Kyber Network (KNC) to launch a new token as part of a pending upgrade

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Jan 22, 2021
  • Kyber Network is planning to issue a major upgrade to Kyber 3.0.
  • The upgrade will bring greater network liquidity, a new token, and a number of other benefits.
  • The exchange's goal is to become a hub for liquidity innovation and growth.

Decentralized finance (DeFi) project, Kyber Network (KNC), is preparing to bring a new Kyber 3.0 upgrade that will bring greater network liquidity. As part of the preparations, Kyber Network also plans to issue a brand new token.

Kyber network announces a major upgrade

The crypto industry’s largest tokens are at the center of attention these days. Bitcoin hit a new all-time high at $41,900 some twelve days ago. While it dipped since then, many are still rushing to buy Bitcoin (BTC) in hopes of its price surging again.

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Meanwhile, others have opted to buy Ethereum (ETH), as the coin reached its own ATH only days ago. Meanwhile, the DeFi sector still continues to advance, recently hitting a TVL of $25 billion. Many of its individual projects are rapidly developing, including Kyber Network, which just made an announcement that it aims to upgrade to Kyber 3.0.

The exchange aims to bring new features that would protect its liquidity providers from major losses during more volatile periods. After that, the exchange also plans to bring changes that would bring its KNC token more utility. These changes will be up to its community to vote on.

What else does Kyber Network have in store for the future?

The platform also aims to bring custom liquidity pools, which will make it easier for DeFi applications to access liquidity across the entire network. Gas fees will be reduced, and so will slippage.

Furthermore, Kyber Network co-founder, Loi Luu, expects that networked pools can also create new potential for the platform, noting that there are many milestones that Kyber Network aims to achieve down the road. He shared Kyber Network’s goal, which is to be a hub for liquidity innovation and growth.

The first major development on this road is the new DMM (Dynamic Market Maker) — KyberDAO. It has the ability to drive and capture value from network innovation, and this ability will also be further amplified.

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