Demand for Kyber Network (KNC) rise before 3.0 upgrade
- The price of the Kyber token (KNC) is responding positively to the upcoming upgrade of the network.
- 3.0 network will offer benefits to liquidity providers as well as offer support for permissionless liquidity.
- The launch and network upgrade will be implemented in two phases - Katana and Kaizen phases.
On-Chain liquidity protocol Kyber Network (KNC) is approaching the release date of its 3.0 network. However, something exciting is happening to its prices. In anticipation of a network upgrade from the platform, the price of its KNC token has increased as the demand rises.
According to the firm, the update will be transitioning Kyber from a single protocol to a multi-purpose liquidity protocol catering to various DeFi use cases.
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The past week has seen a rise in the price of KNC by more than 40%, trading at $3.08 at the time of writing.
Kyber expands its capabilities
For the past few months, there has been explosive interest in non-fungible tokens, which has somehow slowed down the momentum in the decentralized finance sector.
However, some products within the DeFi sector are still doing very well in the market. Kyber Network (KNC) is one of such networks that have maintained consistent progress.
Kyber has been working on the expansion of its capabilities in the ecosystem.
Data from TradingView and Cointelegraph Markets revealed that the price of the token rose by 50% over the past 24 hours.
The main cause of the price upsurge for Kyber is practically the high expectations placed on the launch of Kyber 3.0 by the Kyber community.
Network to be launched in two phases
The launch will be implemented in two phases, dubbed Katana and Kaizen phases. The first stage, called the Katana phase, is expected to be rolled out during the first and second quarters of the year. During this period, there will also be the launch of Kyber dynamic market maker (DMM). This also includes the proposal for KNC and KyberDAO upgrade.
The DMM will offer benefits to liquidity providers as well as offer support for permissionless liquidity contributions.
The KNC upgrade proposal will also provide multiple sources of utility and amplify the governance power of KyberDAO, aimed at encouraging innovation and enabling additional utility.
The Kaizen phase, on the other hand, will be integrating all the parts of the Kyber ecosystem to conclude the launch of Kyber 3.0. The completion period for the Kaizen phase has been projected for the third quarter of the year.