Kyber Network Crystal (KNC) is a crypto token that helps power a form of cryptocurrency exchange that does not rely on a company to set the rates.
The Kyber Network on which it runs is all about decentralisation, and KNC has its fair share of followers. But what about the future of the network? And what does a KNC price prediction look like?Can Kyber Network reach $100? Let's delve into these questions.
What is Kyber Network?
The Kyber Network is a protocol that runs on the Ethereum blockchain and supports a decentralised crypto exchange called KyberSwap. KyberSwap works like a normal crypto exchange would, but with one important difference: rather than having a standardised rate of exchange or an order book, the rates of exchange are built into the system’s protocol itself.
This means that customers on the exchange only pay fees in ether (ETH) and the transactions are settled on the blockchain. The exchange is not controlled by a company, but uses code to help carry out transactions.
Kyber Core smart contracts is an implementation of the protocol that has major protocol functions to allow actors to join and interact with the network.
There are three different parts of the Kyber Network that help create and run KyberSwap. These are: smart contracts, which allow the tokens to be traded and exchanged; takers, who remove liquidity from the network and carry out trades; and reserves, which give the network its liquidity.
Using the Kyber Network: reserves
The reserves themselves can be split into three parts.
First, there are the price-feed reserves. These, in effect, make the markets. These reserves work out exchange rates using price feeds and then use smart contracts – computer programs that execute automatically when certain conditions are met – to store the price. The price-feed reserves then send takers to the smart contracts in order to carry out trades.
Second, there are the automated price reserves. These bring liquidity to the protocol by using smart contracts to set up exchange rates for tokens.
Third, there are the bridge reserves. These reserves add to the liquidity that the automated price reserves bring, by effectively linking up with other decentralised crypto exchanges.
We’ve answered the question ‘How to use Kyber Network’, so that’s the Kyber Network explained. But what is KNC coin? And can we make a Kyber Network (KNC) price prediction?
What is KNC coin?
The Kyber Network Crystal (KNC) coin is used to help carry out actions on the protocol that are not directly to do with the decentralised exchange itself.
For instance, if someone holds KNC coin, they can stake it to vote on network upgrades and any changes to the protocol itself. KNC users can also delegate their voting rights, which are based on how many KNC they hold, in exchange for rewards.
These rewards are paid in ETH rather than KNC. In fact, you do not need to hold KNC to carry out transactions on the exchange, which is somewhat different from a lot of protocols and decentralised exchanges.
Another wrinkle in the system is that the amount of Kyber Network Crystal that is used for fees is burned over time. This means that the supply is reduced – which should, in theory, keep the KNC price high.
When the Kyber Network was first launched with an ICO in 2017, there were about 226 million KNC in circulation. As of 11 August 2022, there were 177,809,349.53 coins in circulation, representing a 21% decrease from the original amount.
Now let’s take a look at what the Kyber Network Crystal price has done since it started being traded publicly. While past performance is no indicator of future results, it is useful to have some Kyber Network price context for a KNC coin price prediction.
Kyber Network price predictions-Can Kyber Network reach $100?
The Kyber Network price prediction from WalletInvestor is somewhat optimistic, saying the KNC coin will rise to just under $1.93 in a year’s time and trade at a little below $3.27 in July 2027.
Meanwhile, DigitalCoinPrice’s Kyber Network price prediction for 2022 sees it hit an average of $2.21 this year. The same site predicts that the coin should reach $2.43 in 2023, before dipping to $2.33 in 2024 and then bouncing back to hit $3.22 in 2025. KNC will drop down to $2.94 in 2026 before recovering to $3.70 in 2027.
By 2028, it should be trading at around $5.48 before closing the decade at $6.89. The site’s Kyber Network price prediction for 2030 is an upbeat $7.67. In 2031, KNC coin should be trading at an average of around $8.81.
Finally, Gov Capital’s KNC price prediction suggests the KNC price should stand at $1.70 at the end of this year before it grows to $2.81 on 11 August 2023. A year from then, it should have risen to $8.91.
The site’s Kyber Network price prediction for 2025 sees it open the year at a little under $13.23 before it rises to $15.60 on 11 August. There will be more growth and it should close the year at $20.85. By 11 August 2026, it will have grown to just under $23.39 and a year from then it should be worth $32.45.
Hope this article can provide you with a better understanding about Kyber Network.
