trading fees, which aligns with Islamic finance principles.