The DeFi sector is driving interest at breakneck speeds. With more money flooding into this alternative banking space now than ever before, projects are cropping up left and right. These platforms are duking it out to offer the highest returns and most robust lending and trading opportunities. Kyber Network (KNC-USD) is one platform that has caught the eye of investors recently, and it has been able to leverage this attention for some significant KNC crypto gains.
In April 2020, the entire DeFi industry held just over $700 million. Today, just two years later, that sum has grown to over $77 billion. This makes for an increase of over 10,000%. The interest comes as DeFi offers better returns to the traditional banking industry. Moreover, DeFi has far fewer requirements to qualify for these services. One needn’t have a bank account to begin earning, and they are not limited by credit score as to how large of a loan they can take out.
Kyber Network is an increasingly important player in this burgeoning industry; the multi-chain decentralized exchange (DEX) is one of the most popular avenues through which DeFi investors can swap their assets.
The Kyber Network is an interesting project in that it bridges trading across a whopping 10 different blockchain networks. This allows the network to become a go-to roundabout for DeFi users who need to move assets from one network to another. And, given that each chain offers its own unique platforms and returns on staking and liquidity mining, there are a lot of users who need such a platform.
Kyber Network Cements DeFi Dominance as KNC Crypto Continues to Rise
The Kyber Network is still quite new, launching its platform in the last two years and rolling out its KNC crypto in July of 2021. Yet, it has grown quite quickly. The network has locked down $80 million in assets already, and the KNC token has accrued over $800 million in market capitalization.
As the network continues to grow, it is gaining notoriety as both a trading floor and as a way to generate passive income. As developers are flexing on social media this week, Kyber offers some massive returns. Newly implemented Avalanche (AVAX-USD) liquidity pools offer returns as high as 14,000%.
It’s this new Avalanche integration that’s driving much investor interest into Kyber Network. The event is part of Avalanche’s liquidity incentive program, which rewards platforms who develop on the network. Now, Kyber has a rush of Avalanche faithfuls coming to reap the rewards of these high yields.
This news is allowing the KNC crypto to see great success. The token is up over 23% today. Moreover, trading volume is booming; with nearly $650 million in KNC trading hands, volume is increasing more than 200% over yesterday.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
