Kyber Network Review
In this Kyber Network review, we will examine all the unique features, selling points, and drawbacks of this new decentralized cryptocurrency exchange.
- Operating Since 2017
- Cryptocurrencies Supported 1,500+ coins
- Fees 0.10% maker/taker fees
- Deposit Methods Credit card
- Fiat Currencies Doesn't accept direct fiat currencies
- Verification Methods Not required
- Margin Trading No
- Futures Trading No
- Kyber Network—Basic Information
- How Kyber Network Works
- Kyber Swap
- Key Features of the Kyber Network
- The Kyber Network Crystal Difference
- Buying KNC tokens
- Storing KNC Tokens
- Kyber Network Community Platforms
- Kyber Network Katalyst Upgrade
- The Future of the Automated Market
- A Premium User Experience
- Supported Cryptocurrencies and Altcoins
- Payment Methods
- Frequently Asked Questions (FAQs)
- Kyber Network Crypto Exchange Review for Australia
- Kyber Network Crypto Exchange Review for Canada
- Kyber Network Crypto Exchange Review for United Kingdom (UK)
- What You Should Know Before Leaving Our Kyber Network Review
Cryptocurrency has undergone a boom in usefulness and popularity over the past few years. And with that rise in fame has come an influx of centralized and decentralized crypto exchange platforms. One of the most popular of the latter is the Kyber Network.
Kyber Network Crystal Legacy, a decentralized chain liquidity protocol, aggregates liquidity for Dapps or decentralized applications. It allows the exchange of cryptocurrency without intermediaries. But what really makes the Kyber Network so beloved by so many users? And is it worth the hype it’s received in recent years?
Kyber Network—Basic Information
The Kyber Ecosystem is a Singapore-based decentralized cryptocurrency exchange founded by Loi Luu, Victor Tran, and Yaron Velner in 2017. The platform was an overnight success that raised over 200,000 ETH, roughly $60 million at the time, in under 24 hours.
Since that initial success, the Kyber Network has not slowed down, with more users gravitating to the cryptocurrency exchange each year. Specifically, the popular platform saw peak growth of over 500% from January to August 2019.
The Kyber Network continues to grow due mainly to the unique advantages it can offer, thanks to its decentralization and Ethereum blockchain operation. It allows for the immediate exchange of ETH or other ERC-20 tokens, without the need to register. With its connections to the blockchain, the Kyber Network doesn’t facilitates any network fees for conversions and can deliver nearly instant token swaps and exchanges on any cryptocurrency. Additionally, because the Kyber Network is decentralized, it generally proves safer than most other exchange platforms.
Of course, decentralized crypto exchanges typically have as many drawbacks as advantages, primarily suffering from expensive trade modifications and rigid liquidity. However, the Kyber Network attempts to offset those traditional drawbacks with a few unique features.
How Kyber Network Works
The Kyber Network will be used as an exchange and a transfer platform for cryptocurrency. Kyber Network’s website claims that there are over 100 integrations to the project. The best thing about the Kyber Network’s transfer abilities, and what makes it different from other exchanges, is that the tokens that are sent don’t need to match those that were received.
Once the Kyber Network is fully operational, users will have the ability to send any token to be converted on-chain into any other token, before it reaches the receiver’s wallet.
This is great news for individuals but it has huge potential for businesses as a merchant can accept any cryptocurrency. By using the Kyber Network, they will receive only the currency they choose, Bitcoin (BTC) or Ethereum (ETH).
Three components make up the Kyber Network.
First, Kyber Swap allows instant exchange of many tokens without the need to wrap or deposit any order books. Merchants who require instant information to ensure that transactions are completed before goods can be shipped will love this instant transfer network.
The Kyber Reserve is next. This pool allows third parties to contribute tokens that can be used across all platforms. The reserve fund’s security is protected by transparent fund management models, which record all trades made by reserve managers.
Kyber Developer (API) is a key player in the introduction of new dApps and exchanges to Kyber. It provides all documentation and tools developers need to integrate any decentralized project into Kyber’s liquidity pool.
The Kyber Swap feature allows you to trade different cryptocurrency instantly without the need for order books, deposits, or wrapping. To find the best price, trades are actuated by dynamically routing requests to several centralised exchanges. Clients have the option to optimize their swaps to achieve maximum returns or lowest gas prices. Other features include variable slippage tolerance, key pre-trade information such as minimum returns and estimated USD values, and key pre-trade data.
Key Features of the Kyber Network
Three helpful features come with the Kyber Network that set it apart from other exchange platforms. The platform’s reserve function is the first and most important of these features.
The Kyber Reserve serves as the network’s leading liquidity provider rather than the order book that many other decentralized exchanges use. With the reserve in place, users can pool all their digital assets and access them from various exchanges, increasing the platform’s overall liquidity in the process.
Another key feature that helps the Kyber Network separate from the crowd of decentralized exchanges is its swap functionality. With the Kyber Network Swap feature, anyone on the platform can trade their digital currency without the need for order books, deposits, or wrapping. That streamlined functionality saves users time and creates an easy-to-navigate crypto experience.
Kyber Network can be used to develop DeFi systems, trading integrations, exchanges, eCommerce payment systems, NFTs, token swap services, and wallets.
Finally, the Kyber Network has a developer tool that allows creators of digital services and crypto wallets to integrate their creations into the platform and its liquidity reserve. Additionally, the Kyber Network’s developer tool is compatible with several digital systems.
The Kyber Network Crystal Difference
Of course, we have to discuss the Kyber Network Crystals (KNC) here in our Kyber Network review. Because while they aren’t necessarily a “feature” on the platform, KNC and everything about it rank among the most unique elements on the Kyber Network.
The Kyber Network Crystal attempts to connect liquidity seekers and providers not just on the exchange itself but across any other exchange or crypto wallet that matches the seeker’s needs. And if you have a KNC token (Kyber’s native token), you can become a liquidity provider. You can also earn more Kyber Network Crystals by referring other users to the exchange platform.
KNC tokens also have a monetary value, so you can develop a passive income that increases as you collect more of them. The Kyber Network Crystal released the KNC token in September 2017, one month after the platform’s launch. The platform minted 226 million tokens, with roughly 60% of those tokens being released for public purchase. The other 40% remained in possession of the company and its advisors.
Today, there are about 180 million KNC tokens in circulation. And while the Kyber Network Crystals seemed like a slam-dunk selling point at first, their value has trended in the wrong direction for a few years now.
Specifically, the KNC token skyrocketed in value after its launch, sitting at $1 in October 2017 before hitting $6 in January 2018. However, despite a small peak in May 2018, the value has steadily decreased since that $6 height. As of April 2020, the Kyber Network Crystal sits at less than half its initial ICO value.
Buying KNC tokens
KNC is now a popular token and is listed on many exchanges. You can buy Kyber Network on the listed exchanges like Binance, Coinspot, Kraken, Crypto.com, Okex and Huobi. Binance is more accessible to users from all over the globe, but Coinbase Pro is located in the United States.
The KNC token, which is also used to connect the Kyber Network with the exchanges, wallets and dApps that use the liquidity network, is finally the final piece of the puzzle. This system is very virtuous as entities can earn referral fees by directing more users towards the Kyber Network. This helps to increase the adoption of Kyber and the entities that use the Network.
The crypto trading volume of digital assets at listed exchanges is spread. The network’s liquidity is not dependent on any one exchange. Every exchange book offers decent liquidity and allows for easy order execution. You will find large books with Binance Bitcoin/KNC and decent turnover.
KyberSwap also allows you to buy KNC tokens. First, you’ll need to use your credit card to buy crypto like Ethereum. Next, make an ETH-to-KNC swap.
Storing KNC Tokens
As an ERC-20 token, you can conveniently store KNC tokens in any Ethereum compatible wallet and cold storage. Such wallets that support ERC-20 include MetaMast, MyEtherWallet, Infinity Wallet, etc. There’s also alternative storage with the Android and iOS mobile app, KyberSwap. The team launched the mobile app in August 2019.
Kyber Network Community Platforms
One of the best parts of the Kyber Network stems from its developers constantly tinkering with its features and formulas to create a better product. And one recent renovation the team made is the Kyber Katalyst Upgrade, which introduced a community platform called KyberDAO that gives users the chance to take an active role with the platform.
With KyberDAO and the rest of the Kyber Katalyst Upgrade, the developers and stakers use the Kyber Network to create dApps that provide liquidity and additional benefits. Additionally, developers can build apps on the Kyber Network that connect them with KNC token owners directly.
The KyberDAO platform has additional benefits, allowing KNC token owners the chance to govern the Kyber Network exchange. Giving Kyber Network Crystal owners a say in how the company runs has helped the platform improve its functionality, primarily in the following ways:
- Allowing more voices into the room, particularly those who use the crypto exchange firsthand, gives the developers a sense of what they can do to create a better user experience.
- Adds value to KNC tokens by giving owners a way to shape their exchange platform, hopefully adding financial value to their investment firsthand.
- Incentivizes network stability and repeated use by allowing KNC token holders the chance to voice their displeasures with the platform and remedy them.
Some of the most significant and concrete ways the Kyber Network has given KNC token holders governance over the platform is through the fee systems. Because of KyberDAO, token owners can determine the cost of the platform’s network fees and where and how often Kyber Network charges those fees.
KyberDAO’s incentives won’t appeal to users who want a simple, straightforward time from their digital currency exchange and nothing more. However, those who value the ability to build an experience that suits their needs through governance and dApp development will love the Kyber Network.
Kyber Network Katalyst Upgrade
Kyber Network Crystal Legacy is an aggregate on-chain liquidity project and must meet the liquidity needs of its users. The company’s vision is to have the largest liquidity reserve. Kyber Network Crystal Legacy is a decentralized exchange (DEX) that connects traders via liquidity pools, and not an order books. Smart contracts in the protocol provide liquidity and allow for transactions to be consummated without intermediaries. Although Kyber Network Crystal Legacy is different in design, it operates similarly to other Defi projects like Uniswap, SushiSwap, and Curve.
One of the ways Kyber Network Crystal Legacy meets its vision is by launching the Katalyst Upgrade. Katalyst, a technical upgrade to the Kyber Network Crystal Legacy, helps to meet the liquidity needs in the decentralized finance (DeFi) community.
Katalyst is used by the Network to gain trust from garners in DeFi space. It views Katalyst to be a way that encourages developers, users, as well as other projects, to stay with Kyber Network Crystal Legacy’s liquidity reserve.
The upgrade will be used by Kyber Network Crystal Legacy to create a stronger DeFi community. It will increase incentives for stakeholders which will encourage greater participation in the DeFi community.
The basic beneficiaries of Katalyst operations and the expected benefits from Kyber Network Crystal Legacy are:
- Token holders – Token holders receive a portion of the network’s fees by staking tokens. They also get a part of KyberDAO.
- Reserve managers who provide liquidity- Reserve managers will enjoy two-fold benefits. They will be rewarded for the liquidity they provide. These incentives are part of the fee that is collected when the platform becomes operational. These incentives will encourage market-making and the creation of more reserves. This will boost the demand for the protocol.
The upgrade will also remove KNC balance fees from reserve managers. This will allow reserves to connect to Kyber Network Crystal Legacy while still maintaining the exchange rates that takers have. The network collects these fees automatically and either uses them for incentives or periodically burns them.
- Dapps connected with KNC- Dapps who connect to Kyber Network Crystal Legacy will have complete control over the business model. They can adjust their spread as they wish.
The Future of the Automated Market
It wouldn’t be a worthwhile Kyber Network review without covering the several tech innovations this platform has brought to the decentralized exchange community. KyberDAO and the Kyber Network Crystals are game changers. However, there might not be a more critical shift to the automated market than KyberDMM.
KyberDMM allows Kyber Network users to get the highest liquidity through a few simple but influential methods. For starters, the platform uses code that constantly watches crypto market trends to determine the points where spreads will be lowest. KyberDMM will then adjust all your network trading fees based on the market conditions for the digital currency you’re researching so that you get the best return possible. KyberDMM just might be the future of Automated Market Makers.
The flexible fee rates coupled with the increased liquidity that the Kyber Network has, thanks to its reliance on liquidity pools, give users higher capital efficiency than most other platforms.
A Premium User Experience
As we’ve seen throughout this Kyber Network review, the 2017 decentralised exchange stands out as one of the most intuitive and tech-friendly platforms on the market with great charting. However, it’s as advanced in user connection as it is in any other regard.
The Kyber Network has built a community that connects users worldwide through various social media channels, including Twitter, Instagram, and Reddit. With that connection, all Kyber Network users can connect, share their stories, and reach out to other community members for digital currency education.
The biggest downside to the Kyber Network’s user experience is that it’s not as welcoming to beginners or those with tech questions as other popular exchange platforms. For example, no dedicated customer support staff is available for your lingering concerns. Social media forums have become a de-facto support team (Kyber Network’s Reddit page, in particular, has over 8,000 active users) for technology woes. Still, those channels won’t always yield immediate answers as a dedicated staff member would.
The lack of support staff is symbolic of the overall Kyber Network experience. If you want a simple exchange platform with easy-to-use technology and features, you’re better off looking elsewhere. However, if you’re in the market for an innovative platform that emphasizes useful technology and user connection, Kyber Network will be an ideal fit.
Supported Cryptocurrencies and Altcoins
Kyber Network supports 1,500+ coins, some of the most popular include:
- Tether (USDT)
- USD Coin (USDC)
- Binance USD (BNB)
- Cardano (ADA)
- Solana (SOL)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Ripple (XRP)
- Aave (AAVE)
- Chainlink (LINK)
- Dai (DAI)
- OMG Network (OMG)
- EOS (EOS)
- Bitcoin Cash (BCH)
- Uniswap (UNI)
- Basic Attention Token (BAT)
- Polkadot (DOT)
- Newton (NEW)
- Shiba Inu (SHIB)
Kyber Network will not accept direct deposits of fiat currencies (e.g. Australian Dollars (AUD), British Pound Sterling (GBP), Euro (EUR), and Canadian Dollars (CAD)). But don’t worry, Kyber Network supports bank account, debit card, bank transfer or e-transfer, Visa, PayPal, PayID, and POLi to buy Bitcoin and trade cryptocurrencies, and sell cryptocurrencies. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency.
Frequently Asked Questions (FAQs)
Whether you’re a cryptocurrency novice or have years of experience with exchange platforms, you probably have lingering questions you want us to address before you commit to any new technology. Here, we will do our best to answer a few of those questions and give you a clear picture of whether or not Kyber Network is suitable for you.
Is the Kyber Network safe?
As we mentioned earlier in this Kyber Network review, decentralized exchange platforms are often far more secure than centralized ones. Decentralized systems don’t store your personal data or crypto assets, so cyber criminals have very little to target.
However, the Kyber Network is even safer than most other decentralized exchanges because it doesn’t require you to create an account, which also means no need for time-consuming KYC. And with no data, assets, or log-in information for hackers to steal, you’ll stay secure every time you open the exchange. Just make sure that if you create an account, your two-factor authentication is always on.
Is there a cap or minimum deposit required for the Kyber Network?
Unlike most other cryptocurrency exchanges, the Kyber Network doesn’t ask for a minimum deposit when you stake digital assets or place a maximum market cap.
How do I store tokens on the Kyber Network?
You will not need a separate digital wallet to store your KNC tokens on the Kyber Network. Instead, you can sync any existing Ethereum wallet to the exchange platform and hold the assets there.
What Are the Fees Charged By Kyber Network
The only fee charged by the platform is a flat trading fee of 0.10% maker fee / taker fee on all successful limit orders. As for withdrawals fees, the network fees are charged by the Ethereum blockchain.
Kyber Network Crypto Exchange Review for Australia
Are you looking to trade crypto on a well-known, Austrac-certified crypto exchange with low fees? Then you should definitely try Kyber Network!
Kyber Network Crystal Legacy, a decentralized liquidity protocol, aggregates liquidity for Dapps. It allows the exchange of cryptocurrency without intermediaries.
The Ethereum blockchain is the basis of the Kyber network Crystal Legacy. It also seamlessly integrates with other blockchains that use smart contracts. It allows for the instant exchange of ETH or other ERC-20 tokens, without the need to register. Kyber provides liquidity pools (reserves), from a variety of cryptocurrencies.
A user can use the reserve to create an exchange from any project. Any exchange that integrates Kyber Network Crystal Legacy will allow traders or users to send any cryptocurrency and receive any crypto assets they choose.
Kyber Network Crystal Legacy is a decentralized exchange that connects traders via liquidity pools, and not an order books. Smart contracts in the protocol provide liquidity and allow for transactions to be consummated without intermediaries.
Although Kyber Network Crystal Legacy is different in design, it operates similarly to other Defi projects like Uniswap and Curve.
Despite some similarities to other exchanges, Kyber Network Crystal Legacy retains its unique feature.
It creates mutual benefit among its users. The protocol creates a partnership that allows you to maximize the liquidity pool by aggregating multiple cryptocurrencies. Kyber Network Crystal Legacy allows users to easily swap tokens on its platform.
As a decentralized exchange Kyber Network Crystal Legacy provides liquidity by aggregating from multiple sources. It allows users to swap cryptocurrencies without any intermediary.
The network strives to be a leader in the Defi community by its functionality and operations. The network’s growth is positive, particularly through instant token exchanges.
The network’s utility as a Defi protocol increases, so the protocol sees more trading volume and increased KNC token demand. This means that both tokens and their tokens will have a bright future.
If you’ve already tried Kyber Network, and want to try something else, then have a look at our guide about the best crypto exchanges to buy and sell Bitcoin in Australia.
Kyber Network Crypto Exchange Review for Canada
Are you a Canadian crypto trader looking to trade popular cryptocurrencies on a well-known crypto exchange? Well, why not give Kyber Network a shot? Though take note that as of writing this, we still don’t have information if Kyber Network is regulated by FINTRAC or not. But let’s move on to the review!
Kyber Network Crystal Legacy is an decentralized liquidity protocol that aggregates liquidity to Dapps and allows for the exchange of crypto currencies without any intermediary.
The Ethereum blockchain is the foundation of the Kyber network Crystal Legacy. The network can also be integrated seamlessly with other blockchains, which use smart contracts. It allows instant exchange of ETH, and other ERC-20 tokens without registration. Kyber has liquidity pools (reserves), for a range of cryptocurrencies.
The reserve can be used to make an exchange by any user, through any project. This allows traders and users to use any exchange that integrates into Kyber Network Crystal Legacy to send any cryptocurrency, but also receive the crypto assets that they like.
Kyber Network Crystal Legacy, a decentralized trading platform, connects traders through liquidity pools rather than an order book. Smart contracts within the protocol contain liquidity and can consummate transactions without any intermediary.
While Kyber Network Crystal Legacy may have some differences in design, its operation is very similar to other Defi projects, such as Uniswap Curve and SushiSwap.
Although it shares some characteristics with other exchanges Kyber Network Crystal Legacy maintains its core distinctive feature.
The protocol brings mutual benefits to its many users. It creates a trust relationship between its users that helps them to make the most of a large liquidity pool. Kyber Network Crystal Legacy makes it easy for users to exchange tokens with one another via its platform.
Kyber Network Crystal Legacy is a decentralized cryptocurrency exchange that provides liquidity by aggregating data from many sources. It allows users to exchange cryptocurrencies directly without any intermediary.
It strives to be a leader within the Defi community, enabling reserve liquidity through its functionality and operation. The network is experiencing positive growth, especially with instant token exchanges.
As the network’s utility is increased in Defi, the protocol receives greater trading volumes and KNC token requests. This suggests a positive future for both the tokens as well as its token.
If you’re not sure whether to try Kyber Network or not, worry not because we’ve prepared a list of the best Canadian cryptocurrency exchange platforms right now, which include the popular ones such as BitBuy, Gemini, and Wealthsimple.
Kyber Network Crypto Exchange Review for United Kingdom (UK)
Kyber Network Crystal Legacy allows you to exchange cryptocurrencies directly without the need for intermediaries.
The Ethereum blockchain powers the Kyber network Crystal Legacy. The network integrates seamlessly into other blockchains which have smart contracts. It allows immediate exchange of ETH as well as other ERC-20 tokens without the need for registration. Kyber offers liquidity pools, or reserves, from various cryptocurrencies.
Users can make exchanges using the reserve by simply going through any project. This means that traders and users can use any exchange to integrate with Kyber Network Crystal Legacy to not only send cryptocurrency, but also get the crypto assets they want.
Kyber Network Crystal Legacy acts as a decentralized platform and connects traders using liquidity pools and not order books. Smart contracts are designed to provide liquidity and facilitate transactions without the involvement of an intermediary.
Although Kyber Network Crystal Legacy’s design is different, its operation can be compared to other Defi projects like Uniswap Curve, SushiSwap or SushiSwap.
Despite being similar to some exchanges Kyber Network Crystal Legacy has its own unique characteristic.
The protocol provides mutual benefits for its users. It helps you maximize your large liquidity pool by aggregating different cryptocurrencies. Kyber Network Crystal Legacy lets users swap tokens easily on its platform.
Kyber Network Crystal Legacy as a decentralized platform provides liquidity through the aggregation of multiple sources. It allows users the ability to swap cryptocurrencies with no intermediary.
The network strives for excellence in its operation and functionality to enable reserve liquidity. The network is seeing positive growth, especially in the area of instant token trading.
As the network’s utility for Defi grows, the protocol experiences increased trading volumes and more KNC token requirements. This indicates a favorable future for both its token and the tokens.
And that sums it up! Here are the other alternatives to buy Bitcoin in the UK if you want to explore more. If you’re also interested in other assets such as indices and ETFs, you should definitely check the guide out!
What You Should Know Before Leaving Our Kyber Network Review
If there’s anything we can leave you with in this Kyber Network review before you choose an exchange platform, we want it to be that the Kyber Network remains one of the most advanced platforms available, for better and worse.
The Kyber Network’s lengthy list of features and unique additions like KNC tokens make it stand out as a dream platform for users in need of something intuitive. And with those features combined with the platform’s willingness to let token holders determine integral parts of exchanges, there might not be an exchange network like the Kyber Network.
The lack of support staff holds the Kyber Network back, as does the recent market rates for KNC tokens. However, this is still a solid exchange platform even with those negatives.
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